Stock Market Today With Anil Singhvi: Global markets hold key, says Market Guru
Stock Market Today With Anil Singhvi: Reliance Industries share price has rallied around 10.75 per cent in the last three trading sessions while the NSE Nifty ticked up just around 0.75.
Stock Market Today With Anil Singhvi: Reliance Industries share price has rallied around 10.75 per cent in the last three trading sessions while the NSE Nifty ticked up just around 0.75. In this situation, Zee Business Managing Editor Anil Singhvi has warned stock market traders from either going over-bullish or going over-bearish in such a situation where one stock is keeping the NSE Nifty index strong. The Market Guru said that Reliance Industries shares outperforming Nifty by 10 per cent reflects some message to the traders and it's better that one gets this message as soon as possible. Singhvi advised traders to avoid holding overnight positions as Indian indices are still following the US markets.
Speaking on the Reliance Industries share price rally, Anil Singhvi said, "Reliance Industries share price has rallied to the tune of 10.75 per cent to 11 per cent in the last three trade sessions. However, in the same period, NSE Nifty could manage to rise only 0.75 per cent. This outperformance by Reliance industries shares reflects that only one share is keeping the Nifty strong and one should be ready for both situation that whether RIL's positive moves will transmit in other Nifty stocks or what will happen when profit-booking triggers in RIL."
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Singhvi went on to add that this will become clear in next two trading sessions and hence traders should neither go over-bullish nor go over-bearish as it is global sentiments that are moving Indian markets.
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ग्लोबल बाजार तय करेंगे रिलायंस और निफ्टी की चाल !
— Zee Business (@ZeeBusiness) September 11, 2020
The Market Guru reiterated that Indian stock market is closely following US' Wall Street and hence one should adopt intraday trade strategy and avoid holding overnight positions as it is difficult to predict about the US stock market. So, one should follow intraday trade strategy and go for a sound sleep without bothering about the US stock market movement.
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