Wednesday, December 16, 2020

Stock Market Tomorrow | Nifty & BankNifty Outlook for 17 Dec 20

  

 Nifty and BankNifty, Stock Market Outlook for 17 Dec 20


Stock Market Today 

Indian equity benchmarks witnessed strong session on Wednesday and settled at record closing highs level amid positive investor sentiment over roll out of Covid-19 vaccines. The benchmarks staged a gap up opening and held on to gains on the back of a broad-based buying interest. Sentiments got a boost after S&P Global Ratings raised India’s growth projection for the current fiscal to (-) 7.7 percent from (-) 9 percent estimated earlier on rising demand and falling COVID infection rates. It said rising demand and falling infection rates have tempered its expectation of COVID’s hit on the Indian economy. 

Some optimism also came as Finance minister Nirmala Sitharaman asserted that the Budget for FY22 will be vibrant enough to sustain economic revival in the aftermath of Covid-19 disruption. However, markets trimmed some gains in afternoon deals, as some concern came with the government data showing that the country's exports dipped 8.74 per cent to $23.52 billion in November on account of contraction in shipments of key sectors like petroleum, engineering, chemicals and gems and jewellery. Besides, trade deficit during the month narrowed to $9.87 billion as imports too declined by 13.32 per cent to $33.39 billion.


Nifty Outlook


Friends as discussed yesterday that 13600 is an important hurdle for the Nifty in upside and if we break 13600 then further 150-200 upside can be seen in the Nifty . Today Nifty sustain above 13600 with good volume . So we expect the rally continue further and we can see further new highs in Nifty. But tomorrow is weekly expiry too so market may remain volatile , so trade cautiously .

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.

Tomorrow Nifty can show further new high and can test 13728 - 13748 in upside . Now 13600 will be important support for tomorrow.




BankNifty Outlook


Today Banknifty not participated in the rally of Nifty and given a flat closing . For tomorrow if Banknifty sustain above the level of 30814 for sometime then a further rally in Banknifty can be seen which can extend upto 31148 in upside. And if Banknifty sustain below the level of 30590 then it can test 30345 in downside. As tomorrow is weekly expiry so Banknifty can remain choppy. Trade cautiously .


Thanks for your Precious Time.


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