Indian Markets had a mixed week as global cues were mixed. While Dow Jones declined during the last two trading sessions, change in attitude of the US President Donald Trump will help stock markets worldwide. Indian markets will mainly depend on global markets for direction in the upcoming weeks.

Views on Indian Stocks by Mustafa Nadeem, CEO , Epic Research....

Nifty consolidated and ends down in a shortened week. Nifty has made a hammer pattern on the daily scale while it was also seen trading within the previous week range.

After five weeks of consecutive decline markets post a rebound from technically oversold levels and cooling off in global markets selling pressure. Nifty started the week on a reversal mode making a hammer pattern on the daily scale. We did see the market recovering from those levels. As the markets became much less volatile after a sharp sell-off buying was seen with long addition in 11100 - 11200 CE front along with liquidation in 10700 - 10800 strikes.

This was further stabilized as global markets rejoiced rebounded on the back of stronger Chinese exports data which was up 3.3%. This was soothing amid concerns over a global economic slowdown.

Indian market have been declining for the past few weeks. Many stocks have reached attractive valuations but strong buying hasn't been seen in majority of counters in affordable price range. Stock Market views by Mr. Rajiv Singh from Karvy Stock Broking.

Indian Markets have been facing sell-off and investors are getting in panic mode as the markets have corrected from higher levels. While long term investors need not worry about prospects of Indian market, short term investors might want to exit stocks to minimize their losses.

Comments on Indian Stocks medium term by Mr. Mustafa Nadeem, CEO, Epic Research.....

The selloff continued in markets but key indices ended off day's lows amid some recovery some stocks. The Sensex fell over 700 points to 36,694 at day's lows, tracking losses in other global markets, but ended 462 points lower, barely managing to hold on to the 37,000 levels. The broader Nifty however gave up the important support level of 11,000, ending 1.25% lower at 10,980.

Indian markets have faced selling pressure since the Union Budget was announced. As markets are in oversold zone, some market experts feel that we can see recovery in Indian stocks.

Indian Stock Market wiews by Mr. Mustafa Nadeem, CEO, Epic Research .....

Nifty rebounded from oversold levels on the last trading day of the week but still witnessed the worst decline in the last two months. This is the fifth consecutive week for Nifty to post a decline and closing below 50 days SMA.

We have seen a massive outflow from FII in the July month with money exiting the market at the tune of almost 17K Crore. This is the largest outflow we have seen since October 2018. This is also the third straight month we have witnessed FII's been taking the money out from the market.

Nifty managed to hold 11600 and rebound to close tad below 11800. A bullish engulfing pattern on the daily scale is seen which is a bullish reversal pattern. This is the second time we are seeing this pattern emerging from this level. Today's price action/candle body has covered the entire trading range of the previous day which indicates that bulls are present between 11650 - 11750. Though they have not been able to breach 11850.

Prices are stuck between 20 days MA which is placed at 11856 and 50 days MA which is providing support at 11796. The underlying signal still indicates a Buy for short to medium term. Also, Derivatives data, ahead of Monthly expiry, points out the range for the market to be 11700 - 12100.

Indian Markets touched all-time high during the week. The overall sentiment is cautious but the markets are still ruling strong and many stocks have touched 52-week high. Mid-cap stocks have been suffering over the last few months but blue-chips have offered good returns to investors.

Nifty ends the week with marginal gains as it remained between the range that was seen in the previous week. This is a second week that Nifty has managed to close above its previous all-time high placed around 11750. The profit booking was seen at higher levels as Nifty failed to sustain the 12K mark. Despite a Rate cut, the street was expecting more, we have seen market witnessing profit booking.

Indian Markets can outperform emerging markets as expectations run high from newly elected BJP government. While analysts are divided over near term outlook for Indian markets, investors would remain upbeat about Indian markets in next 3-6 months. Markets will also depend on global cues.

Views from Mr. Romesh Tiwari, Head of Research, CapitalAim have been shared below.

Markets are expected to trade in a wide range of 2-3% before the trends of results, in the afternoon, comes out. Consensus on the big upward rally on the victory of BJP lead NDA can be used for unwinding long positions on market heavyweights like Reliance, HDFC, SBI etc.

Markets cheered the win for ruling BJP in the elections. However, markets have been rising over the last few weeks. On May 23, as the results started confirming BJP win, Indian markets touched their all time high with BSE Sensex crossing 40,000 for the first time.

Comments from Mr. Abhijeet Bajpai, Co-founder & CEO, Avighna Trades...

Its a big win for BJP and the markets are relieved that the economic policies will not divert in any contradictory manner because of new government. NDA's win was largely factored in by the markets and the actual result in general is not a big surprise.

Indian markets will depend largely on election results for the short term. The elections have left the market participants in confusion about the outcome. Markets prefer to have stable government and the outcomes of elections will decide the short and medium term trend for the markets.

Nifty on the daily chart has formed a piercing pattern as bulls return despite clouds of volatility. A week that was turning out to muted saw a sharp recovery in indices and Nifty on last trading session to soar and close above 20 Days MA at 11407.

The Benchmark Nifty50 started the week on a negative note due to some profit booking from higher levels and remained range bound in the short trading week, as markets were closed on Monday and Wednesday. It traded between the range of 11800 to 11650 levels on daily charts.

Nifty is consolidating around higher levels but could not sustain above important levels of 11800. Traders are cautious of general elections as now the elections have entered its midway. However, the slowdown in economic growth could be a matter of concern for traders & investors. Once Nifty sustains above 11800 levels then we could see a further uptrend in it but if it does not sustain above this level then there could be fall in Nifty till the support of 11550 levels.

Nifty rebounded taking support from its previous swing lows along with short covering ahead of expiry. A rebound was seen as buying emerged at lower levels in various sectors such as Banks, Energy, IT, Financials and PSUs. There was also some buying which was seen in small cap and midcap.

As Nifty goes to expiry tomorrow, It was a decisive day for bulls with Index sustaining the supports placed at 11600. In the early morning session, we did see some consolidation but buying emerged as options data pointed to addition in 11600 PE. the range for the market which was large of 11600 - 11700 is now pointing to somewhat between 11650 - 11750.

After hitting all-time high of 11761 in the Benchmark Nifty50 last week, Index is now consolidating in a range. Nifty50 benchmark has formed higher high for the seven consecutive weeks but on RSI front it formed a negative divergence along with stochastic moved in an overbought territory which led profit booking in the past sessions.

The present consolidation phase will indicate a fresh uptrend resuming in the near future. The index shall resume its uptrend since no major change in stance before election, its structure of higher high and higher bottoms shall continue in near future.

Indian markets have gained momentum in the recent weeks as global cues offer strength to local indices. Nifty posts biggest gain of the year as it moves beyond 61.8% mark on a closing basis with a breakout that may last for few coming weeks. This is the biggest gain Nifty has posted on a weekly basis since this year has started or since November last year keeping short sellers and bears trapped at lower levels. Positive global cues, comfortable inflation data, and Increase in FII's investment kept bulls in charge for the last 4 weeks. Global cues were largely positive with better than expected Core retail sales and retail sales numbers from the US and improved GDP numbers m/m from GB along with higher manufacturing production taking out the clouds of Brexit.

Nifty forms a shooting star after four consecutive weeks of upward momentum indicating some indecision at higher levels. It had been one of the best rallies Nifty posted since last September but a Shooting star now makes it suspicious going forward as the strength of bulls seems to be fading while profit booking is seen in the area of 11500 - 11600.

A shooting star, a Long shadow on the upside with small body below the belt, is seen as a sign of indecision in bulls and bears and is an outcome of the same. The importance of the formation increases after a sustained upward move and that too when it's on the weekly chart makes it very critical.

Volatility shoots up as it inches up by 10% amid rising concerns on Geopolitical front though market sustains the lower levels with Nifty sustaining the 10800 levels. A gap down open amid the Surgical strike by IAF caused traders to be pounded by negative sentiments but Nifty managed to recover quickly from lower levels.

The markets may not respond negatively since we do not have that kind of trades with our neighboring country like Pakistan. We believe this will be a non-event for the market since when we look at history we see wars that have been extended to 3 months of time. So that was a different time and in fact at that point of time, Indian Nifty managed to fetch a 35% return.

Nifty forms a shooting star as false breakout traps the bulls on the upside and ended down with marginal gains. A shooting star is a reversal pattern which is characterized as a small body with an upper shadow twice the range of body that indicates the weakness at higher levels and a possible impending reversal.

With Cheers of Budget that brought relief to a large base of honest taxpayers followed by Rate cut decision of RBI; Nifty managed to breach much important 10970 - 11000 mark though it was the profit booking at higher levels and the confluence of resistance levels placed above 11100. A Doji star followed by a falling window on a daily scale has seriously put some dent on the charged bulls.

Nifty declines more than a percent as the range trade continues among the slew of economic and global events that can give fuel to volatility. A bloodbath in Media Stocks and Auto stocks while selling pressure in real estate space, Midcap, PSU saw a cut of more than 1% to 3%. Global markets were also muted after the last few weeks as profit booking was seen with leading indices such as DJIA, S&P500, and FTSE witnessing profit booking.

The week started off on a positive note with the assumption of a possible beginning of a trend but muted volatility and key resistances were seen holding their importance as we consolidated for a 6th consecutive week.

Oil prices have entered a bear market. OPEC members are meeting in early December to decide about oil production cuts and this would be important for the direction of crude oil. With lower oil and strengthening currency, Indian markets can expect strong support if there is a decline in major indices during next week. Indian market will also be looking for GDP data.

Nifty ends down making a bearish engulfing pattern on the weekly chart on Thursday indicating a bearish bias in short term. Nifty shredded its previous two weeks of gains and ended below 10550. Despite a fall in crude oil, appreciation in rupee, the jitters were seen in investors as Nifty struggled around 10700 marks.

Nifty managed to close the week with gains at 10680 up by 105 Points from previous week's close. Current Week saw a total gain of 230 Points from Lows of 10460. We had three positive sessions in last five days and markets have consolidated from lower levels.

Market has been inching up towards higher levels trying to touch the 50 Day and 200 Day Moving average coinciding at 10774 and 10767 levels. Upcoming week shall be very crucial as bulls must close Nifty above these widely tracked Moving averages. We will have to see if the current bounce back from lows of 10030 levels is a retest of Previous swing top at 10700 Levels or another opportunity for bears to gain control. Historically, in last 10 years, November closing has been negative 7 out of 10 times.