Stock Market With Anil Singhvi: What will investors face? Market Guru explains and reveals Nifty, Bank Nifty support level
After weakness on Thursday, stock market on Friday witnessed fresh buying as Nifty gained 33 points to post 11,930 level and Sensex reached 40,685 after gaining 127 points.
Stock Market outlook With Anil Singhvi: After weakness on Thursday, stock market on Friday witnessed fresh buying as Nifty gained 33 points to post 11,930 level and Sensex reached 40,685 after gaining 127 points. Zee Business Managing Editor Anil Singhvi said that though market saw some strength in Friday’s trading session, it lacked vigour and that can be a concern.
Talking about last week trading session, the Market Guru said mid-caps and small caps continued to see positive action in trading as FIIs were on a buying spree, while domestic fund have been selling over the last 8 to 9 trading sessions.
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On what is stopping a swift upward movement, the Market Guru said selling by domestic funds and crucial 12000-level are acting as major obstacles. On lower side, he said FIIs interest, strength in global market and strong trade are the three reasons that are spurring buying on lower level. He said market has closed on very attractive level. Nifty closing above 11,900 level and Bank Nifty ending the Friday trading session around 24,500 is in no way bad, he said and added that volatility will continue as we near US elections.
Talking about next week outlook, Zee Business Managing Editor pointed out three reasons that would determine the performance of the Indian stock market in coming trading sessions. Monthly expiry data, volatility due to US elections and upcoming result of companies will guide the market next week, he said.
He said Nifty will find a strong support around 11,800 and suggested to buy around level of 11,800-11,850. "The index will find major resistance around12000-12,025. However, if it crosses the said level, Nifty will very much likely gain another 200-400 points. For Bank Nifty, 24000-24,100 is strong support next week. 24,800 and 25, 200 are major resistance for Bank Nifty on upper side and can rally if it crosse this level," added Market Guru.
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