Thursday, December 17, 2020

Stock Market Tomorrow | Nifty & BankNifty Outlook for 18 Dec 20


 Nifty and BankNifty, Stock Market Outlook for 18 Dec 20

Stock Market Today 

Indian equity benchmarks ended at record closing highs yet again on Thursday, tracking gains in index majors HDFC, Bajaj Finance, HDFC Bank and Indusind Bank. 

Markets made slightly positive start, as traders took some support with Commerce and Industry Minister Piyush Goyal’s statement that the government is making efforts to deregulate the economy with an aim to attract greater investments from across the world. He said the government has opened up defence, manufacturing, mining, finance and capital market sectors.

 Buying further crept in as SBI Research scaled up its projections for the economy, projecting gross domestic product (GDP) to contract 7.4 per cent during the current financial year compared to its earlier forecast of a 10.9 per cent fall.

Nifty Outlook

Friends as discussed yesterday that Nifty will close in the range of 13728 to 13748 and Nifty give closing  near 13740 exactly in between expectations. Friends as discussed earlier that if Nifty breaks 13600 levels then a further 150 - 200 points upside movement can be seen in the Nifty and Nifty rises  nearly 150 points till today.

Friends  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.

So it is expected the rally can continue tomorrow .Tomorrow Nifty can show further new high and can test 13784 - 13828 in upside . Now 13684 will be important support for tomorrow.

BankNifty Outlook

Tomorrow Banknifty if sustain above 30945 for sometime then it will move to test 31178 in upside . In downside 30643 is an important support .

Fiends tomorrow HDFCBANK  , KOTAKBANK and INDUSINDBANK  can outperform in Banknifty and SBI , AXISBANK and ICICIBANK will have sluggish move . So  for BankNifty it is difficult to show strong upside momentum.

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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