Indian Markets Recovered from Previous Week's loss and bulls were completely in charge of the market. The sentiment among retail investors are upbeat as many stocks touched their 52-week high. Indian markets are once-again hovering around their all-time high and global cues have led further strength to Indian equities. Majority of voices talking about correction have been silenced (at least for short term) by underlying strength in the market.

Nifty ended up giving a follow up buying post a reversal pattern last week and reversed from its crucial moving averages. The comeback of bulls was led by positive cues coming in from global markets which continued to flourish near all-time highs along with domestic cues as well.

Rating upgrade from Moody's lifted the sentiment and momentum were turned positive. A follow-up rating upgrade of select few large-cap stocks also helped sentiments in short to medium term. Markets now are glued to S&P ratings which will be released over the weekend.

A clear reversal pattern along with 20 Days SMA at 10100 zones pushed market higher while a follow-up buying is now seen. The week started with a buying momentum in strong sectors like PSU Bank, Reality, infrastructure and IT sector as well. Nifty saw a short-term support being held in its overall bull rally at 10300 levels where we see 20 Days MA is placed on the daily chart. A consecutive consolidation in a stiff range for a brief period and sustaining the support level also helped the momentum as bulls defended 10300 marks. The longer the consolidation we have seen the momentum for the next upside is clearly strong and same is the scenario in short term.

On derivatives front, we have seen 10300 is the strike that was very active as support created by writers. On the higher side, we have observed higher activity in 10500 - 10600 strikes. So broadly the range is still intact in these strikes and upcoming week may see further upside momentum being carried by bulls.

The coming week is full of action as it may also give a boost to volatility and market may see some major moves. Eyes will be glued majorly on S&P ratings that is to be released while on 30 Nov, (Thursday) we have GDP data which is of high importance. A lot of things will be concluded for the future course of action as we have seen GST being implemented. Infrastructure output which was previously at 5.2 while India federal budget, fiscal deficit, will also be of high importance. Rising crude oil prices may also give certain implications to the govt stance and see some major comments on that since it contributes heavily to fiscal imbalance.