Friday, November 6, 2020

Stock Market Weekly Outlook | 9-13 Nov 20 | Nifty , BankNifty

  

 Nifty and BankNifty, Stock Market Outlook 9-13 Nov

Nifty: 12263 + 143
 BankNifty: 26799  +485

Stock Market Today 

👉Extending their gaining streak into the fifth straight session, Indian equity markets ended over one percent higher on Friday, led by strong gains in Reliance Industries, Bajaj Finserv, Indusind Bank, HDFC and Kotak Mahindra Bank. Further, firm global cues too boosted investor sentiment. 

👉 The benchmarks made slightly positive start and stayed in green for whole day, as traders got some support with Prime Minister Narendra Modi wooed global investors by showcasing the recent agriculture and labour reforms and faster-than-anticipated reflation of the economy and asserted that the government will do whatever it takes to make India the engine of global growth resurgence. 

👉 Some support also came as the Reserve Bank of India (RBI) said that it would continue to conduct open market operation (OMO) purchase auctions of Rs 20,000 crore, as well as OMOs in State Development Loans (SDLs) to support market sentiment and assure adequate liquidity.

👉 Key gauges extended gains in second half of the session, taking support from External Affairs Minister S Jaishankar’s statement that India's expectation is that the reforms undertaken by it in domains like labour, agriculture and education, when combined with making it easier to do business, create start-ups and promote skilling, will lead to much broader pathways for global collaboration. Jaishankar said given the hit taken by virtually every economy in the world in the wake of the COVID-19 pandemic, it is apparent that recovery is the primary focus.

👉 Meanwhile, the government has announced simplified guidelines for Business Process Outsourcing (BPO) and IT Enabled Services (ITES) players to reduce the compliance burden for the industry and facilitate Work from Home and Work from Anywhere.


Nifty Outlook


1) Weekly Outlook


Friends , after absorbing all the bad news and sentiments like Covid-19 global pandemic effect , lock down effect , economic slowdown , Indo-China face-off  and US election results Nifty is now nearly 200 points below the lifetime high of 12430. We are on the route of making life time high in this upcoming week or before this Light Festival Deepawali . 

Friends still our long term outlook is very positive and in strong uptrend with strong price momentum .Much  probability is that the Market can make all time high . So long position should be prefer in any dip or correction and buy on dip strategy should be followed. For upcoming week 12430 and 12688 is strong resistance in upside. In downside 11708 is a major support.


2) Tomorrow Outlook


Recent rally can continue , buy on dips strategy should be adopted. In upside 12430 is resistance and in downside 12002 is a support in short term.



BankNifty Outlook


1)Weekly Outlook


Friends as we discussed earlier that BankNifty is a key driver that would drive Nifty to its all time high in the upcoming time. In the recent trading sessions Banknifty is outperforming the market and pushed Nifty near  to its  all time high.

Currently Banknifty is more stronger than Nifty and also outperforming the market. So in the upcoming week its upside rally can continue as its long term outlook is still positive and Banknifty can test 27896 in upside. So long position can be made and buy on dips strategy should be adopted. In downside 25232 is strong support.


2) Tomorrow Outlook


Recent rally can continue , buy on dips strategy should be adopted. In upside 27296 is resistance and in downside 26134 is a support in short term.


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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