Tuesday, December 1, 2020

Stock Market | Nifty & BankNifty Outlook for 02 Dec 20


 Nifty and BankNifty, Stock Market Outlook for 02 Dec 20

Stock Market Today 

Tuesday turned out to be a fabulous day of trade for Indian equity benchmarks, where frontline gauges traded jubilantly throughout the day and garnered gains of over a percentage point each. 

Markets made a cautious start on report that output of eight core infrastructure sectors dropped 2.5 per cent in October, mainly due to decline in production of crude oil, natural gas, refinery products and steel. The production of eight core sectors had contracted 5.5 per cent in October 2019. But, soon after a cautious start, key gauges gained traction and started moving northward as signs of recovery in India’s economic growth supported the market sentiments. 

India's economy recovered faster than expected in the September quarter as a pick-up in manufacturing helped GDP clock a lower contraction of 7.5 per cent and held out hopes for further improvement on consumer demand bouncing back. Adding more optimism, data from the Department for Promotion of Industry and Internal Trade (DPIIT) showed that FDI inflow rose 15 per cent during the April-September period to $30 billion (Rs 2.2 trillion) as compared to inflows of $26 billion during the same period last fiscal, with India being an attractive destination for foreign funds despite the 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.

"The ideal range for tomorrow would be 13,148 - 13031 and range would be small and will be in sideways zone . Until market closes above 13148 level big move not expected. 
Till today our market have not given any sign of major correction , so avoid sell positions in hurry.

BankNifty Outlook

"The ideal range for tomorrow would be 30148 - 29454 and till today our markets are strong so , maintain a 'buy on dips' approach

Thanks for your Precious Time.

Finvest Online
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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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