Sunday, November 15, 2020

Stock Market Weekly Outlook | Nifty , BankNifty ( 17-20 ) Nov 20


 Nifty and BankNifty, Stock Market Outlook 

Stock Market on Muhurat Trading

Key benchmarks trimmed initial gains and ended with decent gains on the Muhurat trading session today. Buying was broad based with IT stocks rising the most. 

The barometer index, the S&P BSE Sensex, gained 194.98 points or 0.45% at 43,637.98. The Nifty 50 index added 60.30 points or 0.47% at 12,780.25. Both the indices attained record closing high levels.

The S&P BSE Sensex hit a record high of 43,830.93 and the Nifty hit a record high of 12,828.70 in initial deals today.

The domestic stock market was open today for a special one-hour Muhurat trading session on the occasion of Diwali. The session also marked the beginning of Samvat 2077, the Hindu calendar year that starts on Diwali.

The exchanges will remain closed on Monday, 16 November 2020, on the occasion of Diwali Balipratipada.

Nifty Outlook

Friends still Nifty trend is very strong and this is reflecting too in price momentum as market is making all time high and making higher high and higher low. Currently we should follow buy on dip strategy and avoid shorting position in the market.

 In the upcoming week market can make fresh all time high and Nifty can test 13000 level . Immediate sharp fall is not expected in market , so any correction can be utilized as an opportunity of making long position. 12364 is immediate support and 13000 is the key level to watch.

BankNifty Outlook

Still BankNifty trend is strong and further rally can be expected . Any correction should be utilized for making long position . 29188 is an important resistance and 27864 is an important support for the Banknifty in the upcoming week. Buy on dips strategy should be adopted .

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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