InvestorQ : What is the Bank Nifty and market outlook for the week starting from 2ndNovember 2020?
nishi Shah made post

What is the Bank Nifty and market outlook for the week starting from 2ndNovember 2020?

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3 weeks ago
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The jitteriness in global markets and the continued rise in SARS-CoV-2 infection cases impacted the investors’ sentiment. In spite of better than expected corporate performance, the stocks witnessed persistent selling pressure. The level of activity was better than average. Volatility spiked sharply. Market breadth remained poor. PSU Banks, Auto ad Metals were the worst performing sectors, while energy and infrastructure were relative outperformers. Nifty Next 50 and midcaps outperformed the benchmark. INR depreciated and yields were also down.

The global market continued to remain in a risk-off mood. Impending US elections and a fresh outbreak of the SARS-CoV-2 virus leading to new restrictions on mobility and gathering of people in many countries of Europe added to the weak sentiments. Equities and commodities witnessed deep cuts; volatility spiked and the USD gained. US treasury bonds also lost some ground.

The near term (daily) outlook and trend for Nifty has deteriorated from positive to neutral, whereas short term (weekly) and midterm outlook and trend remain unchanged from last week. The momentum remains high, indicating a good probability for change in the market outlook and trend.

For this week:

The day traders may avoid trading in 11614-11792 nifty range. The long positions may be held with a stop loss of 11465. Outstanding short positions may be held only with a stop loss of 11910. All prices spot

Bank Nifty outlook and trend also remains unchanged from last week. The near and short term trend is neutral while Long term trend continues to remain negative. All short positions may be held with a stop loss of 24630. Day Trading may be avoided in the 23975-24336 range. For all long positions maintain a strict stop loss of 23685. All prices spot.
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