Wednesday, December 2, 2020

Nifty & BankNifty with Weekly Expiry Outlook for 03 Dec 20


 Nifty and BankNifty, Stock Market Outlook 

Stock Market Today 

Indian equity benchmarks ended the volatile day of trade on quiet note on Wednesday, as traders remained on sidelines ahead of outcome of Reserve Bank of India’s (RBI) December Policy Meet, schedule to take place from December 02 to December 04. 

Markets started the session on cautious note as sentiments remained downbeat with ICRA’s latest report where it has said that debt resolution through the insolvency and bankruptcy code (IBC) and the resultant realisation for financial creditors has taken a hit so far this fiscal due to the pandemic that led to suspension of fresh proceedings. 

Markets extended losses in second half of the day amid reports that COVID-19 has drastically affected the investment climate in all economies of the world, causing a sharp decline in the demand and supply equilibrium everywhere. India has been no exception to this unprecedented economic shock. Yet, investment sentiment in the Indian economy has been buoyed by the frequent and active intervention of the Government of India despite being hit by a world-wide pandemic.

Nifty Outlook

Traders are advised to maintain a 'buy on dips' approach while keeping their focus on the selection of sectors and stock specific.

As we discussed yesterday that Nifty will be in small range and today we closed only 4 points up and market traded within our range whole day.

Friend today a correction of nearly 100 points already taken and we recovered from that low and closed in positive node. This is a very good indicator for further upside move.

Now tomorrow is weekly expiry too , so market can remain volatile . But we are going to see another All Time High levels in Nifty tomorrow.
Tomorrow Nifty will make new lifetime high. Our market will become more stronger as day passes and we will close on a new high.

So tomorrow we should maintain buy on dips strategy. In upside we can see 13188 to 13245 levels . In downside 13004 is an important support. 

BankNifty Outlook

Follow buy on dips strategy . The ideal range for Banknifty will be 29848 - 29134 . BankNifty is currently weaker than Nifty . But tomorrow after first half it can also show upside momentum. So prefer buy on dips strategy.

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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