Wednesday, May 19, 2021

Nifty and BankNifty, Stock Market Outlook 20 May 21


 Nifty and BankNifty, Stock Market Outlook 

Stock Market Today 

Indian equity benchmarks took a breather after two days of solid rally and ended Wednesday’s volatile session with over half percent losses amid selling in the domestic equity market. Weak global cues also dented the sentiments on Dalal Street. 

Markets made negative start but soon wiped-out losses to trade in green, as traders took some support with report that Union Finance Ministry, on the recommendation of the Panchayati Raj Ministry, released Rs 8,923.8 crore to 25 states for providing grant to rural local bodies. 

The spread of COVID-19 pandemic in different parts of the country has recently assumed serious proportions. The vulnerabilities of the rural communities need to be especially addressed.

Finally, the BSE Sensex lost 290.69 points or 0.58% to 49,902.64, while the CNX Nifty was down by 77.95 points or 0.52% to 15,030.15. 

Nifty Outlook

Today Nifty closes below the crucial level of 15042 , where Nifty given a gap up opening on the Tuesday session. 
This means a further more correction can take place to the level of 14956 which will act an immediate support for the Nifty if it breaks than can test 14902. This  current correction will be of  short term nature till the Nifty is trading and sustaining above the levels of 14902.
 As tomorrow is Nifty weekly expiry too , so market can remain choppy and volatile. 

BankNifty Outlook

33451 - 33243 will act as an important support  in downside and 34132 will act an important resistance. 

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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