Wednesday, November 25, 2020

Stock Market FnO Expiry | Nifty , BankNifty Outlook | 26 Nov 20


 Nifty and BankNifty, Stock Market Outlook 26 Nov 20 ( Monthly Expiry)

Stock Market Today 

Wednesday turned out to be a dismal day of trade for Indian equity benchmarks, where key gauges went home with a cut of over one and half percent each, breaching their crucial 43,850 (Sensex) and 12,900 (Nifty) levels, as investors booked profit across-the-board. 

Both indices had scaled fresh record highs in the opening session, as sentiments got a boost after Nilesh Shah, a part-time member of the economic advisory council to the Prime Minister, said the GDP contraction will improve to higher single digits in the September quarter, and the economy will be back to positive growth by the March quarter.

Some support also came with CII National Committee on Retail Chairman Shashwat Goenka’s statement that a cohesive national retail policy would go a long way in reviving the sector and help generate up to 30 lakh additional jobs in the country by 2024, He said a thorough national retail policy would help the sector bounce back and grow exponentially in the years to come.

Nifty Outlook

Friends as we discussed yesterday that Nifty can test 13098-13149 today and Nifty almost tested our level at 13145 , but not sustained at higher levels and profit booking started and fell nearly 200 points.

Now question is that market has made top or it was just a profit booking at higher levels?
Answer is that still on any longer time frame chart there is no signal that the Nifty has made top top . After this correction also market is in uptrend . So this correction can be treated as small correction not a major correction signal.

Now come to tomorrow market movement or outlook.
Friends tomorrow is future option monthly expiry too, so market may be volatile and choppy. So trade cautiously.

Friends in the first half market will be volatile and choppy but as the time passes market will be stable and in the Second half we would see a sharp short covering in upside and market will rise sharply.

So if possible avoid trades in the first half and in the second half make buy position in the Nifty and BankNifty too.

For tomorrow 12801 will be strong support in downside and  12976  will be strong resistance in upside.
If Nifty sustain above 12890 then 12976 can be tested in upside which has more probability.

That all was Nifty and  same strategy for BankNifty too for tomorrow market.
So plan your trading strategy accordingly.

BankNifty Outlook

Friends tomorrow strategy discussed in detail above and that would also apply for BankNifty too. So now only important levels are discussed for BankNifty.

29014 will be important support in downside and  29766 will be strong resistance in the upside.
If Banknifty sustain above 29300 then 29766 can be tested.
So plan your strategy accordingly.

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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