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Us elections creates heebie-jeebies reflection on Nifty50 & Sensex; witnesses snippety ‘bearish candle’

Stock Markets in general are pressured by blue devils as Clinton vs Trump race gets tighter. Analysts say investors are cautious ahead of the November 8 US elections.

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Market round up

• Nifty50 hit the skids @ 8514, creates an impetuous selling encumbrance indicating a formation of bearish candle in the nifty charts which touched a high of 8549 pts with low of 8504 pts.
• Nifty witnessed a behemoth gap-down where the trade started below the previous close of 8625 resulting in 108 points sagging precipitation.
• The nifty index tapped out two of its vital support zones of 8600 & 8550.
• Top gainers: M&M, Infratel, INdusind bank, HUL, NTPC
• Top losers: ONGC, TATAMTRDVR, bankbaroda, BHEL, Tatamotors

Key insights

1. FII added significant short position in BANKNIFTY futures and reduced some of the long position in NIFTY futures.
2. Among Index option, BANKNIFTY 19100 and 19000 put option added significant open interest. Indicates the negative move on 3rd November.
3. DOW JONES INDUSTRIAL AVERAGE fell over 100 pts and the S&P 500 witnessed a shortfall of nearly 0.7%. Eventually, Asian markets also indicated an impulsive weak position because of provoking US elections and its impact in the global markets.
4. Realty, oil and healthcare stocks were the most prominent losers shedding about 2.1% – 2.8%. Bank, automobile, power, information technology and consumer discretionary stocks also ended mostly lower. Scores of midcap and small cap stocks too declined sharply.
5. MOIL Limited shares soared to its highest level in more than 5 years today after the company raised the prices of all Ferro Grades of ore by 30%.
6. Rupee now values 66.71 against the US dollar thus managing to recover from the early stumble. Donald Trump takes lead in the US presidential election according to a recent Poll, which startled market participants.
7. Mahindra & Mahindra (up 2.8%) is among the few blue chips that are bucking the weak trend although many other stocks are reeling with selling pressure with relevance to recent US Presidential Poll.
8. Gold will be seen most lucrative in the coming weeks irrespective of whoever wins US Presidential elections.

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