Wednesday, November 18, 2020

Nifty and BankNifty Outlook for 19 Nov 20

  

 Nifty and BankNifty, Stock Market Outlook 


Stock Market Today 

Indian equity benchmarks recovered from initial losses to register new record closing highs in a volatile session on Wednesday, amid largely positive cues from Asian markets and persistent foreign fund inflows. With this, local gauges extended their rise for the third straight session.

 After making cautious start, markets traded with minor losses, as investors remain concerned about rising cases of coronavirus worldwide. Selling further crept in amid report that the committee, comprising senior central and state tax officers, is looking to further tighten the Goods and Services Tax (GST) registration process and work out other legal measures including necessary law amendment required in the GST Act to curb the menace of fake invoicing. 

Also, the provisions related to deemed registration under GST law may be tightened to prevent the misuse of such provisions by fake dealers and the provisions related to the suspension of registration may also be streamlined to make the procedure of suspension and cancellation of registration more efficient and faster, so that such fraud operators can be prevented in time from continuing to pass on fake credit down the chain.



Nifty Outlook


Still Nifty trend is very strong and still there is no major signal which indicates that the market has topped out . 
As tomorrow is weekly expiry too so market may remain volatile but overall trend will be positive and buy on dips strategy should be followed. 
Still 13000 is the key level to watch in upside and 12804 will be nearest support for the Nifty.



BankNifty Outlook


As discussed earlier that now BankNifty will drive the market when BankNifty was near the 23000 level mark and Nifty will play a supportive role . We also discussed that now Nifty can not break the all time high level without the participation of BankNifty and market behaves exactly on our expectations . Banknifty gains nearly 75oo points in this rally and helped Nifty in making all time high.

Now , Banknifty is still very strong and still there is no major signal which indicates that the market has topped out . So still buy on dips is advisable and avoid making short position. 
30474 is major level to watch in upside and 28904 is key support in short term to watch.

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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