Wednesday, October 14, 2020

Nifty and BankNifty, Stock Market Outlook 15 October 2020

  

 Nifty and BankNifty, Stock Market Outlook 15 October 2020 

Nifty: 11971 + 36
 BankNifty: 23874   +382

Stock Market Today 

Markets ended the modest gains amid volatility. Initially, the benchmark indices opened in red on the back of unsupportive global cues. Besides, the news of IMF lowering its growth forecast for India for the second time in four months was also weighing on the sentiment. However, a sudden surge mainly in the banking and financial counters changed the tone and helped Nifty to pare all its losses and close near 11,970 levels. On the flip side IT, Oil & Gas and Power traded subdued.

The rebound is on the expected lines and we expect further surge ahead. Participants should keep a close watch on earnings announcements as well as global markets for cues. We reiterate our view to maintain extra caution in the selection of trades due to limited participation and prevailing volatility.


 Benchmark indices made a smart recovery from the intraday lows on October 14 and ended higher for the tenth consecutive day with Nifty above 11950.

The Sensex was up 169.23 points or 0.42% at 40794.74, and the Nifty was up 36.50 points or 0.31% at 11971. About 1202 shares have advanced, 1439 shares declined, and 160 shares are unchanged.

Bajaj Finserv, SBI Life Insurance, Bajaj Finance, ICICI Bank and IndusInd Bank were among major gainers on the Nifty, while losers included Wipro, NTPC, ONGC, Coal India and Tata Motors.

Among sectors, except bank, FMCG and metal other indices ended in the red. BSE Smallcap Index ended marginally lower and Midcap index gained 0.5 percent.


Nifty Outlook

nifty, finvestonline.com

As discussed yesterday that Nifty can see a lower level of 11837 in downside and today Nifty was on our expectation and touched 11830 and a sharp short covering seen from that level.

Friends it is not an unexpected move as when the market reaches to a top after a long uptrend then there is no sudden V shape fall. Market takes time and try to consolidate before falling. In this case movement in both direction is seen in the market. 

So be cautious now as market can move in both direction here and will be unpredicted. Trading in  the top or bottom of a trend is the most risky scenario for a trader as market has no clear trend in this case. 

Tomorrow Nifty will remain in the positive direction in the first half and can see the level of 12017 in upside . But in the second half Nifty will again start to fall can a downside level of  11916 and 11852 can be seen in the Nifty. So tomorrow trades on both sides are open . Trade smartly and be cautious as tomorrow is weekly expiry too.


BankNifty Outlook

banknifty, finvestonline.com

Tomorrow BankNifty will remain in the positive direction in the first half and can see the level of 24048 in upside . But in the second half BankNifty will again start to fall can a downside level of  23656 and 23456 can be seen in the BankNifty. So tomorrow trades on both sides are open and market can be choppy and unpredictable. Trade smartly and be cautious as tomorrow is weekly expiry too.


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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