Wednesday, October 21, 2020

Stock Market | Nifty & BankNifty Outlook | 22 Oct


 Nifty and BankNifty, Stock Market Outlook 22 October 2020 

Nifty: 11937 + 40
 BankNifty: 24635  +323

Stock Market Today 

➽ Indian equity benchmarks managed to close higher after witnessing wild swings during the session on Wednesday, owing to buying interest in Realty, Telecom and Metal shares. The benchmarks staged a gap up opening, as traders took encouragement with the Commerce and Industry Ministry’s statement that foreign direct investment (FDI) in India has increased by 16 per cent year-on-year to $27.1 billion during April-August this year. During April-August last year, India had received FDI worth $23.35 billion.

 ➽ Additional support came with Ratings agency ICRA’s report that India's economic recovery has ‘broadened and strengthened’ in September 2020 from the pandemic-induced lows seen in April 2020. It said that as many as nine of the tracked 15 non-financial high frequency indicators recorded growth in September 2020, while five posted a narrower year-on-year (YoY) contraction in that month.

➽ However, domestic bourses wiped out entire gains in late afternoon deals, as RBI analysis showing that aggregate sales of private sector manufacturing companies recorded a sharp contraction of 41.1 per cent year-on-year in the first quarter of 2020-21, reflecting the impact of the pandemic induced lockdown. Some concern also came with reports that even as brands are betting big on Diwali to light up their sales, a survey has shown below-average spending propensity among urban Indians this festive season with nearly 50 per cent respondents agreeing of being careful about their finances.

➽ But, the benchmarks managed to bounce from intraday lows in the last 30 minutes of trade, taking support from the Retirement fund body, Employees' Provident Fund Organisation (EPFO) in its latest ‘Provisional Estimate of Net Payroll’ data report has showed that India created 1005852 new jobs in the month of August 2020 as against revised figure of 748784 in July 2020.

Nifty Outlook


Todays move indicates that Nifty can remain volatile tomorrow and  also tomorrow is weekly expiry too. So trade cautiously as Nifty will be choppy and can move in both direction.

As Nifty tested 12030  in upside three times recently so it can be treated as triple top scenario so downside expected now in Nifty. Now 12030 will be strong resistance in upside and 11870-11810 will be immediate support in downside for Nifty.

BankNifty Outlook


BankNifty is showing more strength than Nifty in recent trading session and this was too in the todays trading session. Tomorrow BankNifty may remain choppy and can move in both direction due increase in volatility as well as tomorrow weekly expiry in BankNifty.

Now 24824 will be strong resistance in upside and immediate support will be 24276 in downside for BankNifty.

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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