Last week, Nifty fell by 2.53% on Dalal Street, causing concern for bullish investors amid a sharp market decline. As the new trading week unfolds, Nifty appears susceptible, influenced by the S&P 500's correction territory entry alongside the Nasdaq Composite index. The suggested trade strategy involves selling Nifty within 19100-19150, setting a stop at 19321 with targets at 18927/18800. Bank Nifty is recommended to sell within 43000-43100, with a stop at 43891 and targets at 42481/41500. Notably, FIIs selling over Rs. 28,369 crores in October remains a significant negative catalyst. Nifty's options data points to a likely trading range of 18500-19500, with 19500 as a key resistance. The Volatility index is presently at 10.91. Key events this week include the FOMC outcome, October's Auto Sales data, US non-farm payroll data, and ongoing tensions in the Middle East. The daily chart shows promise for CANARA BANK, PNB, and COAL INDIA during intraday weakness within an inter-week perspective. The top stock to consider is CANARA BANK (CMP 381) in the 371-375 range, with a stop at 355 and targets at 391/403, emphasizing a breakout play as the rationale for this inter-week strategy.


 

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