Market Outlook: Nifty and Bank Nifty future are expected to touch a record high-The strong GDP data released after market on last Friday will help the market to open in a positive note on Monday. The benchmark indices which closed almost flat in the 1st trading session of September series will hopefully manage to gain its positive momentum again on Monday.
Last week rupee also touched a fresh record low of Rs 71 against dollar falling 26 paise for the first time on last Friday. Asian market also come under pressure as the US President Donald Trump was preparing to start a fresh trade war with China. On weekly basis, both Sensex, Nifty and Bank Nifty rallied sixth consecutive week which is very positive for the market to prove its consistency.
Last week rupee also touched a fresh record low of Rs 71 against dollar falling 26 paise for the first time on last Friday. Asian market also come under pressure as the US President Donald Trump was preparing to start a fresh trade war with China. On weekly basis, both Sensex, Nifty and Bank Nifty rallied sixth consecutive week which is very positive for the market to prove its consistency.
Nifty and Bank Nifty Future and Next Week's Events:
The next week one should track both crude price and falling rupee, these two can spoil the dream of touching benchmark indices into a record high. Other then this one should also track the monthly auto sales figure and global cues like US and China trade war.
Nifty Future Weekly Outlook
Primary Trend of Nifty Future: Long OHLC-(11616.2/11793/11614/11735.30)
Range Bound Trend: All up moves initiates profit booking (Sale) @ 11788 whereas all down moves initiate short covering (Buy) @ 11676
If Nifty future share price moves above 11753 then you should Buy with 1st Target of 11822 during the day or any point during the week by Trailing the Stop Loss from 11675-11719-11745-11787-11829-11855 for the Target of 11855-11932
If Nifty future share price moves below 11710 then you should Sell with 1st Target of 11642 during the day or any point during the week by Trailing the Stop Loss from 11787-11745-11718-11676-11634-11608 for the Target of 11608-11531.
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| Market Outlook: Nifty and Bank Nifty are expected to touch a record high |
Bank Nifty Future Weekly Outlook
Primary Trend of Bank Nifty Future: Moderate Corrective OHLC-(28034.75 /28408.80 / 27966.45 / 28216.70)
Range Bound Trend: All up moves initiates profit booking (Sale) @ 28193, whereas all down moves initiate Short Covering (Buy) @ 27630
If Bank Nifty future share price moves above 28271 then you should Buy with 1st Target of 28440 during the day or any point during the week by Trailing the Stop Loss from 28081-28185-28250-28354-28459-28523 for the Target of 28524-28713
If Bank Nifty future share price moves below 28165 then you should Sell with 1st Target of 27995 during the day or any point during the week by Trailing the Stop Loss from 28355-28250-28186-28082-27978-27913 for the Target of 27910-27723
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Happy Investing
Finogyan Team
If you need any clarification about above post please feel free to contact us and if you like the post please share with others.
Happy Investing
Finogyan Team
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