Stock Market Outlook: Anil Singhvi decodes strong rally on Friday; reveals what investors must do now
Stock Market Outlook: After a majority of Indian indices lost nearly 3 per cent on Thursday, markets registered quite a sharp recovery on Friday. Zee Business Managing Editor Anil Singhvi has said that it is just a simple recovery.
Stock Market Outlook: After a majority of Indian indices lost nearly 3 per cent on Thursday, markets registered quite a sharp recovery on Friday. Zee Business Managing Editor Anil Singhvi has said that it is just a simple recovery. The Market Guru categorically stated that positive bias can be surmised in the stock market only when the NSE Nifty gets a closing above 11,150 and Bank Nifty gets a closing above 21,200 levels. We can call it a bounce-back only after the closing of Nifty and Bank Nifty above these levels. Otherwise it's a mere recovery and traders should continue to be watchful.
Speaking on the sharp recovery on Friday, Anil Singhvi said, "NSE Nifty closing over 11,000 is a good psychological sign but it's only a recovery. for positive bias in the markets, Nifty must close above 11,150 levels and Bank Nifty needs to reclaim 21,200 levels."
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Looking forward, Singhvi said, "We can expect sharp bounce-back in the market when the Nifty and Bank Nifty reclaims 11,150 and 21,200 levels respectively. Till then every rise is a mere recovery and one should not change one's trade strategy only because Nifty has closed above 11,000 levels."
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On what should be the ideal trade strategy for investors and traders, the Market Guru said, "Till Nifty and Bank Nifty are below the above-mentioned levels, traders should continue to maintain a sell-on-rise strategy while stock market investors are advised to maintain accumulation on every dip."
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