Friday, September 25, 2020

Nifty and BankNifty | Stock Market Weekly Outlook | 28 September 20

 

 Nifty and BankNifty, Stock Market Tomorrow , Weekly , Outlook 28 September 2020 

Nifty: 11050 +244
 BankNifty: 20982 + 525

Stock Market Today 

On account strong global sentiments, the Indian indices shot up around 2.25 per cent after the closing bell today. 

The BSE Sensex skyrocketed 813 points and closed at 37,361 levels while the NSE Nifty regained the psychological 11,000 levels after closing at 11,050 mark. Bank Nifty index soared 525 points and closed at 20,982 mark.

Nifty Outlook

nifty share price , finvestonline.com


Nifty 2H

nifty share price , finvestonline.com

Friends as discussed yesterday that today Market will recover very sharply due to short covering . It was not a unexpected move because it is a normal procedure when a Future monthly series expires in any direction very sharply then next day generally this type of short covering move is expected from the market. 

But now the question is that the recent downfall is over? 

Friends now Market has to give many proof  in each bounce to show its strength whereas no proof needed in sharp fall . Now Nifty and BankNifty have to face a series of hurdles in each bounce. 

As of now trend of the market became negative . But todays move suggest that in the upcoming week Nifty will trade in a range bound with positive side with a target of 11350. And after todays move Nifty become slightly positive therefore in the upcoming week Nifty will trade in a sideways zone in positive direction . 


So if you are a smart trader and want big profit like we earned in previous week then avoid trading in the upcoming week  and if you are addicted trader then trade with caution with small profit with a target of 11350 in upside. 

Nifty range for the upcoming week will be 11350 in upside and 10800 in downside.


BankNifty Outlook

banknifty share price , finvestonline.com

BankNifty 2H 

banknifty share price , finvestonline.com

Major trading strategy for the trader will be same as discussed in the above Nifty strategy. Now we discussed only major levels of Banknifty for upcoming week.

Banknifty major resistance is at 22000 in the upside . Downside trend of the Banknifty may be reversed if Banknifty give closing above the level of 22000 . Major support in the downside will be the closing price of recent low of the week i.e. 20456 in downside. But Banknifty will trade in a positive territory in the upcoming week.

So if you are a smart trader and want big profit like we earned in previous week then avoid trading in the upcoming week  and if you are addicted trader then trade with caution with small profit with a target of 22000 in upside. 
 


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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