Markets Remains Under Pressure 0 1186

Positive Points:

• Oil sinks after OPEC delays output decision
• Rupee back at 71 to the dollar
• IT sector look promising, showing exhaustion at higher levels.

Negative Points:

• Nifty Futures contracts and Bank Nifty Futures contracts surge in open interest, mainly fresh short positions.

Outlook:

• 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.

Disclaimer: The views expressed by investment expert on https://www.rollnreel.com are his own and data available from nseindia.com. Rollnreel.com advises users to check with certified experts before taking any investment decisions.