MARKET WRAP

Indian market ended down 2.30%, Nifty lost 135 pts while Sensex sliced 458 pts.
Oct IIP data up at 10.8% vs. 4.4% (m/m) & Apr-Oct IIP at 10.3% vs. 6.90% (y/y).
Global markets ended in green, S&P up 15 pts and DAX ended above 7k at 7006.
Indian markets ended down 2.3% this week despite positive global markets though better than expected IIP data helped market to recover. Nifty lost 135 pts or 2.26% to end the week at 5857 & touched weekly low of 5721 while Sensex sliced 458 pts to settle at 19508 after testing the 19k level. Bank Nifty was worst hit losing 907 pts or 7.32% to end at 11500. In financials, SBI crashed 11% while ICICI, HDFC & Axis bank slipped 5-7%. Realty index cracked 6.5% while Auto & capital goods indices fell 3 - 4%.
India’s October Index of industrial production came better than expected, up at 10.80% vs. 4.40% (m/m), fastest in last three months while April - October IIP is up at 10.30% vs. 6.9% (y/y). Sector-wise, Capital goods growth was up at 22% vs. 10.90% while manufacturing sector was at 11.30% vs. 10.80%. Auto sales number too jumped up 9% though consumer goods saw de-growth, down at 9.60% vs. 11.40%. Food price index jumped up to 8.69% vs. 8.60% while fuel price inflation was unchanged at 9.99%.
Global equity markets ended due to numbers of better than expected economic data supporting the economic recovery hopes. DJIA ended up 28 pts at 11410 while S&P ended stronger for 2nd consecutive week gaining 1.28% to end at 1240.
U.S unemployment claims came better than expected at 421K vs. 438K complimented by positive trade balance & import prices. European markets ended positive with FTSE up 67 pts to end at 5812 while DAX ended above the crucial 7k level at 7006 as German WPI & Industrial production (m/m) came up at 0.7% and 2.9% respectively.

TECHNICAL VIEW
NIFTY
Trend:- Consolidate
Resistance:- 5975, 6120
Support:- 5720, 5640
Strategy:- Sell on highs
BANK NIFTY
Trend:- Consolidate
Resistance:- 11880, 12240
Support:- 11040, 10650
Strategy:- Sell on highs

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