Friday, December 4, 2020

Stock Market | Nifty & BankNifty Weekly Outlook | (07-11 Dec 20 )


 Nifty and BankNifty, Stock Market Outlook Weekly Outlook ( 07-11 Dec 20 )

Stock Market Today 

👉Friday turned out to be a fabulous day of trade for Indian equity benchmarks with frontline gauges surpassing their crucial 45,000 (Sensex) and 13,250 (Nifty) levels as the Dalal Street cheered the RBI’s MPC decision to keep policy rates unchanged. 

👉Markets started the day on optimistic note as traders took encouragement with the International Monetary Fund’s statement that India's economy, severely affected by the coronavirus pandemic, is gradually recovering. It said 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 percent and held out hopes for further improvement on better consumer demand. 

👉Adding more optimism, Finance Minister Nirmala Sitharaman said that India’s economy will return to growth in 2021-22 and higher spending in the budget due in February will lay the foundations for even stronger growth in the next four to five years.

👉Markets extended rally in second half of the trade after the Monetary Policy Committee, led by Governor Shaktikanta Das, voted unanimously to hold the policy repo rate at 4.00 percent. The reverse repo rate was retained at 3.35 percent. The Marginal Standing Facility or MSF rate, and the Bank rate remained unchanged at 4.25 percent. 

👉Some support also came after the Finance Ministry in its latest Monthly Economic Review has said that the Indian economy is witnessing a V-shaped recovery as the GDP has recorded a quarter-on-quarter growth of 23 per cent in the July-September quarter of this fiscal. As per the report, this V-shaped recovery, evident at the half-way stage of 2020-21, reflects the resilience and robustness of the Indian economy.

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 discussed yesterday that today we are going to create a new All Time High and today market behaves exactly on our expectation and market closes exactly near our expected levels .

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.
In the upcoming weeks we would see new all time high levels in the market . 

So traders are advised to maintain a 'buy on dips' approach while keeping their focus on the selection of sectors and stock specific.
In the upcoming week we are moving towards 13474 to 13634 in upside So any dip or correction should be utilized as making long position. 
In downside 13014 will be an important support in downside.  

BankNifty Outlook

Traders are advised to maintain a 'buy on dips' approach in BankNifty also as trend is still very strong and we can see further upside move in the BankNifty in the upcoming week.

Banknifty can test 31136 in upside in the upcoming week in upside. In downside 29214 is an important support for BankNifty in the short term. 

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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