Monday, November 2, 2020

Nifty , BankNifty Outlook | 02 Nov 20

  

 Nifty and BankNifty Outlook  02 Nov 20 

Nifty: 11669 + 27
 BankNifty: 24892  +991

Stock Market Today 

👉In a volatile session, Indian equity benchmarks managed to settle higher on Monday, led by buying interest in banking shares after ICICI Bank and IndusInd Bank reported strong September quarter earnings.

👉 Key gauges made optimistic start, as traders took some support with Ficci President Sangita Reddy’s statement that India's strategy of dealing with the COVID-19 crisis has paid off and the country's economy is set to bounce back and emerge stronger. She said it was time to take bold actions and push the growth agenda vigorously. 

👉 But, markets soon slipped in red territory, as traders got anxious with a private report that the pandemic-induced growth contraction and additional spending to support the needy amounting to a little over 2 percent of the economy are likely to push the combined fiscal deficit to 13 percent of GDP this fiscal - nearly double of the past year.

👉 However, in late hour of trading session, domestic bourses gave up all the losses and ended with minor gains, taking support from the Ministry of Finance’s statement the Goods and Services Tax (GST) revenue collections for the month of October 2020 were Rs 1,05,155 crore, which is 10 percent higher than October 2019. This made it the first time monthly revenues crossed the Rs 1 lakh crore mark in FY21. 

👉 Some support also came as India's manufacturing sector activity improved for the third straight month in October with companies raising output to the greatest extent in 13 years amid robust sales growth. The headline seasonally adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) rose from 56.8 in September to 58.9 in October, and pointed to the strongest improvement in the health of the sector in over a decade.


Nifty Outlook


Nifty is still weak and todays abnormal move in BankNifty also did not help Nifty to move upward. But this rise reduces weakness in Nifty too.
So, tomorrow Nifty can show positive trend and Nifty can test 11837in upside.

BankNifty Outlook


Today a unexpected strong upward rally seen in BankNifty due to strong earning updates from some banks. Currently Banknifty is more stronger than Nifty and todays gain also added momentum in Banknifty.
For tomorrow 25188 will be a resistance in upward and 24551 a support for Banknifty in downside. But Banknifty will be in uptrend and can test 25188 , 25434 in tomorrow session.

Thanks for your Precious Time.


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