Tuesday, September 1, 2020

Nifty and BankNifty, Tomorrow Stock Market Outlook 02 Sep 20

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 Nifty and BankNifty, Stock Market Outlook 02 Sep 20

Nifty- 11470  + 83

BankNifty- 23812  +58

➽ Note- Market Closes at Indecision Point. Tomorrow session will decide the Trend of the Market. Nifty is stronger and BankNifty is weak .Be cautious. 

BankNifty Outlook 

BankNifty on 15 Min

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Market Closes at Indecision Point. Tomorrow session will decide the Trend of the Market. Be cautious.

➽ BankNifty 15 Min chart suggest that after the sharp fall BankNifty is consolidating in a sideways trend as it was expected also in yesterday article on market outlook. Now more chances are of recovery from here.

➽ Now 15 min charts shows three possibilities:

1) If tomorrow BankNifty crosses the 24200 level and give closing above it with good volume then the trend will become strong and again the level of 25000 can be expected soon.

2) If it closes below the level of 23400 then the sideways trend will turn into short term correction and the level of 22800 in downside should be expected soon.

3) Or it can trade in the sideways zone for consolidation which will again a good signal as after a sharp fall V shape recovery is not sustainable.

➽ Now from the above three possibilities which is strong can be understood with the help of daily charts.


BankNifty Daily


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➽ BankNifty on daily chart made a doji candlestick pattern and is in a no decision point.

➽ As BankNifty trend in weekly chart is still intact and is in uptrend, so it is expected that market will again rise in upward direction after this correction and consolidation phase. Don't panic.


Nifty Outlook


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➽ Nifty currently trading at 11470 level which is below the support line.

➽ Nifty made a doji candlestick pattern on daily chart which suggest uncertainty in the market at current level.

➽ Now if the Nifty closes above the level of 11550 level then the immediate trend will again become positive and higher levels can been seen again.

➽ If the nifty closes below the level of 11350 level then a fresh downside may be seen in the market and it may go at the level of 11100.

➽ But any major correction may not happen in the market and this correction can be used for taking long position.






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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