Tuesday, November 3, 2020

Stock Market | Nifty , BankNifty Outlook | 04 Nov 20

  

 Nifty and BankNifty, Stock Market Outlook 04 Nov 20

Nifty: 11813 +144
 BankNifty: 25682 +790

Stock Market Today 

Indian equity benchmarks advanced for second session in a row and settled with gains of over a percent on Tuesday, led by strong buying interest in banking, finance and metal shares. The benchmarks opened higher and traded in fine fettle, as sentiments got a boost with think-tank National Council of Applied Economic Research (NCAER) stated that its Business Confidence Index (BCI) rose 41.1 per cent in the July-September 2020 period. 

This assumes significance as the GDP slipped by a historic 23.9 per cent in the April-June 2020 quarter, on account of the lockdown imposed by the government to check the spread of coronavirus. Some support also came in as Finance Ministry released Rs 6,000 crore as the second tranche to 16 States and three Union territories under its special window to states for meeting the GST compensation cess shortfall.



Nifty Outlook


We discussed that Banknifty is more stronger than Nifty in the previous articles and is happening too. From the 2 days Banknifty is the outperformer and Nifty is just participating in the rally. Still Nifty has many hurdles in the upsides and not as strong as Banknifty.
Now current strategy is buy on dips on Nifty but not much upside targets should be expected from Nifty trade. Prefer Banknifty . For Nifty 11887 and 11940 is still strong hurdles in upside . And 11608 is a important support in the downside.

BankNifty Outlook


Nearly 1700 points rally in just 2 days , exceptional performance. This strong price momentum is also far away from our expectations and weekly outlook on Banknifty. We were expecting 25188 in this weekly outlook , but in just 2 days it crossed it. We discussed that Banknifty is more stronger than Nifty in previous article and is happening too.
Now after this strong upside momentum Banknifty is very strong on charts and further more upside levels can be seen on Banknifty. 
Now in upside 25988 is strong resistance and 24715 is strong support in downside. We should continue to follow buy on dips strategy .


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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