Friday, December 11, 2020

Stock Market Weekly Outlook | 14-18 Dec 20 | Nifty & BankNifty Outlook

  

Stock Market Weekly Outlook ( 14-18 Dec 20)

Stock Market Today 

Indian equity benchmarks resumed their up move after a day's pause in the previous session, amid buying in utilities, oil and gas, power and metal stocks. The benchmarks staged a gap up opening, as Union Minister for Minister of Micro, Small and Medium Enterprises (MSME) Nitin Gadkari said that India was a destination with huge potential for attractive investments and urged people to invest in MSMEs in the country. He also said that with the world moving production away from dealings in China, India was the next best alternative. 

Some optimism also came as the finance ministry has notified the Viability Gap Funding (VGF) scheme under which infrastructure projects would be selected for financial support to give a push to the sector. As per the scheme notified by the ministry, funding up to Rs 200 crore will be sanctioned by the Empowered Committee (EC) headed by the economic affairs secretary, while projects needing over Rs 200 crore would be approved by the EC with the approval of the finance minister.

However, minor profit booking in late afternoon deals wiped out all intraday gains. Some anxiety also spread among traders with a private report stated that India’s retail inflation probably fell in November from October but remained above the Reserve Bank of India’s target, amid high food and petrol prices. 

Traders also took note of a private report that the handsome 25 per cent rise in corporate profits in the September quarter amid a sharp contraction in GDP was on the back of wage squeezes, leading to rise in inequalities in India. But, indexes resumed their positive momentum in the final minutes of trading to close higher, as Finance Minister Nirmala Sitharaman reviewed the situation about outstanding payments to micro, small and medium enterprises, especially by CPSEs and central government agencies. Top officials including Secretary in the Department of Financial Services Debasish Panda, MSME Secretary A K Sharma, among others, were present in the meeting.



Nifty Outlook


Friends as we discussed in the previous weekly outlook that we will make new all time highs in the Nifty and market behaves on our expectations and closed near the levels that were provided .

Still our Nifty is strong and not showing any sign of major correction . Routine or small correction can happen in the market and that should be utilized as buying opportunity. So we should remain with trend and do not trade against the trend until any trend reversal found later.

So traders are advised to maintain a 'buy on dips' approach while keeping their focus on the selection of sectors and stock specific.
In the upcoming week we are moving towards 13834 in upside So any dip or correction should be utilized as making long position. 
In downside 13116 will be an important support for the Nifty.  



BankNifty Outlook


Still  BankNifty is strong and not showing any sign of major correction . Routine or small correction can happen in the market and that should be utilized as buying opportunity. So we should remain with trend and do not trade against the trend until any trend reversal found later.

Traders are advised to maintain a 'buy on dips' approach. 
In the upcoming week we are moving towards 31471 in upside So any dip or correction should be utilized as making long position. 
In downside 29754 will be an important support for the Nifty.  





Thanks for your Precious Time.


Finvest Online
Telegram  :  t.me/finvestonline




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.

No comments:

Post a Comment