It was a topsy-turvy week and it was of a mere four days. Markets gained on two of the four sessions and lost on two. While the exit polls were in favor of the ruling  NDA in Maharashtra, they never spoke about a landslide victory. With results done and dusted, the only thing left of interest would be who would become the Chief minister of Maharashtra. While exit polls were available on Wednesday evening, markets were rocked by yet another Adani controversy. This time it involved some bribery allegations in opposition ruled states. Not much would come out of it and one can expect this issue nto die down once the regime change happens in the USA on 21st of January. BSESENSEX gained 1,536.80 points or 1.98% to close at 79,117.11 points while NIFTY gained 374.55 points or 1.59% to close at 23,907.25 points. The broader markets saw BSE100, BSE200 and BSE500 gain 1.53%, 1.24% and 1.18% respectively. BSEMIDCAP was up 1.67% while BSESMALLCAP gained 0.44%. 

Looking at the rally on Friday, we may expect some more today, but one needs to be cautious that nothing has changed on the economic front. Its one more state election and there will be many more coming in time to come. Fundamentally, FPIs continue to be sellers and have been doing so for over 50 days. Will they stop now, not sure. 

Dow Jones gained 851.52 points or 1.96% to close at 44,296.51 points. Dow was up three day and was down on two days. 

The week ahead sees November futures expire on Thursday the 28th of November, With Friday’s rally, the deficit for the series has narrowed significantly and the same is a mere 298.10 points or 1.96%. Markets have the steam to open higher than this leveland recover the series loss today itself. What next would be interesting as one ponders on the next course of action in the market place. 

Coming to the primary markets, there is a fatigue factor in the markets and issue after issue are opening below the issue price on listing. Friday saw the issue of Zika Logistics list and stumble on day one. The shares were issued at Rs 273 and close day one at Rs 260.05, a loss of Rs 12.95 or 4.74%. 

The issue from NTPC Green Energy for Rs 10,000 crs received a muted response and was subscribed 2.56 times. 

Coming to the markets today is likely to be a crazy day at the bourses and I would like to play it safe. With wild expectations of markets opening at substantially tidily elevated levels, it makes sense to take money off the table and await meaningful correction when it happens during the latter half of the week. 

Trade super cautiously.