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Market Update 09.11. 2020

S&P 500 Futures

NASDAQ Futures

U.S. DOLLAR INDEX

BANKNIFTY

The conclusion of US Presidential elections saw a major Volatility crush followed by a steep rise in all major global indices. The outcome of the Assembly elections in Bihar is a major event for our domestic markets.


The market appeared to be reacting to a likely Biden win and Republican Senate throughout the week, market strategists said. The S&P 500 rose 2.2% on Wednesday, its best-ever result for the day after an election, driven by impressive gains for technology stocks. It rose another 2% on Thursday, and ended the week with its best election-week gain since 1932. Biden said he’d raise corporate rates to 28% from 21%; that’s unlikely with a Republican Senate.


Bank Nifty has outperformed the Nifty in the past week and likely to continue to do so with strong performance by Bank Nifty heavyweights HDFC Bank, ICICI Bank and Kotak. Nifty has firmly closed above 12000 level, which had seen 3 prior rejections in the last month alone. For now, this may be a solid base and Nifty may attempt to take out it’s all time high of 12430. Options data suggest a trading range with Resistance at 12500 and Support at 11500.


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