MARKET OUTLOOK ON 27th January

Posted By : Kishore B.S

MARKET OUTLOOK ON 27th January

Expect the market to open on huge negative note. Backed by huge profit booking and the global markets fell by more than 2%. Friday was the party spoiler for the trader’s one who went long on Nifty and Bank Nifty. Now one would have to bear the loss and exit because it is very important to note that the bank index is not supporting Nifty to break its all-time 6400. We are also stressing on the same point to take a short trade in Bank Nifty. Now not only Bank Nifty is dragging Nifty, other sectors like cement, financials, and capital goods sectors are also pushing the index down. IT and Pharma are still a safe bet to buy once we see a small correction in these sectors Although Nifty and Bank Nifty outlook looks bearish, we would not recommend to go short because the monetary policy is on 28th Jan so wait for the policy to come and take a decision.

 

 

Cheers  !!

Team SMI

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