Wednesday, October 7, 2020

Nifty and BankNifty, Stock Market Outlook 08 October 2020

 

 Nifty and BankNifty, Stock Market Outlook 08 October 2020 

Nifty: 11738 + 76
 BankNifty: 22964  +111

Stock Market Today 

On account of Reliance Industries share price rise by over 2 per cent in teh intraday trade session, Indian stock market ended in the green zone after opening on the lower side today. 

The BSE Sensex shot up 304 points after closing at 39,878 levels while the NSE Nifty soared 76 points and closed at 11,738 mark. Bank Nifty rose 111 points and closed at 22,964 levels.

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 23036 in upside and closed near about high.

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 23200.


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 11768 in upside and closed near about high.

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 11794 and 11864.
 
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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