Tuesday, November 17, 2020

Stock Market Outlook | Nifty , BankNifty | 18 Nov 20

  

 Nifty and BankNifty, Stock Market Outlook 


Stock Market Today 

The bulls continued to maintain their firm grip on Tuesday as Indian equity benchmarks gained over 0.70 percent each to settle at record closing highs, led by positive sentiments in the broader Asian markets. Markets made optimistic start and traded in green terrain for whole day, as investor sentiment was bolstered by news that US drug maker Moderna's coronavirus vaccine was 94.5 per cent effective in preventing COVID-19 infection. 

Sentiments also got a boost with a private report that the Indian economy is seen recovering faster than expected and the Reserve Bank is likely to have come to an end of the rate easing cycle. However, in late morning session, key gauges erased some of their initial gains with government data showing that India's exports fell 5.12 per cent to $24.89 billion in October, after recording positive growth in September, on account of drop in shipments of petroleum products, gems and jewellery, leather and engineering goods. 

Besides, trade deficit in October narrowed to $8.71 billion as against $11.75 billion in the corresponding month a year ago. Also, the wholesale price-based inflation rose to an eight-month high of 1.48 percent in October, as manufactured products turned costlier. The WPI inflation was 1.32 percent in September and zero percent in October last year.



Nifty Outlook


Nifty trend is still very strong and reflecting in price too. Nifty is making life time high and expected to continue tomorrow too.  Currently we should follow buy on dip strategy and avoid shorting position in the market as till today market is not showing any sign of weakness.

 Tomorrow market can remain bullish . Immediate sharp fall is not expected in market , so any correction can be utilized as an opportunity of making long position. 12564 is immediate support and 13000 is the key level to watch.


BankNifty Outlook


Friends as discussed yesterday that 29188 is an important resistance and today Banknifty give closing at 29181 . Still BankNifty trend is strong and further rally can be expected . Any correction should be utilized for making long position . 29484 is an important resistance and 28664 is an important support for the Banknifty .Buy on dips strategy should be adopted .


Thanks for your Precious Time.


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