Stock market: Closing more important than opening today, says Anil Singhvi; investors should focus on cash stocks
Nifty and Bank Nifty have been showing consolidation around important levels of Rs 11300 and 22000. Are there indications of a further uptick from here and what it could means for the investors? Zee Business Managing Editor and Market Guru Anil Singhvi explains the finer points to investors for them to be able to deal with the emerging situation meaningfully
Nifty and Bank Nifty have been showing consolidation around important levels of Rs 11300 and 22000. Are there indications of a further uptick from here and what it could means for the investors? Zee Business Managing Editor and Market Guru Anil Singhvi explains the finer points to investors for them to be able to deal with the emerging situation meaningfully.
The Market Guru said that Nifty closed around 11200, last Friday and it has been closing above 11300 over the last 3 trading sessions. Today’s closing will be more important than the opening, he said. It is important that the markets do not close below 11200.
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आज ओपनिंग से ज्यादा क्लोजिंग अहम...अनिल सिंघवी ने कहा- क्लोजिंग के लिहाज से 11300 और निफ्टी बैंक का 22250 का लेवल अहमियत वाला, बोले- इस वक्त पैसे स्टॉक्स से बनेंगे इंडेक्स से नहीं, कैश शेयरों पर करें फोकस#EditorsTake #Nifty #BankNifty #Sensex #NSE #BSE @AnilSinghvi_ pic.twitter.com/q2Y8KJd7le
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The Markets still have a cushion of 100 points and the way markets are moving it is unlikely that the Nifty would close below 11200, he said. This is the first comfort level for investors today.
Importantly, the other aspect is that by how much the markets can get better from here, even though they are placed safely? Singhvi says that if the markets close upwards of 11300, it will augur well for the next week too!
If the markets close above 11,322, it will be excellent as this is the peak of a market rally from the 7500 levels.
It will be technically very good for the markets as investors step into next week trading.
Even if the markets close below 11200 today, it is still not an alarming situation and certainly not an indication of trend reversal, Singhvi said. But, at these levels investors will have to be cautious, he added.
Meanwhile Bank Nifty ended at 21,754 last week. It has been ending around 22,200 over the last three trading sessions. It is now up by almost 500 points from there and is comfortably placed. It will be excellent to have a closing above 22,250 today, the Managing Editor said.
Indian Markets are currently range bound, which is not unique here as even the US markets have been range bound. The markets are in a wait and watch situation and the range is getting reduced.
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If the range is small and the market trends are positive then the investors need to make changes in their trading strategies. In such scenarios, it is difficult to make money on indexes. Investors should now focus on cash stocks, he said.
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