Will Bank Nifty breach 30,000 mark today? Anil Singhvi remains bullish, lays down growth trajectory
Will Bank Nifty touch the 30,000 mark on Wednesday? Notably, Dow Jones hit this mark in yesterday's trading. How is it poised today? Zee Business Managing Editor Anil Singhvi gives a bullish take on the mood and momentum of this index
Will Bank Nifty touch the 30,000 mark on Wednesday? Notably, Dow Jones hit this mark in yesterday's trading. How is it poised today? Zee Business Managing Editor Anil Singhvi gives a bullish take on the mood and momentum of this index.
The Market Guru began his comment on a lighter note saying that if the Markets were opened at night, Bank Nifty would have touched the mark first!
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आज बैंक निफ्टी भी 30,000 के पार !
अनिल सिंघवी- निफ्टी की तरह बैंक निफ्टी में भी जारी रहेगा एक्शन, बनेगी और तेजी… 30500-30600 पार हुआ, तो बढ़ेगा लाईफटाइम हाई की ओर#EditorsTake #BankNifty #Nifty #StockMarket @AnilSinghvi_ pic.twitter.com/KsZjnV0cf9
— Zee Business (@ZeeBusiness) November 25, 2020
On a serious note, Singhvi said that it will be interesting to see if today the Bank Nifty ends above the levels where Dow ended on Tuesday.
Dow had ended at 30,046 on Tuesday. The US Markets will be closed on Thursday and will trade for the first half session on Friday.
The Managing Editor said that the Bank Nifty strengthened its position on Tuesday though it is still at some distance from its lifetime high of 32,600. There are good possibilities that it will head towards its lifetime high levels.
Meanwhile, Nifty is way above its previous lifetime high of 12,430. It has a good 8-9 per cent lead. The question is if Nifty has already done this, why should Bank Nifty trade 8-9 per cent down from its lifetime high?
He expected great momentum and action to remain in the Bank Nifty. It is another thing that at times of market corrections, banking stocks take the lead, Singhvi said. Bank Nifty rises and falls more at times than Nifty's fall and rise.
It appears now that the Bank Nifty will take an upward move from here. Taking a strong stand, the Market Guru said that his first target was 30,250-30,450. It should achieve these levels by today or tomorrow (the day of expiry).
If Bank Nifty crosses this level, the next target is between 30,650 and 30,850.
Singhvi said that if the Bank Nifty settles above 30,500-30,600, it is likely that it will move towards its lifetime high levels.
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Bank Nifty is gearing up for some big action, the Market Guru concluded.
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