Thursday, December 10, 2020

Stock Market for Tomorrow | Nifty & BankNifty Outlook for 11 Dec 20

  

 Nifty and BankNifty, Stock Market Outlook for 11 Dec 20 


Stock Market Today 

Indian equity benchmarks took a breather and ended in negative territory on Thursday, owing to a sell-off in counters such as Ultratech Cement, Mahindra & Mahindra, HDFC Bank, and Indusind Bank. The benchmarks staged a gap down opening, on sell-off in the global peers. Rising coronavirus cases also impacted the sentiments in the markets.

 Trade sentiment remained cautious with private report stated that the public health crisis due to the COVID-19 pandemic has emerged as the top threat for Indian corporates, while cyber attacks and data frauds loom equally large. Some anxiety also came with former Deputy Governor of RBI Viral Acharya’s statement that revising up inflation bands for the central bank will hurt the poor. He also said India has to devise ways of pushing up growth in a structural manner and not by ‘pump-priming’ measures like easy credit and easy liquidity.

However, in the late afternoon session, Indian equities managed to recover from the lowest point of the day, as the Asian Development Bank (ADB) raised the growth forecast for India in the current fiscal year to minus 8 percent from the minus 9 percent projection in September while keeping the outlook for the next fiscal year at 8 percent. 

At the same time, it said economic activity in developing Asia is forecast to contract by 0.4 percent this year before picking up to 6.8 percent in 2021 as the region moves toward recovery from the effects of the coronavirus disease (COVID-19) pandemic. Some respite also come as the Union Cabinet approved Rs 22,810 crore outlay for a new employment scheme that aims at encouraging businesses to do fresh hiring.



Nifty Outlook


Friends still our Nifty is strong and not showing any sign of major correction . So we should remain with trend and do not trade against the trend.

Today we ended and remained in negative territory  whole day and some recovery seen at the closing. Still we should avoid taking short position in the Nifty because today's move in Nifty is not a sign of any major correction . This is a routine correction and healthy sign for further upside move. So when this correction ends then we should utilize it as a buying opportunity . Tomorrow the last our recovery can continue in the Nifty.

Tomorrow 13524- 13564 will be important resistance in upside and 13451- 13401 will be important support in downside for the Nifty.


BankNifty Outlook


Trading strategy and outlook will be the same as discussed above in detail. Follow buy on dips strategy. 

Tomorrow Banknifty will be more stronger than Nifty .
For tomorrow 30844 will be important resistance and 30214 will be important support in downside for the BankNifty.

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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