Thursday, October 22, 2020

Stock Market | Nifty & BankNifty Outlook | 23 Oct


 Nifty and BankNifty, Stock Market Outlook 23 October 2020 

Nifty: 11896 -41
 BankNifty: 24484 -151

Stock Market Today 

➤ Snapping four straight days of gains, Indian equity benchmarks settled in the red on Thursday as IT, banking and healthcare stocks declined amid weak cues from global markets. The benchmarks traded in a range-bound with a negative bias for most part of the day, as the International Monetary Fund (IMF) in its report on the Asia-Pacific region has slashed this year's economic forecast for Asia, reflecting a sharper-than-expected contraction in countries like India, a sign the coronavirus pandemic continues to take a heavy toll on the region. 

➤ While the IMF upgraded next year's growth forecast, it warned the recovery will be sluggish and patchy with countries dependent on tourism seen taking a particularly hard hit. Some anxiety also came with a private report that the government expects the fiscal deficit to be close to 7 percent of GDP or thereabouts in the current financial year. The general deficit is unlikely to be lower than 11 percent, with the state government borrowings estimated at 4 percent levels.

Nifty Outlook

As discussed yesterday that today Nifty will be  choppy and can trade in a range bound , and market behaves to our expectation. Till today closing market is in a sideways zone and indicating no clear direction. 
Tomorrow again Nifty will remain in a range bound with no big movement in either direction. Do not expect any big move in either direction tomorrow. Nifty can remain in between 11956 in upside and 11829 in downside. Trade with small targets and be cautious.

BankNifty Outlook

BankNifty is also in the same situation as of Nifty and will remain in a range bound with no clear direction.
Do not expect any big move in either direction tomorrow. BankNifty can remain in between 24705 in upside and 24272 in downside. Trade with small targets and be cautious and prepared for both direction movement.

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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