Thursday, October 29, 2020

Stock Market | Nifty , BankNifty Outlook | 30 Oct 20

 


                                                 

 Stock Market Outlook 

 Nifty and BankNifty

30 October 2020 

Nifty: 11670 -59

BankNifty: 24092 -140


Stock Market Today 

👉In choppy session, Indian equity benchmarks declined for second straight session on Thursday, dragged down by weakness in heavyweights like Larsen & Toubro, Titan Company, ONGC and Axis Bank as future and derivative contracts for October expired. 
👉The benchmarks opened lower and extended losses in afternoon trading, as sentiments were dampened with report that India has reported a daily jump of nearly 50,000 Covid-19 cases, even as the tally has soared past the 8-million mark. The country's death toll has mounted to 120,563. 
👉Market participants also took a note of Chief Economic Adviser K V Subramanian’s statement that non-banking financial companies (NBFCs) need to follow prudential measures to ensure that risks do not mount and be vigilant about the quality of lending in these difficult times.

Nifty Outlook


Today in a choppy session, Indian equity benchmarks declined for second straight session . As discussed yesterday 11661 is an important support and today Nifty respected this level and closed above it at 11670. 

Currently Nifty is trading at the lower level of the sideways zone and now trend of Nifty became negative in the short term. So further fall is expected in Nifty in the coming days.

Now nearest support is at 11568 in downside and nearest resistance is at the level of 11669. As Nifty is in short term downtrend so follow sell on rise strategy .


BankNifty Outlook


Currently BankNifty is trading at the lower level of the sideways zone and now trend of BankNifty also became negative in the short term. So further fall is expected in BankNifty in the coming days.

Now nearest support is at 23211 in downside and nearest resistance is at the level of 24624. As BankNifty is in short term downtrend so follow sell on rise strategy .

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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