Tuesday, December 15, 2020

Stock Market Tomorrow | Nifty & Banknifty for 16 Dec 20

  

 Nifty and BankNifty, Stock Market Outlook for 16 Dec 20


Stock Market Today 

After remaining in the negative territory for most part of the session, Indian equity benchmarks managed to settle flat with a positive bias on Tuesday, led by gains in heavyweights Bajaj Finance, Bajaj Finserv, HDFC and Tech Mahindra. 

The benchmarks opened lower as sentiments remained down-beat with industry body CII stating that the current agitation by farmers has led to supply chain disruptions, which will impact the economy in the coming days and may impinge upon the ongoing recovery from the economic contraction due to COVID-19.

 Trades overlooked the government data showing that retail Inflation has eased marginally to 6.93% in November due to considerable easing in vegetable prices. Retail inflation had remained above 7 per cent for two month in a row. Market participants also paid no heed towards rating agency CRISIL’s report in which it has projected a slower contraction of 7.7% for the Indian economy in the ongoing fiscal, compared to the 9% forecast in September on the back of faster-than-expected recovery in the second quarter, but called for more fiscal measures to sustain it. 



Nifty Outlook


Till today Nifty is strong and not showing any sign of major correction . Routine or small correction can happen in the market and that should be utilized as buying opportunity. So we should remain with trend and do not trade against the trend until any trend reversal found later.

 For tomorrow major resistance is the level of 13600 and if we sustain above that levels for sometime then a possible 150 -200 points upside will be seen in the Nifty in the upcoming trading sessions and we will be near to our weekly outlook target of 13800 .



BankNifty Outlook


For tomorrow major resistance to Banknifty is the level of 30846 , if we sustain above that level for sometime then we will see a further 600 point upside in Banknifty and will be near to our weekly outlook level of 31471 . In downside 30345 is a major support for tomorrow.



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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