Weekly Outlook on Sensex, Nifty, Banknifty and USDINR By Mr. Anuj Gupta, IIFL Securities
Below is Weekly outlook on Sensex,Nifty,Banknifty and USDINR Outlook by Mr. Anuj Gupta, Vice President, IIFL Securities
Last week we have seen that Equity market recovered from the lower levels. Sensex touched 57513 low levels and nifty touched 17166 levels.
Sensex and nifty closed on a almost flat note howevere banknifty closed higher by 1.11%.
Last week Dow closed 2.99% and closed at 31318 levels.
Indian economy is getting positive cues from lower crude oil prices and lower commodity prices. Good monsoon rain is also supportive for indian economy.
In month August FII's were in net buyer of around rs 22,025.62 cr, which is also positive for indian economy and stock market.
We are expecting that next week equity market may trade positive. Nifty support at 17300 and than 17000 levels. Resistance at 17800 and than 18000 levels. Banknifty support at 38700 levels and than 38000 levels. Resistance at 40200 and tgan 41000 levels.
We are recommending buy in Nifty and banknifty on lower levels. Technically indexs are looking in positive momentum and expecting to trade higher.
On the another side Ruppee is loosing its momentum continuosly. Last week it touched life time low of 80.13 levels due to strength in US dollar index as it touched more than 20yr high levels of 109.97.
Technically rupee may found support at 79.40 levels and resistance at 80.50 levels. It may test in this range only till next Fed meeting.
Above views are of the author and not of the website kindly read disclaimer
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