Monday, December 21, 2020

Stock Market Tomorrow | Nifty & BankNifty for 22 Dec 20

  

 Nifty and BankNifty, Stock Market Outlook for 22 Dec 20 


Stock Market Today 

Indian equity benchmarks witnessed sharp selling towards the end of the trade and crashed like house of card on Monday with frontline gauges ending with a massive cut of 3 percentage points as fears of a new strain of coronavirus that has threatened the UK. Markets made a cautious start amid rising coronavirus cases and fresh lockdowns in some countries. 

Key gauges somehow managed to trade near neutral lines as traders took some respite came in with Union Minister Anurag Singh Thakur’s statement that India has the potential to achieve double-digit growth through a healthy dose of digital services and manufacturing base expansion which will be driven by demand from the rural sector, youth and the aspirational middle class. Some support also came with Finance Minister Nirmala Sitharaman’s statement that India would be the engine of global growth, along with a few other countries, contributing to the revival of the global economy in a significant way.

However, markets witnessed sharp selloff in last leg of trade as traders booked their recent profits on reports that UK’s Health Secretary Matt Hancock has warned that the new strain of the coronavirus is ‘out of control’ and suggested parts of England will be stuck in the new, highest tier of restrictions until a vaccine is rolled out. 

Meanwhile, India has suspended all flights originating from the UK to India until December 31. This suspension to start with effect from 23.59 hours, 22nd December 2020. Consequently, flights from India to the UK shall stand temporarily suspended during above said period.


Nifty Outlook


Friends today a first major downside signal seen on the chart with huge volume . Today our market over reacted pn the global news and we fell more than 3 %  . But this was a over reaction of our market.
 
Now from tomorrow again we can see a recovery in our market and which can extend to 13568 to 13686 . But we should wait and do not take long position in hurry . Let market settle for two or three trading session to measure the strength of the recovery. 

If strength of recovery will be strong with good volume then further long position should be made . And if this recovery will be weak then a further sharp fall in the market can be seen which can take Nifty to the level of 12800 / 12500 in downside .



BankNifty Outlook


After the over reaction of the Banknifty tomorrow a recovery can be seen in the which can extend to 29978 / 30434 in upside in the upcoming days .Banknifty has an important support near 29000 level .  



Thanks for your Precious Time.


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