Thursday, May 20, 2021

Nifty and BankNifty, Stock Market Outlook 21 May 21


 Nifty and BankNifty, Stock Market Outlook 

Stock Market Today 

Indian equity benchmarks turned sharply lower during the fag-end of the session, after staying flat for better part of the day and ended Thursday’s session with losses of over half percent, dragged by losses in index majors ONGC, Sun Pharma and Power Grid Corporation amid weak global cues. 

Benchmarks declined for second straight session with the S&P BSE Sensex fell as much as 337 points and Nifty 50 index dropped below its important psychological level of 14,950. 

After making slightly positive start, key gauges turned negative and stayed in red for whole day, as traders got anxious with ratings agency ICRA’s statement that sequential growth slackening driven by the second wave of Covid-19 in India has emerged as a concern. ICRA also cautioned that bruised sentiment, high healthcare and fuel expenses will limit discretionary purchases in the immediate term. 

Nifty Outlook

As discussed yesterday that Nifty will remain negative and can test 14956 - 14902 in downside . Nifty  behaved  near about on our expectation. We also discussed that this correction is of short term routine nature as still Nifty is in uptrend. Now our levels of 14906 is tested . So expect a recovery from these levels in Nifty.

Now there will be two conditions for tomorrow : 
1.  If Nifty recovers slowly than buy Nifty for the upside level of  15034 - 15088
2. If Nifty opens gap up with more than 120 points than wait for a dip of 30-40 points then buy for the above indicated levels.

BankNifty Outlook

Friends trading strategy will be similar as we discussed above in Nifty.
In upside 33685 -33986 will resistance and in downside 33156 will be important support for Banknifty for tomorrow. We should follow buy on dips strategy now.

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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