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Below is Weekly outlook on Nifty, Banknifty And Sensex Outlook by Mr. Anuj Gupta, Vice President, IIFL Securities

last week we missed by just 9 point to test 20000 levels in Nifty. It made a high of 19991 levels.

Nifty closed positive by 0.92% and closed at 19745 levels. Sensex made a new high of 67619 and finally closed higher by 0.94% at 66684 levels. Banknifty made a new high of 46369 levels and finally closed at 46075 levels.

The trend of equity market was positive, but the disappointment cane from the IT sector as below expected result of Infosys put pressure on the markets. 

Lastly we saw the result of reliance are also coming below expectation as net profit falls 10.8%. 

As technical Trend is positive but marker is currently trading in overbought zone so we can expect profit booking on higher levels. 

Technically Nifty strong support at 19500 levels and then 19300 levels, Resistance at 20000 levels. 

Banknifty Support at 45400 levels and 44500 levels, Resistance at 46800 and then 47500 levels.  Banknift looking positive and we are expecting banking sector may lead the market next week.

We are expecting that nifty may test 20000 market very soon as fundamentals of th economy and chart structure of Nifty is showing bullish Trend. We are recommending buy on dips in the Indian equity indexes.

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