Thursday, October 1, 2020

Nifty and BankNifty, Stock Market Outlook 05 October 2020


 Nifty and BankNifty, Stock Market Outlook 05 October 2020 

Nifty: 11416 + 169
 BankNifty: 22,246  +794

Stock Market Today 

On account of heavy short-covering in the banking, finance, realty and telecom stocks, the Indian indices managed to end in the green zone after the closing bell today. 

The BSE Sensex skyrocketed 629 points after closing at 38,697 levels while the NSE Nifty shot up 169 points and closed at 11,416 mark. Bank Nifty index skyrocketed 794 points and closed at 22,246 mark.

Nifty Outlook  banknifty share price chart

As discussed yesterday that the Nifty closed at the upper end of the rectangular channel so tomorrow there can be a gap up opening of more than 100 points in Nifty.

And, Nifty today opened exactly to our expectation and gradually shows more strength as the day passes. 

As now the Nifty crosses and closes above the crucial level of 11250 with high volume , so the new upside potential of 11535 in upside opened in the Nifty. We should avoid short position in Nifty tomorrow and in any small dips or correction long position can be taken for a target of 11535 .

BankNifty Outlook  banknifty share price chart

We discussed yesterday that the Banknifty is trading at the higher end of the sideways zone and a gap up opening was expected for today with the upside target of 22000 in upside.

And today Banknifty opened gap up and gradually crosses the level of 22000 mark.

As today Banknifty crosses and closes above the crucial 22000 level with high volume , so Banknifty can go to 22659 in upside. So short position should be avoided and long position should be made in every small correction for the level of 22659.

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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