Stock Market Outlook With Anil Singhvi: 11,500-11,550 strong support range for Nifty, 23,450-23,550 for Bank Nifty
As market fell in three consecutive sessions, Zee Business Managing Editor Anil Singhvi gave his views on how investors should react to the current trends and new triggers
Stock Market Outlook With Anil Singhvi: As market fell in three consecutive sessions, Zee Business Managing Editor Anil Singhvi gave his views on how investors should react to the current trends and new triggers. The Market Guru also highlighted the likely market support levels and resistance in the week ahead.
Singhvi said amid volatility, the market saw selling pressure at upper level and buying from bottom. He said even Bank Nifty closed below 24,000 mark, showing weakness. He added that the US election is due next week and hence the volatility that we are seeing. Indian market is still looking strong in comparison to other gobal markets, he said. Market Guru said next week will be very crucial for Indian market. “Nifty is very close to its important support level and slight recovery from here will see huge jump in the market and if it fails to get support of global market, chances of Nifty sliding below 11,500 mark can’t be ruled out,” Zee Business Managing Editor said.
Find the detail coverage in the video below:
— Zee Business (@ZeeBusiness) October 30, 2020
Talking about how market would respond next week, Market Guru said the trigger would be again how US market trades on Monday. He said though he has been maintaining that movement of Indian market very much depends on how the US market reacts, yet Indian market is trying to gain momentum.
He put a strong support zone of 11,500-11,550 for Nifty. On upper level, 11,725 11,775 will pose huge resistance. However, if Nifty breaks this level the market will witness fresh buying and momentum, he said.
For Bank Nifty, he said it is trading very close to its crucial support level and 23,450-23, 550 could be seen as its strong support level. 24,250 to 24, 350 is the range where regular profit booking is seen on upper side. He said all five-trading sessions next week will be full of action. He said US elections, companies results and talks on coronavirus globally, including India, will also determine the market movement.
See Zee Business Live TV Streaming Below:
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.