Friday, October 9, 2020

Nifty and BankNifty, Stock Market Outlook 12 October 2020

  

 Nifty and BankNifty, Stock Market Outlook 12 October 2020 

Nifty: 11914 + 79
 BankNifty: 23846  +655

Stock Market Today 

On account of RBI Governor Shaktikanta Das' brave announcements and not bowing down to the inflation pressure, the Indian indices rose sharply and ended around 0.75 per cent higher from its Thursday close. This was seventh straight closing on the positive note for the Indian stock market. 

The BSE Sensex shot up 349 points and closed at 40,532 levels while the NSE Nifty gained 79 points after making a close at 11,914 mark. Bank Nifty surged 655 points after closing at 23,846 levels.

BankNifty Outlook

banknifty , finvestonline.com

As discussed yesterday that current rally in Banknifty should continue and long position in the BankNifty can be made for the upside target of 23941 and market closed near it.

Now on the chart trend is still intact and can be seen clearly on chart. Till now chart is suggesting to make long position and avoid making any short position . 

So as of now in every small correction long position should be made until any sell signal is not seen on chart. So make long position in Banknifty for the fresh upside level of 24215.


Nifty Outlook

nifty , finvestonline.com

As discussed yesterday that current rally in Nifty should continue and long position in the Nifty can be made for the upside target of 11905 and Nifty close at 11914.

Now on the chart trend is still intact and can be seen clearly on chart. Till now chart is suggesting to make long position and avoid making any short position .

So as of now in every small correction long position should be made until any sell signal is not seen on chart. So make long position in Nifty for the fresh upside level of 12026.
 
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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