Top stock tips by Anil Singhvi: NSE Nifty makes decisive 11,000-mark; Bank Nifty may soar 8-10 pct post-breakout
Top stock tips by Anil Singhvi: The NSE Nifty climbed the psychological 11,000 mark on Monday and closed above that level. Even on Tuesday it opened above 11,000 and sustained above this level.
Top stock tips by Anil Singhvi: The NSE Nifty climbed the psychological 11,000 mark on Monday and closed above that level. Even on Tuesday it opened above 11,000 and sustained above this level. Decoding what it means for NSE Nifty to sustain above 11,000 mark, Zee Business Managing Editor Anil Singhvi said that it has made a decisive intraday gap of 11,000 and now intraday traders are well aware about their stop-loss. The Market Guru said that this could become possible because all sectors are participating in this NSE Nifty rally, which includes Bank Nifty.
Not just this, the Market Guru revealed that if Bank Nifty sustains above 22,500 levels today then we can expect it to make a breakout of 23,000 to 23,100 and if it happens, then we can witness another 8-10 per cent rally in Bank Nifty.
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Index on high without RIL rally
Speaking on the strong bias coming out from the current stock market scenario, Anil Singhvi said, "The NSE Nifty has scaled psychological 11,000 peak without support of Reliance Industries (RIL) shares. Generally, we see that Nifty needs around Rs 50 per stock rally in RIL shares to showcase upward trend. But, the way all sectors have participated in the markets on Monday and even today, we can say that it is moving without the support of RIL, which is good for the future expiry this week."
What Investors should do
Singhvi said that Nifty has made a decisive intraday gap of 11,000 and till it's trading above 11,000 one should continue to buy on every dip. He said that we are witnessing short-fall and big-rally these days, which augurs well for a further jump in the markets.
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अब 11000 निफ्टी के लिए निर्णायक स्तर...अनिल सिंघवी ने कहा- मार्केट में सभी सेक्टर का रहा योगदान...कल रिलायंस की तेजी के बिना दौड़ा बाजार, बोले- 23000-23100 के पार बैंक निफ्टी में आएगी 8-10% की तेजी#EditorsTake #Nifty #NSE #Sensex #BSE #BankNifty #StockMarket @AnilSinghvi_ pic.twitter.com/KqjaagEkrh
— Zee Business (@ZeeBusiness) July 21, 2020
Crucial Bank Nifty Role
On what he expects from Bank Nifty the Market Guru said, "It is clear that Bank Nifty participation in Monday rally was crucial for Nifty climbing 11,000 levels, but leader is still Nifty till Bank Nifty makes a breakout of above 23,000 or 23,100 mark. In the intraday trade, if it sustains above 22,500 levels then we can expect it to make that breakout - it may be today or tomorrow. But, once it makes that 23,000 to 23,100 level breakout, another 8-10 per cent rally in the Bank Nifty can be expected as it will trigger fresh rally in the market."
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