Friday, October 9, 2020

Nifty and BankNifty, Stock Market Outlook 09 October 2020

  

 Nifty and BankNifty, Stock Market Outlook 09 October 2020 

Nifty: 11834 + 95
 BankNifty: 23191  +226

Stock Market Today 

On account of strong global cues, the Indian indices closed in the green zone on sixth straight trade session after the closing bell today. 


The BSE Sensex shot up 303 points and closed at 40,182 mark — regaining the psychological 40,000 mark. The 50-stocks NSE Nifty gained 95 points and closed at 11,834 levels. Bank Nifty index surged 226 points and closed at 23,191 levels. IT, Tech and banking stocks were among the major sectors that fuelled the stock market rally today.

BankNifty Outlook

finvestonline.com , banknifty

As discussed yesterday that current rally in Banknifty should continue and long position in the BankNifty can be made for the upside target of 23200. Today it  made a high of 23450 in upside but closes below 23200.

Now on the chart trend is still intact and can be seen clearly on chart. Till now chart is suggesting to make long position and avoid making any short position . 

So as of now in every small correction long position should be made until any sell signal is not seen on chart. So make long position in Banknifty for the upside level of 23941.


Nifty Outlook

finvestonline.com , nifty

As discussed yesterday that current rally in Nifty should continue and long position in the Nifty can be made for the upside target of 11794. Today it  made a high of 11905 in upside and closed at 11834.

Now on the chart trend is still intact and can be seen clearly on chart. Till now chart is suggesting to make long position and avoid making any short position .

So as of now in every small correction long position should be made until any sell signal is not seen on chart. So make long position in Nifty for the upside level of 11905 which is the todays high.
 
Thanks for your Precious Time.


Finvest Online
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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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