Week Ahead.....

Domestic benchmark equity indices rose nearly 2 percent during the week ended November 4, aided by in-line corporate earnings and rising confidence in India's economic growth in 2023.

The Nifty 50 index climbed 1.9 percent during the week while the BSE-Sensex rose 1.6 percent.

Nifty Midcap 100 index rose over 2 percent and the Nifty Smallcap 100 index climbed 0.8 percent.

A bullish candle on weekly charts and uptrend continuation formation on daily charts is indicating the continuation of an uptrend in the near future.

Shares of banks stocks may lead the domestic markets next week following robust loan growth in the sector in the past fortnight indicating that credit demand in the economy is strong. Loans grew nearly 18 percent on a year-on-year basis in the past fortnight, the fastest pace of growth in more than 10 years. Investors will also react to blockbuster earnings from State Bank of India in the September quarter.

Nifty 50 formed a bullish candlestick on the daily as well as weekly charts as the closing was higher than the opening levels, indicating that the momentum is still with the bulls. If the index sustains 17,900-18,000 then the high of 2022 (18,350) can be reclaimed in the coming sessions.

The data indicates that for the coming sessions, the broader trading range for the Nifty will be 17,600-18,600.