Monday, October 5, 2020

Nifty and BankNifty, Stock Market Outlook 06 October 2020


 Nifty and BankNifty, Stock Market Outlook 06 October 2020 

Nifty: 11503 + 86
 BankNifty: 22,371  +125

Stock Market Today 

Indices erased some of the intraday gains but ended higher for the third consecutive session on October 5 with Nifty above 11,500.

At close, the Sensex was up 276.65 points or 0.71% at 38973.70, and the Nifty was up 86.40 points or 0.76% at 11503.40. About 1461 shares have advanced, 1213 shares declined, and 173 shares are unchanged.

TCS, Wipro, Tata Steel, Sun Pharma and Infosys were among major gainers on the Nifty, while losers were Bajaj Finserv, Shree Cements, GAIL, Bharti Airtel and Bajaj Finance.

Buying witnessed in the IT, metal, pharma, FMCG and banking stocks, while infra and energy indices ended in the red. 

Nifty Outlook , nifty

As discussed on previous article that Nifty is in uptrend and can test 11535 level in upside. Today Nifty tested this level but did not close above this level.

Now as the trend of the Nifty is still strong and not showing any sign of weakness , so long position should be made in Nifty in every small correction. 

Now nearest upside resistance is todays high of 11578 and target may 11618 Nearest support at 11452 in downside. This can be the trading range for Nifty for tomorrow.

BankNifty Outlook , banknifty

BankNifty today tested our level of 22659 but could not manage to give closing above of it.
But trend of the Banknifty is still in a uptrend , so long position can be made for a level of todays high 22768 in upside . 22247 is the nearest support in downside for the Banknifty for tomorrow.

Thanks for your Precious Time.

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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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