Wednesday, September 2, 2020

Nifty and BankNifty, Stock Market Tomorrow Outlook 03 Sep 20

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 Nifty and BankNifty, Stock Market Outlook 03 Sep 20

Nifty- 11535  + 65

BankNifty- 23875  +62

➽ Note- Be cautious until Banknifty crosses 24200 mark.

Nifty Outlook

nifty price chart

On charts it seems that the Nifty today came out of the consolidation zone.

But at this point Nifty cannot have strong momentum in upside until BankNifty also participate the rally.

But BankNifty till today is in sideways zone , which means in indecision point.

Now if Nifty have to run in upside direction it can't be possible without the participation of BankNifty.

And BankNifty upside is only possible if the BankNifty breaks the level of 24200 in upside.

Now game of Market is in full control of BankNifty. If BankNifty participate then again fresh new level can be seen in Nifty and in BankNifty new levels of 26000 can be seen shortly. 

And, if BankNifty not Participate with Nifty then Market will turn into slightly negative consolidation phase for few trading session. But there is no immediate major correction in the market and wait for long side trade.

Nifty Weekly Charts

nifty price chart

Trend is still intact in uptrend which indicates that Market will again bounce from here in upside after consolidation. So correction should be utilized as taking long position.

BankNifty Outlook 

banknifty price chart

Today market remains in sideways consolidation phase again. In no decision point.

Nearest support to Banknifty is at 23500 level.

Nearest resistance is at 24200 level.

If Banknifty crosses the level of 24200 in upside then the level of 25200 level can be seen again.

If it crosses below the level of 23500 level then again the level of 23100 can be seen in downside.

But there is no sign of big correction in market.

Now outlook on market changes. Now when this consolidation  completes our target on BankNifty is at 26000 level now.

As there is no sign of any big correction on longer time horizon chart. Trend is still intact in upside.

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 channel.We are not SEBI registered financial advisor or analyst.

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