Friday, October 16, 2020

Nifty and BankNifty, Stock Market Weekly (19-23 Oct) Outlook

  

 Nifty and BankNifty, Stock Market Weekly (19-23 Oct) Outlook 

Nifty: 11762 + 82
 BankNifty: 23533  +460

Stock Market Today 

 Last trading day of the week turned out to be fabulous day for Indian equity benchmarks where frontline gauges garnered gain of over half a percent each to settle above their crucial 39,900 (Sensex) and 11,750 (Nifty). Markets started the day on optimistic note as traders opted to buy beaten down but fundamentally strong stocks after yesterday’s bloodbath. 

Sentiments remained positive with Moody's Investors Service in its latest report has said that while the government's second round of stimulus will spur consumer spending over the near term as coronavirus-related restrictions continue to be eased and India's festive season begins, the support to the country’s Gross domestic product (GDP) growth will be minimal. 

Traders also remained optimistic on report that India’s merchandise exports grew by 5.99 percent to $27.58 billion in September 2020 as compared to same period of last year, on account of growth in shipments of drugs and pharmaceuticals and readymade garments. Trade deficit, gap between imports and exports, narrowed to $2.72 billion in September 2020 as compared to a shortfall of $11.67 billion in the year ago-month.


Nifty Outlook

finvestonline.com

Markets started the day on optimistic note as traders opted to buy beaten down but fundamentally strong stocks after yesterday’s bloodbath. 

Todays closing indicates that Nifty will remain in uptrend in the upcoming week but volatility and uncertainty may increase . Nifty will trade in a uptrend and overall trend of Nifty may be positive.

Major support will be 11518 in downside and major resistance will be at 11948 in upside in the upcoming week for Nifty.

BankNifty Outlook

finvestonline.com

In the upcoming week BankNifty can also remain in uptrend but volatility and uncertainty may increase.

Major support will be 22815 in downside and major resistance will be at 24448 in upside in the upcoming week for BankNifty.

Thanks for your Precious Time.


Finvest Online
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