Market Guru Anil Singhvi analyses current bull trend, reveals Nifty, Bank Nifty levels for traders
On Nifty, the crucial level will be 14,350 while on Bank Nifty it will be 32,000. If the market goes below this level, only then it could be said there are signs of weakness, the Managing Editor said. A 75 points fall should not worry the investors, much. The day traders should not worry until the levels fall below 14,350 on the intraday basis. For Bank Nifty it is 32,000, he reiterated
After some consolidation over the last week, markets on Monday again opened in the red. What should the investors and traders expect today? Zee Business Managing Editor Anil Singhvi gave his take on this. The Market Guru said that there are two levels which will be important for intraday trading.
On Nifty, the crucial level will be 14,350 while on Bank Nifty it will be 32,000. If the market goes below this level, only then it could be said there are signs of weakness, the Managing Editor said. A 75 points fall should not worry the investors, much. The day traders should not worry until the levels fall below 14,350 on the intraday basis. For Bank Nifty it is 32,000, he reiterated.
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Singhvi said that there is always an assumption that a top has been formed based on a single day fall. People worry about the extent of the fall and from where the recovery would start.
The Market Guru said that there will be actual weakness if the market breaches the range between 14,150 and 14,200. This is the strongest support level for Nifty. This is where the markets will become neutral. The trend reversal will be when the level around 13,850 is breached.
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He said that the Nifty high was around 14,600 and if the market comes to 14,150, there is a correction of almost 500 points which is 3 per cent. A correction of this size can be called as a running correction, he opined.
As for Bank Nifty the strongest support levels are between 31,725 and 31,800. The trend will become neutral only when the Bank Nifty breaks this range in the downwards direction. He said that he had given levels in the upper range because of the current strength in this index.
The Bank Nifty high is around 32,718 which means there is a cushion of 1000 points or 3 per cent. If the markets correct by 3 per cent there is an opening of further 2 per cent, he added. There will be no change in the trends for correction up to 3 per cent.
On a 5 per cent correction, there is a beginning of the trend reversal. This is not just for this time but for forever trading, Singhvi said.
This will help the investors and traders to assess the levels at which they have to start worrying. These levels are important for those who have taken a week's view on the markets.
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