Monday, September 7, 2020

Nifty and BankNifty, Stock Market Tomorrow Outlook 08 Sep 2020

 

  Nifty and BankNifty, Stock Market Tomorrow Outlook 08 Sep 2020 


Nifty: 11355 +21
BankNifty: 22945 -66

BankNifty Outlook

banknifty price chart www.finvestonline.com

➽ As discussed yesterday that BankNifty is consolidating after the sharp fall,so there is no big move seen upside or downside today.

➽ Now the question arises when this consolidation will end and when the market again start rising or again a new correction starts from this point?

➽ Today BankNifty closes at Make or Break level , as 22900 is a major support for BankNifty. If BankNifty closes below 22900 level then a fresh selling can be seen in the BankNifty which can drag it to 22000 level  and if it give closing above 22900 level tomorrow again then this correction and consolidation will end tomorrow.

➽ As of now today recovery from intraday low in BankNifty suggest that BankNifty will respect the 22900 level and will start rising from tomorrow. Tomorrow BankNifty will be choppy and can give closing in positive node. 
 Banknifty has potential downside of 2000 points from the current level of 22945. In downside 21000 to 20500 level can be expected in Banknifty. So make short position in BankNifty at every bounce for a potential huge profit.

BankNifty on Weekly Charts


banknifty price chart  www.finvestonline.com

Banknifty has potential downside of 2000 points from the current level of 22945. In downside 21000 to 20500 level can be expected in Banknifty. So make short position in BankNifty at every bounce for a potential huge profit.

Nifty Outlook


nifty share price www.finvestonline.com

Nifty will remain in a range bound slightly on positive node from tomorrow. Nearest resistance in Nifty is at 11500 level and nearest support is at the level of 11100 level.

From tomorrow Nifty should show some recovery but do not expect sharp recovery as we were seeing from the past few months.

Now Nifty is not much strong on chart so no sharp upside price momentum can be seen in it. Now momentum in Nifty from this level is very difficult without the participation of BankNifty. 

As of now short position can be made in Nifty in every bounce for a potential target of 11000 to 10800 in downside in the September 2020 series.






Disclaimer- The information on this blog are based on my personal opinion and experience, it should not be considered professional financial investment advice and in no way it should be considered as a tip. We does not take any compensation of any kind whatsoever from any reader,user and company that are mention on this website.We are not SEBI registered financial advisor or analyst.

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