Stock market decoded: Anil Singhvi says opportunities open up to trade on both sides

Zee Business Managing Editor Anil Singhvi said that today’s low on Nifty was 12825 as was indicated in the morning. The Market Guru had informed in the morning that 12750 – 12825 will be the support range where buying will be witnessed. Regarding Bank Nifty, Singhvi had said that 28850 – 29050 will be the support zone and buying likely will be witnessed in this range. Today’s low on Bank Nifty is 28852, indicating markets are respecting the key levels and reversing or buying coming in from these levels. All time high levels of 12960 – 12965 is acting as a resistance for the markets currently and 29500 on Bank Nifty is a strong resistance at this stage.  

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Reliance Industries is leading the markets today and Anil Singhvi had picked this company as the “Stock of the Day” today. Singhvi had recommended to Buy Reliance Industries in Cash with Stop loss of Rs 1875 and target of Rs 1950, Rs 1975 and Rs 2000. The company was in news as Reliance retail venture got CCI approval as highlighted by Singhvi in the morning. 

IndusInd Bank share price is up 6.5% today, which was being highlighted in the morning based on RBI Decision on new banks. Singhvi had said that IndusInd Bank will be the top pick in Private Banking space based on this news.  

Market is extremely good for traders as it is giving opportunities to both buy and sell. Entering at the right levels and exiting at the key levels is important to make money on both the sides of the market.  
Singhvi said that it was informed to the viewers last week that market will remain in the range of 12700 – 13000 and traders should trade in this range, while buying should be done in the range of 12700 – 12750 and selling should be done near 13000 levels. Once the range in broken either on the upside or downside, decision on the further move will be taken after that. The biggest benefit on trading in range bound market is that the stop loss will get triggered only once when the range is broken else trader can trade multiple times within the range (Buying at lower levels and selling at higher levels).  

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Finally, Singhvi said that today’s market indicates that Bulls are having upper hand in the market and buying coming at lower levels further strengthens the support to the Bulls.