8 November Tuesday, In New York time the voting (US Election) is expected to open between 6 am to 7 am and close at around 7 pm to 8 pm in most of the areas. It may continue till 9 pm in Iowa and North Dakota. The real clarity will emerge around midnight India time on Tuesday night and by Wednesday 8:30am India time, all the voting will be over. Usually we’ll know the winner by 2am IST on Wednesday And if it is a really hard fight then latest by 6am Mumbai time. As the US Elections and Election results are near and its time to lookup into the NSE sector performance.
FII/FPI are the aggressive net sellers during the last week trading session. Last week Nifty futures had made a low of 8020.55 followed by a sharp reversal and the hourly charts is in prolong downtrend with the resistance zone comes around 8343.25. Currently the falling momentum suggests a possible weakness in the uptrend in the very near term.
Bank Nifty, CNX Finance, CNX Auto are the sectors are in underperforming mood with Bank Nifty and CNX Finance with a descent momentum. And the recent deep underperforming sectors like CNX IT, CNX Pharma and CNX Reality can have a possible sector rotation in shorter term and in the process gaining momentum and could take some time to get out of underperforming Nifty.
Bank Nifty shows a considerable strength in the current fall of CNX Nifty. Compared to other sectors the relative strength in Bank Nifty is far better. However most of the sectors shows a falling momentum and the relative strength in pharma sector , reality sector and CNX Smallcap is relatively weaker with a strong momentum which signifies highly underperforming sectors.