Thursday, December 3, 2020

Stock Market Tomorrow | Nifty & BanNifty Outlook for 04 Dec 20


 Nifty and BankNifty, Stock Market Outlook 04 Dec 20 

Stock Market Today 

Indian equity benchmarks ended the Thursday’s trade marginally in green, as traders remained on sidelines ahead of outcome of Reserve Bank of India’s (RBI) December Policy Meet. 

Markets started the day on optimistic note as traders took encouragement with Niti Aayog Vice Chairman Rajiv Kumar’s statement that the Indian economy is coming out of the pandemic-induced degrowth and GDP growth will enter the positive territory in the fourth quarter of this fiscal. 

Some support also came with ICRA Ratings’ latest report where it said that the Indian corporate sector, which gradually returned to normalcy from the second quarter of the current fiscal, is likely to sustain improvement in the third quarter, aided by strong festive demand. 

Some support also came with Moody's Investors Service’s statement that conditions will improve for Indian corporates next year as economic activity picks up steam post-lockdown and earnings grow on the back of widespread demand revival across sectors. It added that most companies' earnings will grow as demand starts to recover following a sharp slump, and financially strong companies will maintain good access to funding, but speculative-grade issuers will face challenges.

Nifty Outlook

Traders are advised to maintain a 'buy on dips' approach while keeping their focus on the selection of sectors and stock specific.

Friends as we discussed that we are going to create a All time high on weekly expiry and our market behaves exactly on our expectation and our Nifty made a Lifetime high of  13216 which was suggested by us on our market outlook yesterday. 

As today we created a new all time high and after that we see a consolidation whole day. It means that our market will tomorrow again create a New All Time High in the first half of the market opening. 

But tomorrow is outcome of Reserve Bank of India’s (RBI) December Policy Meet so market can remain volatile and if RBI policy not suit the market then a fall can also be seen in the market in the second half.

Nifty tomorrow can test  13244 - 13288 in upside .
But if RBI policy  remain unfavorable then 13o56- 13004  can also be tested in downside.

BankNifty Outlook

BankNifty strategy will be same as discussed detailed in Nifty outlook. But currently BankNifty is weaker than Nifty on charts.
So due to RBI policy if any correction occur the do not waste the opportunity to short BankNifty as it will fall more in comparison to Nifty.
In upside 29813 and 30144 are important resistance and in downside 29149 and 28856 are supports for BankNifty.

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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