Sunday, November 22, 2020

Stock Market weekly Outlook | Nifty , Banknifty (23-27) Nov 20

  

 Nifty and BankNifty, Stock Market Outlook (23-27) Nov 20 


Stock Market on Friday 

Market indices once again turned bullish in the last hour of trade, as some optimism remained among traders with Rating agency ICRA’s report stated that the Year-on-Year (YoY) contraction in India’s Gross Domestic Product (GDP) (at constant 2011-12 prices) is expected to narrow appreciably to 9.5 percent in the second quarter of the current fiscal (Q2FY21) from 23.9 percent in Q1FY21, as the economy recovered from the lows of the pandemic-induced lockdown.

 Some support also came with Prime Minister Narendra Modi’s statement that the belief in democracy, rule of law and freedom is the strength of the partnership between India and Luxembourg. He also said India-Luxembourg's partnership amid the COVID-19 pandemic can be beneficial for the recovery of both the countries.

 Market participants also took a note of Union IT and Communications Minister Ravi Shankar Prasad’s statement that the government was very keen to promote India as a very big centre of the data economy and would finalise a data protection law very soon.

On the sectoral front, healthcare sector stocks were in focus after Niti Aayog Member (Health) V K Paul said India’s overall spending on the health sector is low and the situation must be corrected. Emphasising that there is a need to request both the union and state governments to enhance spending on health, he said the COVID-19 experience will justify an increase in expenditure on health sector.

 Realty sector stocks too were in watch with Crisil’s report that the financial capital has seen a 1.3 times increase in property registrations on lower duties, but FY21 is going to be a difficult year for the realty sector with primary sales likely to decline by 50 percent in top 10 cities.

Nifty Weekly Outlook


Friends as we discussed that our markets are very strong and we are ready to make further life time fresh high and Nifty performs on our expectations and we made fresh all time highs.

Now from here in upcoming weeks sharp price momentum will not be seen in Nifty as we were seeing in the previous weeks. Nifty can consolidates at upper end with positive node . 

There will be no sharp downfall as our markets are still very strong . So every correction or dip can be used for buying and taking long position . Still we should follow buy on dips strategy.

13186 should be considered as important resistance in upside and 12644 as important support in downside.


BankNifty Weekly Outlook


Strategy and views on BankNifty should also be same as we discussed above in the Nifty section.

But Banknifty is more strong than Nifty , so Banknifty should be preferred in buying . 
30388 is an important resistance for Banknifty in upside and 28571 is an important support in downside.


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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