Wednesday, December 30, 2020

Stock Market Tomorrow | Nifty & BankNifty Outlook for 31 Dec 20

  

 Nifty and BankNifty, Stock Market Outlook for 31 Dec 20 


Stock Market Today 

A decent recovery in the final hour of the trade helped Indian equity benchmarks extend their winning streak to the sixth straight day, led by gains in Basic Materials, Auto, Realty and Metal stocks. The benchmark indices made positive start, but quickly pared the gains and spent rest of the session fluctuating between gains and losses, as traders remained anxious with reports that India witnessed a slight rise in fresh Covid cases with 20,529 cases. India's caseload now stands at 10,245,326. India had reported six cases of new coronavirus variant. But the government said the existing vaccines for Covid-19 will protect against the new variants as there is no evidence to prove otherwise.

 Sentiments remained in lackluster mood with the Reserve Bank of India (RBI) in its Report stated that the profitability of non-banking finance companies (NBFCs) may be ‘dampened’ going ahead due to the loan impairment and lower credit demand. But, it said many NBFCs have made additional provisioning as per expected credit loss (ECL) norm; and bolstered their capital position by ploughing back dividends.



Nifty Outlook


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

Tomorrow Nifty can test 14034 / 14078 in upside  and 13922 will act as an important support in downside.


BankNifty Outlook


For tomorrow  31584 / 31734 will be important resistance in upside  and 31008 will act as an important support in downside. We should follow buy on dips strategy.


Thanks for your Precious Time.


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