Post Budget market outlook-Nifty and Bank Nifty Future



The Union Budget 2019 failed to cheers the Indian Stock Market on last Friday even after reducing the STT charges in derivative options. We already discussed the impact of Budget 2019 in the Indian stock market, you can go through the article. In today’s weekly report, we will explain to you how Nifty and Bank Nifty technical levels will behave next week, the post-budget market scenario.


Indian stock market last week


Indian stock market ended in a negative note after four positive trading session. On a weekly basis, Nifty and Sensex gained 22.3 and 118.74 points respectively. Bank Nifty which closed marginally positive on last Friday gained 370.60 points during the week. Nifty Mid-cap stocks are the losers, the Nifty Mid-caps 100 index was down 124.4 points during the week whereas Nifty Small cap 100 indexes closed in flat.


On a weekly basis, the crude oil prices ended on a negative note the Brent crude future fell half a percent, selling at $ 64.23 a barrel. Falling crude oil price has strengthened the Indian rupee by 60 paise last week and closed at Rs68.42 per dollar. So far in the month of July FIIs are the net seller whereas DIIs are the net buyer in the market.


Last week the top five gainers in Nifty 50 index are Indiabulls Housing, IndusInd Bank, UPL, Bharti Airtel and HDFC. The top five losers in Nifty 50 index are Yes Bank, Sun Pharma, Vedanta, BPCL and Tata Steel. Adani Power and Indiabulls Venture are the gainers and Quess Corp and L&T Infotech are the losers in Nifty Midcap 100 index.


Indian stock market events on post-budget 


The earnings season has started, first-quarter earnings of 2019-20 will start from the next week. The nifty 50 stocks that are going to declare their quarterly result for next week are TCS, IndusInd Bank, and Infosys. The CPI data and IIP data will be released on the 12th of July after market hours.


Nifty and Bank Nifty future technical levels on post Budget
Nifty future technical levels
Nifty Future Chart


Nifty Future Weekly Outlook - OHLC-(11888.05/11999.00/11808.00/11920.95)
Primary Trend: Sideways (Bias Down) – Expected Volatility 8.8309% (Range of 145 Points)


Range Bound Trend: All up Moves Initiates Profit Booking (Sale) @ 11875 whereas All Down Moves Initiates Short Covering (Buy) @ 11755


If Nifty Future Moves Above 11840 then you should Buy with 1st Target of 11910 during the day or any point during the week by Trailing the Stop Loss from 11750- 11800- 11825- 11870- 11900- 11940 FOR the Target of 11950- 11985- 12030


If Nifty Future Moves Below 11790 then you should Sell with 1st Target of 11720 during the day or any point during the week by Trailing the Stop Loss from 11890- 11840- 11825- 11775- 11725- 11690 FOR the Target of 11685- 11645- 11602


Bank Nifty Future Chart, Technical levels
Bank Nifty Future Chart


Bank Nifty Future Weekly Outlook - OHLC-(31400.25/31727.60/31176.75/31503.30)
Primary Trend: Sideway (Bias Corrective) - Expected Volatility 7.4233% (Range of 325 Points)


Range Bound Trend: All up Moves Initiates Profit Booking (Sale) @ 31660, whereas All Down Moves Initiates Short  Covering (Buy) @ 31315 


If Bank Nifty Future Moves Above 31550 then you should Buy with 1st Target of 31760 during the day or any point during the week by Trailing the Stop Loss from 31300- 30425- 31500- 31640- 31775- 31850 FOR the Target of 31865- 31975- 32100 


If Bank Nifty Future Moves Below 31420 then you should Sell with 1st Target of 31210 during the day or any point during the week by Trailing the Stop Loss from 31675- 31550- 31450- 31325- 31195- 31125 FOR the Target of 31100- 31000- 30870


Conclusion


The post-budget market outlook says Indian stock market may see further correction in another couple of days. Active traders can check out the Nifty and Bank Nifty future technical levels from the above. Quarterly earnings, Monsoon, Crude oil price, and Macro data would also play an important role to decide the direction of the market at the end of the week. New traders and Investors should avoid trading on another couple of days. Active traders should put strict stop loss while trading in the market next week.




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Happy Investing!


Finogyan Team


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Post Budget market outlook-Nifty and Bank Nifty Future Post Budget market outlook-Nifty and Bank Nifty Future Reviewed by Finogyan on July 07, 2019 Rating: 5

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Nifty and Bank Nifty trend for next week (16th-20th Sept)

Nifty and Bank Nifty Trend

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