Nifty during last week formed an inside day candle on the weekly chart with a long lower shadow means traded in the range of previous week candle. The presence of long lower shadow signifies support at the lower levels around 5200-5140 from the confluence of previous resistance trend line and the 38.2% retracement of the recent rise (4728-5399).
Failure to hold the 5140 level could lead to deeper cuts in the short-term and can test 5000 levels. On the higher side 5400-5450 is seen as a key hurdle where the index will face resistance from the one year long trend line joining previous tops and also the presence of 200 days SMA Sustaining above the critical resistance level it can test 5550 levels on the higher side In the month of November (November 3)
FIIs and DIIs have sold shares worth 13 crores and 579 crores respectively
Key data to watch globally would be US construction spending, US consumer credit change. US wholesale inventories, US jobless claims In India, next week the key data to watch would be weekly inflation. Key companies declaring results next week would be SBI, Coal India and Tata Steel
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