Thursday, November 12, 2020

Stock Market Outlook 13 Nov 20 | Nifty , BankNifty

  

 Nifty and BankNifty, Stock Market Outlook 


Stock Market Today 

After rallying for eight sessions in a row, Indian equity benchmarks took a breather on Thursday as it ended around half percent lower, as investors' booked profits in banking, financial services, utilities and energy stocks amid lackluster global cues. 

Markets made negative start and stayed in red for whole day, as traders were concerned with the RBI’s statement that the GDP is likely to contract by 8.6 percent for the July-September period, which means India will enter into a recession for the first time in history in the first half of this fiscal with two successive quarters of negative growth due to the COVID-19 pandemic.

 Some concerns also came with rating agency ICRA’s report that the aggregate debt of 12 major states is estimated to worsen significantly, and their capital spending might decline sharply because of lower-than-expected goods and services tax (GST) revenue and shortfall in Centre’s devolution. It added that this could lead to a 1-2 per cent contraction in Q4FY21.



Nifty Outlook


Friends , tomorrow in the first half market will be weak and Nifty can test 12600 to 12568 in the downside . But later in the second half a short covering may be seen from the bottom and Nifty can test 12688 to 12748 in upside.

 So plan your strategy accordingly and search opportunity. Still market is strong short covering may happen in any small correction.



BankNifty Outlook


Friends , tomorrow in the first half market will be weak and BankNifty can test 28000 to 28814 in the downside . But later in the second half a short covering may be seen from the bottom and BankNifty can again test 28448 in upside.


Thanks for your Precious Time.


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