Indian benchmark indices Nifty and the BSE Sensex ended with weekly declines of 0.9%, amid selling pressure in IT and consumer stocks. When stock markets resume trading on Monday, a host of important domestic and global events lined-up during the holiday-truncated week are likely to have an impact.
On Friday, Nifty closed 17.40 points or 0.07% lower to end the day at 25,492.30.
Commenting on the current Nifty trends, Rupak De, Senior Technical Analyst at LKP Securities said that Nifty has been trading below the 50EMA, indicating near-term weakness. The index has been declining since forming a double top around 26,100 on the hourly timeframe, he added.
“Recently, the index slipped below a critical moving average, setting a deeper bearish tone. The crucial resistance is placed at 25,600; as long as it remains below this level, sentiment may continue to favor a sell-on-rise strategy. On the lower end, support is placed at 25,400, and a fall below this level might further boost the bears’ morale,” De said.
Factors that are likely to impact movement when markets reopen this week:
1. Q2 earnings
The earnings season will move to the final leg this week with more than 2,500 BSE listed companies announcing their results. In the Nifty pack, are Bajaj Finance, Bajaj Finserv, Tata Steel and Eicher Motors.
Among the non-Nifty companies that are widely tracked are Vodafone Idea, Fortis Healthcare, Hero MotoCorp, Reliance Infrastructure, Rail Vikas Nigam (RVNL), Tata Power Company, Cochin Shipyard, Honasa Consumer (mamaearth), Indian Railway Catering and Tourism Corporation, Nazara Technologies, SpiceJet, Brainbees Solutions (Firstcry) and Asian Paints.
2. US markets
The Nasdaq ended slightly lower on Friday while registering its biggest weekly percentage drop since early April as fears about the sustainability of the AI-led rally weighed on Wall Street.
The Nasdaq Composite closed at 23,004.50, down 49.46 points 0.22%. Meanwhile, Dow 30 ended the session at 46,987.10, gaining 74.80 points or 0.16% and the S&P 500 settled at 6,728.80, up by 8.48 points or 0.13%.
Domestic and global markets are likely to take their cues from US markets.
3. IPO watch
The fireworks in primary markets will continue this week as well with four mainboard issues hitting the Street viz. PhysicsWallah IPO, Tenneco Clean Air India IPO, Emmvee Photovoltaic Power IPO and Fujiyama Power Systems IPO. Meanwhile, bidding for Pine Labs will conclude on Tuesday.
In the SME segment, public issues of Workmates Core2Cloud Solution and Mahamaya Lifesciences will be launched. The ongoing issues of Finbud Financial Services, Shining Tools and Curis Lifesciences will also close this week.
Lenskart Solutions shares will get listed on Monday while those of Billionbrains Garage Ventures IPO (Groww IPO) will likely make their debut on Wednesday, November 12.
4. Corporate Action
Plenty of important corporate actions are lined-up this week with over 60 companies holding record dates for the purpose of interim dividends, bonus issue, buyback, spin-off and stock splits.
Infosys shares are expected to be in action ahead of the November 14 record date for the buyback of shares. November 14, will also be the record date for the 1:10 stock split of Websol Energy System and 1:1 bonus issue of SMC Global Securities.
November 11, Tuesday will be the record date for interim dividends of Garden Reach Shipbuilders & Engineers (GRSE), Nuvama Wealth Management.
November 12 will be the record date for the spin-off of Allcargo Logistics.
5. FII / DII action
Foreign Institutional Investors (FIIs) turned net buyers in the holiday-shortened last week as they sold Indian equities to the tune of Rs 401 crore this week, thanks to the Friday purchases of Rs 4,581.34 crore. Meanwhile, the Domestic Institutional Investors (DIIs) were net buyers at Rs 6,674.77 crore.
Also Read: Hot on AI, FIIs dump Indian equities worth Rs 1.5 lakh crore in 2025 so far. Can bubble fears reverse trends?
6. Technical Factors
Decoding the Nifty strength on charts, Nilesh Jain, Head – Technical and Derivatives Research Analyst at Centrum Broking said that the index has been making lower highs and lower lows since forming a double top near the 26,100 level.
"Currently, it is undergoing a retracement of the entire rally seen during the October series, with the 50% retracement level at 25,350 already tested. The next key support lies near 25,160, corresponding to the 61.8% golden retracement level. Momentum indicators and oscillators have turned negative on the daily chart with a sell crossover, although they continue to remain in buy mode on the weekly chart," Jain said. In his view, Nifty is approaching a crucial support zone, where a rebound could be expected making it a 'buy on dips trade as long as Nifty holds above 25,160. A decisive move above 25,700 would provide a bullish confirmation for further upside towards 26,000, he added.
Also Read: Market wrap: Red reigns on D-Street as 347 of BSE 500 stocks see up to 12% WoW fall. IT, power scrips among worst hit
7. Rupee Vs Dollar
The Indian rupee dipped on Friday but held above its record low and ended slightly higher on the week as frequent interventions by the Reserve Bank of India supported the currency in the face of outflows and persistent dollar demand from importers. It settled at 88.66 against the U.S. dollar, down from its close at 88.6125 in the previous session. On the week, though, the currency edged up by 0.1%.
Portfolio outflows on account of a large equity stake sale alongside a broadly firmer dollar weighed on the rupee on Friday, while traders flagged dollar sales by state-run banks near the 88.70 mark that helped limit the currency's fall.
Ongoing uncertainty on U.S.-India trade negotiations is likely to keep the rupee under pressure, analysts at Goldman Sachs said in a note. "Even if trade uncertainty is reduced, we think the RBI will replenish its FX reserves on dips in USD/INR," the note added.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
On Friday, Nifty closed 17.40 points or 0.07% lower to end the day at 25,492.30.
Commenting on the current Nifty trends, Rupak De, Senior Technical Analyst at LKP Securities said that Nifty has been trading below the 50EMA, indicating near-term weakness. The index has been declining since forming a double top around 26,100 on the hourly timeframe, he added.
“Recently, the index slipped below a critical moving average, setting a deeper bearish tone. The crucial resistance is placed at 25,600; as long as it remains below this level, sentiment may continue to favor a sell-on-rise strategy. On the lower end, support is placed at 25,400, and a fall below this level might further boost the bears’ morale,” De said.
Factors that are likely to impact movement when markets reopen this week:
1. Q2 earnings
The earnings season will move to the final leg this week with more than 2,500 BSE listed companies announcing their results. In the Nifty pack, are Bajaj Finance, Bajaj Finserv, Tata Steel and Eicher Motors.
Among the non-Nifty companies that are widely tracked are Vodafone Idea, Fortis Healthcare, Hero MotoCorp, Reliance Infrastructure, Rail Vikas Nigam (RVNL), Tata Power Company, Cochin Shipyard, Honasa Consumer (mamaearth), Indian Railway Catering and Tourism Corporation, Nazara Technologies, SpiceJet, Brainbees Solutions (Firstcry) and Asian Paints.
2. US markets
The Nasdaq ended slightly lower on Friday while registering its biggest weekly percentage drop since early April as fears about the sustainability of the AI-led rally weighed on Wall Street.
The Nasdaq Composite closed at 23,004.50, down 49.46 points 0.22%. Meanwhile, Dow 30 ended the session at 46,987.10, gaining 74.80 points or 0.16% and the S&P 500 settled at 6,728.80, up by 8.48 points or 0.13%.
Domestic and global markets are likely to take their cues from US markets.
3. IPO watch
The fireworks in primary markets will continue this week as well with four mainboard issues hitting the Street viz. PhysicsWallah IPO, Tenneco Clean Air India IPO, Emmvee Photovoltaic Power IPO and Fujiyama Power Systems IPO. Meanwhile, bidding for Pine Labs will conclude on Tuesday.
In the SME segment, public issues of Workmates Core2Cloud Solution and Mahamaya Lifesciences will be launched. The ongoing issues of Finbud Financial Services, Shining Tools and Curis Lifesciences will also close this week.
Lenskart Solutions shares will get listed on Monday while those of Billionbrains Garage Ventures IPO (Groww IPO) will likely make their debut on Wednesday, November 12.
4. Corporate Action
Plenty of important corporate actions are lined-up this week with over 60 companies holding record dates for the purpose of interim dividends, bonus issue, buyback, spin-off and stock splits.
Infosys shares are expected to be in action ahead of the November 14 record date for the buyback of shares. November 14, will also be the record date for the 1:10 stock split of Websol Energy System and 1:1 bonus issue of SMC Global Securities.
November 11, Tuesday will be the record date for interim dividends of Garden Reach Shipbuilders & Engineers (GRSE), Nuvama Wealth Management.
November 12 will be the record date for the spin-off of Allcargo Logistics.
5. FII / DII action
Foreign Institutional Investors (FIIs) turned net buyers in the holiday-shortened last week as they sold Indian equities to the tune of Rs 401 crore this week, thanks to the Friday purchases of Rs 4,581.34 crore. Meanwhile, the Domestic Institutional Investors (DIIs) were net buyers at Rs 6,674.77 crore.
Also Read: Hot on AI, FIIs dump Indian equities worth Rs 1.5 lakh crore in 2025 so far. Can bubble fears reverse trends?
6. Technical Factors
Decoding the Nifty strength on charts, Nilesh Jain, Head – Technical and Derivatives Research Analyst at Centrum Broking said that the index has been making lower highs and lower lows since forming a double top near the 26,100 level.
"Currently, it is undergoing a retracement of the entire rally seen during the October series, with the 50% retracement level at 25,350 already tested. The next key support lies near 25,160, corresponding to the 61.8% golden retracement level. Momentum indicators and oscillators have turned negative on the daily chart with a sell crossover, although they continue to remain in buy mode on the weekly chart," Jain said. In his view, Nifty is approaching a crucial support zone, where a rebound could be expected making it a 'buy on dips trade as long as Nifty holds above 25,160. A decisive move above 25,700 would provide a bullish confirmation for further upside towards 26,000, he added.
Also Read: Market wrap: Red reigns on D-Street as 347 of BSE 500 stocks see up to 12% WoW fall. IT, power scrips among worst hit
7. Rupee Vs Dollar
The Indian rupee dipped on Friday but held above its record low and ended slightly higher on the week as frequent interventions by the Reserve Bank of India supported the currency in the face of outflows and persistent dollar demand from importers. It settled at 88.66 against the U.S. dollar, down from its close at 88.6125 in the previous session. On the week, though, the currency edged up by 0.1%.
Portfolio outflows on account of a large equity stake sale alongside a broadly firmer dollar weighed on the rupee on Friday, while traders flagged dollar sales by state-run banks near the 88.70 mark that helped limit the currency's fall.
Ongoing uncertainty on U.S.-India trade negotiations is likely to keep the rupee under pressure, analysts at Goldman Sachs said in a note. "Even if trade uncertainty is reduced, we think the RBI will replenish its FX reserves on dips in USD/INR," the note added.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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