Monday, November 23, 2020

Stock Market Outlook | Nifty & BankNifty | 24 Nov 20

  

 Nifty and BankNifty, Stock Market Outlook , 24 Nov 20


Stock Market Today 

In a volatile session, Indian equity benchmarks rose for second straight session and settled with notable gains on Monday, with Sensex and Nifty recapturing their crucial 44,050 and 12,900 levels respectively. The benchmarks staged a gap up opening, amid sanguine global cues.

 Sentiments also got a boost with Industry body FICCI's latest quarterly survey on manufacturing showing that India's manufacturing sector is poised to witness recovery in the July-September quarter, even as hiring outlook for the segment remains bleak. The proportion of respondents reporting higher output during July-September rose to 24 per cent, as compared to 10 per cent in the previous quarter. 

Some support also came as a senior official of the Ministry of External Affairs said that Atmanirbhar Bharat provides a vision of India's plans to become a $5 trillion economy by promoting 'Make in India - Make for World' and this will happen through an integration with the global economy.



Nifty Outlook


As we discussed that Nifty is still in a very strong trend and not showing any major sign of correction till now. Still 13000 is an important resistance to watch in upside.
Until we did not see any major signal or breakout our view is positive and every dip or correction is still a chance to make long position in the Nifty for the level of 13000 - 13048 .
In downside 12730 is an important support for the Nifty.



BankNifty Outlook


Trend is very strong in upside and buy on dips is preferable .

Until we did not see any major signal or breakout our view is positive and every dip or correction is still a chance to make long position in the BankNifty and can test 29488 , 29586 in upside. 

So plan your trading strategy accordingly.


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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