Thursday, November 5, 2020

Nifty and BankNifty | Stock Market Outlook | 06 November 2020


 Nifty and BankNifty, Stock Market Outlook 06 November 2020 

Nifty: 12120 + 211
 BankNifty: 26313 +541

Stock Market Today 

Indian equity markets ended higher for the fourth straight session with gains of over one and half percent each, on the back of a broad-based buying interest amid a strong trend in the global markets. 

The benchmarks staged a gap up opening and traded in fine fettle throughout the day, as traders were taking encouragement with the finance ministry’s statement that the economy has been recovering at a fast pace and would likely to reach pre-Covid-19 levels by the end of the current fiscal year. 

Some support also came in with Director General of Foreign Trade -- Amit Yadav stating that while October data looked promising for exports, the situation will improve further in the coming months due to collaborative efforts of all the stakeholders.

Nifty Outlook

As discussed yesterday that Nifty is in strong upward momentum and the recent rally continue and market is performing on our expectation. .The recent rally can continue and we should follow buy on dips strategy for tomorrow too but as US election results are also clear , so a break on momentum can happen.
Now for tomorrow 12194 is the upside resistance level .

BankNifty Outlook

Banknifty is in strong uptrend and buy on dips strategy should be followed. For tomorrow 26488 is upside level that BankNifty can test. In downside 25778 is an important support.

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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