- Oil sinks after OPEC delays output decision
- Rupee back at 71 to the dollar
- IT sector look promising, showing exhaustion at higher levels.
- Nifty Futures contracts and Bank Nifty Futures contracts surge in open interest, mainly fresh short positions.
- Over all markets remains under pressure today
- Markets are likely to react on five states elections exit poll due on Friday evening and result on December 11 as well as OPEC meeting.
- The outcomes of the five state elections will likely set the tone for the general elections next year.
- Voting in Rajasthan and Telangana will take place on 7 December 2018 and the counting of votes in all the states will be done on 11 December 2018.
- Assembly elections in Madhya Pradesh and Mizoram were held on 28 November 2018.
- The election in Chhattisgarh Assembly was held in two phases 12 and 20 November 2018.
- A 3-0 score for BJP may result in an extension of the market’s current rally, while a 0-3 or 1-2 loss (Madhya Pradesh and Rajasthan) may result in a sharp correction.
- Nifty likely to face resistance at 10690 and support at 10580.
Nifty50 Chart Analysis: Bearish Candle
- Nifty formed bearish candle on the daily charts.
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