Nifty closing above 11000 is positive for markets, says Anil Singhvi, reveals Bank Nifty buy-level for investors
Nifty closing above 11000 level is a good sign for markets and is an indication that the markets are getting back on track, Zee Business Managing Editor Anil Singhvi said. The Nifty today ended the week at 11050, up by over 2 per cent today
Nifty closing above 11000 level is a good sign for markets and is an indication that the markets are getting back on track, Zee Business Managing Editor Anil Singhvi said. The Nifty today ended the week at 11050, up by over 2 per cent today.
However, the Market Guru said that this does not mean that the markets have become neutral from the negative zone. He said that Nifty closing above 11000 suggested that the markets are getting into a balanced situation. And if it closes above Rs 11150, then that will really be a positive indication.
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This means that around 44 lakh shares which are short on Nifty at 11000, will have a good support at this level. He said that 10900 level is a strong support zone for Nifty as the highest open interest is at this level. There is an open interest of 23 lakh shares at this level, he further added.
The next target for Nifty is between 11150-11175, the Managing Editor said. So, investors should hold their position at 10900 on these levels.
As far as Bank Nifty is concerned, there is no buying opportunity unless the levels are above 21000. He said that at this level, there are 8 lakh shares. He said that 21000-21200 is a congestion zone for Bank Nifty. He said that this index is likely to move slow.
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Importantly, the Market Guru added that the leadership will be provided by Nifty and not by Bank Nifty. Bank Nifty can play a role towards weakening the markets, he said and added that the stop loss for the index should be 20800.
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