Wednesday, December 9, 2020

Stock Market Tomorrow with Weekly Expiry | Nifty & BankNifty Outlook for 10 Dec 20


 Nifty and BankNifty, Stock Market Outlook for 10 Dec 20

Stock Market Today 

Indian equity benchmarks inched up further and settled at record closing highs on Wednesday amid broad-based buying and positive global cues. The Sensex hit 46,100 level for the first time while Nifty also crossed 13,500 level. 

The markets made a positive start and continued to witness strength for whole day, as optimism over the coronavirus vaccine boosted investors' sentiment. As per a private report, an expert panel is set to review the applications of Bharat Biotech, Pfier-BioNTech and Serum Institute of India seeking emergency use authorisation for their vaccines. 

Some solace also came with Finance Minister Nirmala Sitharaman’s statement that India will not worry about missing its budget deficit target as it seeks to step up spending to support the economy. Traders also took note of report that India Ratings and Research expects interest rates to stabilise at the current level and the Indian currency to undergo structural changes.

Indian shares added more gains in late afternoon session, as traders remain energized with report that Corporate India is showing ‘healthy signs of recovery’ and plans to hire more people in the first three months of 2021 compared to the quarter ending December. 

According to report, the employment trends in the first quarter of 2021 are expected to be on the rise with a Net Employment Outlook of 5 percent. Additional support came with a ratings agency ICRA’s statement that non-bank lenders have witnessed a good rise in loan collection efficiencies in the September quarter after the reverses in the first three months of the fiscal. 

Adding optimism, Union Minister of Road Transport Nitin Gadkari has highlighted that Micro, Small and Medium Enterprises (MSME) is backbone of Indian economy and said the government's aim is to increase the sector's contribution to the Gross Domestic Product (GDP) to 50 per cent from the existing 30 per cent. 

Nifty Outlook

Friends , as we discussed yesterday that in the second half our market would become more stronger and our market will again create a new life time levels and exactly market behaves on our expectations.
Both Nifty and Banknifty closed near our suggested levels.

Still our Nifty is strong and not showing any sign of major correction . So we should remain with trend and do not trade against the trend.

As we are on the life time and tomorrow is weekly expiry too , so market can remain volatile . But overall trend of our market will remain bullish and our market can again make a life time tomorrow.
So any dip or correction should be utilised for making long position and not for creating short position.

We suggested targets of 31136 in BankNifty and 11634 in Nifty in our Stock Market weekly outlook and currently both Nifty and Banknifty are nearly reached to our targets.

Friends tomorrow Nifty can test 11588- 11634 in upside and 11435 will be an important support for tomorrow in downside.

So Plan your trading strategy accordingly.

BankNifty Outlook

Trading strategy and outlook will be the same as discussed above in detail. Follow buy on dips strategy.

Tomorrow Banknifty can test 30944 - 31136  in upside and 30354 will be an important support in downside.
As we are on the life time and tomorrow is weekly expiry too , so market can remain volatile . 
So Plan your trading strategy accordingly.

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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