Wednesday, October 28, 2020

Stock Market | Nifty , BankNifty Outlook | 29 Oct 20


 Nifty and BankNifty, Stock Market Outlook 29 October 2020 

Nifty: 11729 -160
 BankNifty: 24232 - 537

Stock Market Today 

👉 On the global front, Asian markets settled mostly lower on Wednesday, while European markets were trading lower, as coronavirus infections grew rapidly in Europe and the United States, igniting fears of possible strict lockdown measures that could damage already fragile economic recoveries. 

👉 Uncertainty over the impending US presidential election also weighed on investors' sentiment. Back home, on the sectorial front, stocks related to chemical sector were in focus with ratings agency ICRA’s report that with most basic chemical and petrochemical players having a diverse range of end-user industries, the impact of coronavirus disease (covid-19) slowdown is likely to be moderated.

👉 Indian equity benchmarks ended by over a percent each lower on Wednesday, weighed down by the weakness in banking, finance, metal and realty stocks amid weak global cues. Markets made slightly negative start but soon managed to wipe out all the losses to trade in green, as some respite came with Niti Aayog Vice Chairman Rajiv Kumar exuding confidence that India's economic growth would be in positive territory in the second half of this fiscal, and will do even better than a large part of the world in 2021-22. 

👉 However, buying proved short-lived as markets once again entered into negative terrain and stayed in red for rest of the day, as traders turned anxious with the central bank’s statement that Indian states are racking up more debt to fund the prospect of wider budget deficits as they step up spending to fight the virus pandemic.

Nifty Outlook

Uncertainty continued in market and Nifty continues in a sideways zone. No clear direction seen in the market until Nifty came out from the sideways zone in either side. 
After the today's move Nifty came near the lower end of the sideways move . Now  nearest support is at 11661 in the downside and 11847 is the nearest resistance in upside. As Nifty is near lower end so tomorrow another sharp fall may be expected. 
Currently market is very volatile and tomorrow is current month expiry too . So market may remain volatile , trade cautiously.

BankNifty Outlook

Volatility and uncertainty can be seen in tomorrow session . Banknifty is also trading in the sideways zone and tomorrow is monthly expiry. So trade cautiously.
23817 is the support and 24782 is the nearest resistance for Banknifty in upside. As BankNifty is near lower end of the sideways zone so tomorrow another sharp fall may be expected. 

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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