Tuesday, December 29, 2020

Stock Market Tomorrow | Nifty & BankNifty Outlook for 30 Dec 20

  

 Nifty and BankNifty, Stock Market Outlook for 30 Dec 20


Stock Market Today 

Indian equity benchmarks ended the day in the positive territory for the fifth straight session and settled at record closing highs on Tuesday, with major contribution from Banking, Finance and IT stocks. 

The benchmarks staged a gap up opening, as traders took encouragement with FICCI’s report stated that India could benefit from the likely shift in global supply chains from China to other economies in the aftermath of the COVID-19 pandemic, likely to boost sentiments in markets. Sentiments remained positive as the Finance Ministry released the ninth installment of Rs 6,000 crore to the states to meet GST compensation shortfall, taking the total amount of fund released to Rs 54,000 crore.

 The Centre had set up a special borrowing window in October 2020 to meet the estimated shortfall of Rs 1.10 lakh crore in revenue arising on account of implementation of GST. Market participants also took a note of Reserve Bank of India (RBI) paper stating that maintaining the inflation target at 4 percent is appropriate for India as targeting a lower rate could impart deflationary bias to the monetary policy. It said under the current dispensation, the RBI has been mandated by the government to maintain retail inflation at 4 percent with a margin of 2 percent on either side.



Nifty Outlook


Indian equity benchmarks ended the day in the positive territory for the fifth straight session and settled at record closing highs on Tuesday.
So traders are advised to maintain a 'buy on dips' approach while keeping their focus on the selection of sectors and stock specific.

As today Nifty traded in a narrow zone most of the time after opening.
So , tomorrow Nifty can trade in a narrow zone,  in upside 13974 will be an important resistance and in downside 13871 will be important support . Fresh breakout in upside will happen when Nifty break and sustain 13974 for sometime.



BankNifty Outlook


BankNifty is showing more momentum than Nifty. We should follow buy on dips strategy for tomorrow.
Now 31574 / 31734 are the important levels that Banknifty can test in upside  and 31100 will be important support in downside for Banknifty for tomorrow. 

Thanks for your Precious Time.


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