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How Are Markets Expected To Fare In November?
The previous week to November 4, 2021 was a truncated one owing to the festive holidays nonetheless on the Muhurat trading that commemorates the new Samvat 2078, there was seen resilience with Nifty again hitting levels of 17,917, while Sensex made it to 60,067 points after gaining 295 points during the 1-hour session.
"We believe ongoing consolidation after around 15% rally seen over past four weeks would make the market healthy. Hence, dips should be capitalised on to accumulate quality stocks to ride the next leg of the up move", says the ICICI Direct Research report.
Notably as for how the markets shall perform in the week ahead to November 12 and in the entire month here are the few considerations:
1. The US markets ended Friday's session at record closed moved by the strong jobs data even from the private payrolls. This would also be seen reflecting on Asian indices when they start trading on Monday (October 8, 2021)
2. OPEC + oil producing nations have rejected the US' call to increase the supply and amid it prices have been seen to gain by as much as 3 percent. Brent crude has been hovering above the $80 per barrel level. So by and large the price of crude shall remain elevated and amid it Indian markets tend to do be good.
3. Back home, impact of the fuel excise duty cut shall also be strengthening investor sentiment. So, as concerns around inflation may ease and impetus to the economic recovery will find more traction, bulls may be taking grip.
4. Also, in the US asset tapering timeline has been provided and as early as November the US Fed will reduce its asset buying by $15 billion per month .
"Given a slew of significant economic data releases and the ongoing earnings season, the volatility experienced this week is expected to persist into the forthcoming week as well," Shah said- head of research at Samco Securities.
Now overall support lent by the FIIs as the Fed is now out with its monetary policy view and the other positive and local positives may have a positive impact. Nonetheless, historically, bears have lead the November month.
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