Tuesday, October 27, 2020

Stock Market | Nifty , BankNifty Outlook | 28 Oct 20


 Nifty and BankNifty, Stock Market Outlook 28 October 2020 

Nifty: 11889 +121
 BankNifty: 24769 + 694

Stock Market Today 

👉 Reversing previous session’s losses, Indian equity benchmarks ended higher on Tuesday, on account of broad based buying in blue chip counters despite negative cues from global markets.

 👉 After making slightly positive start, key gauges slipped into red, as exporters expressed concerns over rising freight charges and shortage of containers as it would impact the country's outbound shipments, and sought Commerce Ministry's intervention in the matter. 

👉 But, markets soon recovered and traded higher with marginal gains, taking support from a report that it could be a healthy sign of economic recovery, goods and services tax (GST) collections recorded in the month of October are likely to cross Rs 1 lakh crore for the first time this fiscal. 

👉 Some support also came in with British drug maker AstraZeneca Plc stating that the Covid-19 vaccine being developed by the University of Oxford produced an immune response in both elderly and young people and adverse reactions were lower among the elderly.

Nifty Outlook

nifty , finvestonline.com

As the currently Nifty is trading in a sideways zone so high volatility in the market is seen. Today again short covering seen in the Nifty from the lower level of the sideways zone. Currently Nifty is very volatile and with no clear trend. 
In Nifty 12018 is nearest resistance in upside and 11661 is the nearest support in downside.
Trade cautiously as volatility and uncertainty increased in the market. 

BankNifty Outlook

As discussed earlier that Banknifty is more stronger than Nifty and today Banknifty perform better than Nifty.
In upside 25178 is strong resistance and in downside 24156 is nearest support for the Banknifty.

Thanks for your Precious Time.

Finvest Online
Telegram  :  t.me/finvestonline

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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