As we mentioned in last edition of Daily Market Outlook dated 18th & 19th Jan that spurt in banking stocks may give boost to Nifty but IT stocks may see profit booking.
While BankNifty closed up CNX-IT index closed more than 1.8% down.
Most large cap IT stocks and many mid-cap IT stocks lost significantly.
We expect Nifty to get support near 5202 level on closing basis for today and we hardly see closing below this level today.
Since Nifty lost heavily on the back of negative news from global front, we expect Nifty to gain ground not losing much.
If Nifty manages to maintain important technical level of 5202 which is also an important psychological level we may see some rise until we get some really bad news.
If Nifty fall below 5202 level then we can see some more weakness in Nifty and it may fall to 5171 level.
If Nifty close below 5202 level then Nifty will lose ground and may fall even further and closing below 5171 level will be a panic situation for Nifty.
As we mentioned on 19th Jan market outlook that BankNifty may rise till 9235 in current rally as it found support and bounced back due to short covering.
If someone followed our advise and opened long position in BankNifty then one must have get decent profit.
We still expect the same and BankNifty must find selling pressure near or before 9235 level.
Also on the lower side BankNifty should not fall below 9029 level in normal condition.
Until there are many bad news for this sector BankNifty must not fall much.
| Important Nifty Levels for 20th January | ||
|---|---|---|
Nifty Pivot | ||
| 5236 | ||
| Support | ||
| 5202 | 5186 | 5171 |
| Resistance | ||
| 5246 | 5263 | 5289 |
| Important Bank Nifty Levels for 20th January | ||
|---|---|---|
Bank Nifty Pivot | ||
| 9132 | ||
| Support | ||
| 9090 | 9051 | 9029 |
| Resistance | ||
| 9155 | 9195 | 9235 |
| Stocks to buy Today | |
|---|---|
| All Targets may not be achieved today. | NSE Symbol: Chamblfert |
Buy with SL 68 T 80 | NSE Symbol: Rajeshexpo |
Buy with SL 94 T 110 | |
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