Thursday, August 20, 2020

Nifty and BankNifty Tomorrow Outlook | Today Stock Market Closing Bell Updates | 20 Aug 20

Stock Market Tomorrow Outlook Technically

Market Closing 

=> The BSE Sensex ended 394.40 points or 1.02 per cent lower at 38,220.39. 
=> The broader NSE Nifty slumped 96.20 points or 0.84 per cent to 11,312.20. 
=> NIFTY BANK at 21,999.45 down -286.45 -1.29%

 Stock Market Tomorrow Outlook

1.1) NIFTY on Daily Chart

➽ As discussed yesterday that this small correction in nifty may continue whole trading session .After correction of near 100 point in the Nifty trend of the Nifty in Daily Chart is intact . Lets see the correction when ended. 

➽ As of now  the trend is still in the strong upward direction, if the correction not go very deep tomorrow , Nifty will definitely bounce from the bottom. We should wait till the correction ended. 

➽ Now how we can understand that the correction is going to end and the Market is again ready to rise. For this let go the Nifty 15 Minutes Chart below. Here we will get the answer when the market correction will end.

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1.2 Nifty 15 Minutes Charts

The 15 Minute chart of Nifty is at  a end point of the correction can be seen clearly in the 15 Min chart above. Now here Two things can be Happen : 

1) If the Nifty Tomorrow break the angular pattern in the upper side which has the most probability , then certainly correction ends and market will move upward with strong momentum as the trend in the bigger Time Period Chart i.e. the Daily chart is still intact in the upward direction. Here long position in the Nifty can be made.

2. Now come to the second case, if the Nifty breaks the angular pattern in downside then market may go downside , but we should avoid short position in the market as trend in the Daily Chart is still very positive. There can be a risk of short covering. As a trader we should avoid unnecessary risk for some gains .We should always respect the trend of a Longer Time Period Chart.

Friends the same trading strategy is also for the BankNifty Trading , as BankNifty also have similar chart pattern like Nifty. So we should follow the same strategy in BankNifty also. So I will not write repeating content in the BankNifty section also.

One thing we should remember as trend of Nifty is more strong than the BankNifty as Nifty is in strong uptrend and the BankNifty is in sideways Trend. So if we have to take long position after the correction  then prefer Nifty instead of BankNifty.

  That's all Today. Thank you for reading and investing your precious time.

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2.1) BankNifty on Daily chart

2.2 ) BankNifty 15 Minutes Chart

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