Monday, September 28, 2020

Nifty and BankNifty, Stock Market outlook 29 Sep 20

 

 Nifty and BankNifty, Stock Market Outlook 29 September 2020 

Nifty: 11227 +177
 BankNifty: 21665 + 683

Stock Market Today 

At close, the Sensex was up 592.97 points or 1.59% at 37981.63, and the Nifty was up 177.20 points or 1.60% at 11227.50. About 1888 shares have advanced, 763 shares declined, and 158 shares are unchanged.

IndusInd Bank, Bajaj Finance, Axis Bank, Tata Motors and Power Grid were among major gainers on the Nifty, while losers were Wipro, HUL, Nestle and Infosys.

All the sectoral indices ended in the green with bank, metal and auto indices rose 3 percent each. BSE Midcap and Smallcap indices rose over 2 percent each.



Nifty Outlook


banknifty share price , finvestonline.com

Friends as discussed that this short covering in the Nifty can extend to the level of 11250 and today Nifty gave closing at 11227 level. 

Now this short covering in the market is reaching to its upper end of 11250 and it is a very crucial level for Nifty . If Nifty gives closing above 11250 and sustain for 2-3 trading session then further 200 to 300 points upside can be seen in the Nifty and if Nifty start falling from near about this level then again a sharp downside can be seen in the market for the level of 10750 to 10500 in downside. 

As of now major upside movement of the Nifty have been happened and market may consolidate at top , so it is better to avoid any position in Nifty for small profit and wait for next confirmation which will be communicated in the upcoming articles.... 


BankNifty Outlook

banknifty share price , finvestonline.com

Friends as discussed that this short covering in the BankNifty can extend to the level of 22000 and today BankNifty gave closing at 21665 level. So not much upside potential left in the BankNifty now at these levels.

So, as of now major upside movement of the BankNifty occurred , so it is better to avoid any position in BankNifty and wait for next confirmation which will be communicated in the upcoming articles....



Thanks for your Precious Time.


Finvest Online
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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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