Stock Market Outlook: Anil Singhvi reveals triggers, strategy, issues a warning too - all you need to know
Stock Market Outlook: Zee Business Managing Editor Anil Singhvi is of the opinion that after near 800 points rally in two consecutive series of June of July respectively, this kind of tepid trend in the market was widely expected.
Stock Market Outlook: August series began on Friday showing tepid trends and finally ending in the red zone. But, Zee Business Managing Editor Anil Singhvi is of the opinion that after near 800 points rally in two consecutive series of June of July respectively, this kind of tepid trend in the market was widely expected. The Market Guru said that the Wall Street performance on Friday night and global markets opening on Monday will be the major triggers for the Indian market on Monday.
Singhvi, issuing a warning, said that the market will be extremely volatile and hence investors must keep the range 11,000 to 11,300 in mind. But one thing that market participants must also keep in mind at all times is that the market is not weak till it's trading above 11,000 mark.
On the Monday triggers that traders must keep in mind, Anil Singhvi explained, "Monday opening bell will much depend upon the Friday closing of the US stock markets and opening bell of the Asian markets on Monday. These global markets will hold key and hence traders are advised to keep an eye on the Wall Street closing on Friday and opening bell among the major Asian markets on Monday."
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On trends that can be expected next week, Anil Singhvi said, "Market is expected to become extremely volatile and it is expected because after the 1600 points rally by the NSE Nifty in the last two series, market is expected to rest for a while in 11,000 to 11,300 range. But, the tepid trend doesn't mean weakness in markets. One must remember that till the NSE Nifty is above 11,000 mark, market is not weak."
He said that similarly, Bank Nifty has strong support at 21,200 to 21,400 mark and it has resistance at 21,800 to 22,00 levels.
On the trading strategy for next week the Market Guru said, "One should become stock specific as some sectoral churning has come and it may lead to consolidation in the markets."
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US Stocks Update
On Friday, US stocks finished higher, fueled by strong earnings reports from big tech names. On Friday, the Dow Jones Industrial Average jumped 114.67 points, or 0.44 per cent, to 26,428.32. The S&P 500 was up 24.90 points, or 0.77 per cent, to 3,271.12. The Nasdaq Composite Index advanced 157.46 points, or 1.49 per cent, to 10,745.27. Six of the 11 primary S&P 500 sectors closed higher, with technology up 2.5 per cent, leading the advancers.
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