Thursday, November 26, 2020

Stock Market | Nifty , BankNifty Outlook | 27 Nov 20


 Nifty and BankNifty, Stock Market Outlook 27 Nov 20

Stock Market Today 

In an extremely volatile trading session, Indian equity benchmarks staged a recovery, recouping previous losses, to end the day higher on Thursday, led by robust gains in Metal, Basic Materials, Finance and Telecom stocks amid largely positive cues from global markets. The benchmarks staged a positive opening but soon slipped into red terrain in morning deals, owing to expiry of November future and option contracts. 

Investors’ sentiment remain dented with the 'Quarterly Statistics on Deposits and Credit of Scheduled Commercial Banks (SCBs), September 2020' - released by the Reserve Bank of India (RBI) has indicated that bank credit growth decelerated to 5.8 percent in Q2 (July- September) of FY21 from 8.9 percent in the year-ago period. It also said aggregate deposits of banks rose 11 percent year-on-year in the July-September period as compared to 10.1 percent growth a year ago. 

Traders also took a note of report that the Finance Ministry has asked ministries and departments to restrict their expenditure for the remaining months of the current fiscal as per the Revised Estimates (RE) target, amid moderating revenues due to the COVID-19 crisis.

Nifty Outlook

Friends as we discussed yesterday that the Market will remain volatile and choppy in the first half and in the second half a sharp upside recovery can be seen . 
And our markets behaves exactly on our expectation that is in first half volatile and in the second half sharp upside recovery seen and Nifty closes exactly near our target.

Friends our market are still very strong and there is no any major signal that suggests any weakness. 
So todays rally can continue tomorrow too.  So buy on dips strategy should be continued.

Tomorrow Nifty can test 13064 - 13088 in upside , so prefer buy.

BankNifty Outlook

Friends BankNifty today also performed on our expectation that is was choppy in first half and sharp rise in the second half. 

Banknifty too have similar position as of Nifty so expect today rally will continue tomorrow too as there is no weakness on charts. 

Tomorrow Banknifty can test 29866 - 30048 in upside , so prefer buying.

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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