India Outlook: US markets, FIIs emerge as 2 big triggers, says Anil Singhvi
The rally in Indian stock markets for two consecutive days was due to short coverings and boosted Nifty enough to touch 9500-level, Zee Business Managing Editor Anil Singhvi said today
The rally in Indian stock markets for two consecutive days was due to short coverings and boosted Nifty enough to touch 9500-level, Zee Business Managing Editor Anil Singhvi said today.
The strong show by the markets has been on account of strong short covering and it happened at the right levels, he said and added that Zee Business has been recommending that the range between 16800-17000 was a golden range and investors should not miss the opportunity.
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बाजार में तेजी के लिए अब नई खरीदारी की जरूरत...अनिल सिंघवी ने कहा- अमेरिकी बाजार और फंड फ्लो अब दो बड़े ट्रिगर...फिलहाल नहीं मिलेगा शॉर्टकवरिंग का सहारा... #EditorsTake #Sensex #Nifty #NSE #BSE #USMarket #GlobalMarket @AnilSinghvi_ pic.twitter.com/w4xWyAqfbg
— Zee Business (@ZeeBusiness) May 29, 2020
Singhvi further said that Nifty saw a rollover at a discount of 62 points while the Bank Nifty saw a rollover at a discount of 140 points which is an indication that there was complete short squeezing in the markets.
Investors do not have that advantage today to start the series as the short covering is already done. Singhvi said that the investors will have to see today and on Monday if there are opportunities for doing fresh buys at current levels.
The same thing happened at the end of the April series, though the entire April month was good for markets. The markets were weak at the start of May.
The June series will depend on how the global markets behave along with the direction taken by Foreign Institutional Investors (FIIs).
On lockdown, Singhvi said that the situation would only improve significantly if two big cities Delhi and Mumbai are opened for economic activity. The lockdown ends on 31 May. The two cities govern over 50 per cent of the economic activity in India.
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It will be interesting to see how the central government is planning to open up 10-12 important business hubs, he said.
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