Benchmark indices likely to be volatile, say analysts; Anil Singhvi gives strong strategy on stock market for Monday
Going ahead, apart from the global cues, the upcoming RBI monetary policy meet and monsoon progress will be in the focus for cues, analyst said.
The Indian markets may continue to be volatile as the overall sentiment is weak mainly on the back of negative global markets and foreign investors’ sell-off persists, the market analysts believe.
Similarly, while giving a market strategy for Monday, Zee Business Managing Editor Anil Singhvi said, “Nifty will provide strong support between 16,450 to 16,500. Nifty will hold resistance at upper level near 16,650 to 16,700. If Nifty crosses 16,700 then new strength will be seen.”
While the Bank Nifty will provide strong support between 34,600 to 34,800, Singhvi added.
According to the market analyst and Tradeswift Director Sandeep Jain, “The sentiment is overall weak as positive closing on Friday was important. There should not be a larger bullishness and exuberance with respect to the market and advised investors to be cautious amid volatility.”
Ajit Mishra, VP - Research, Religare Broking recommended booking profit on the rise citing a strong hurdle at 16,900 in Nifty and waiting for further clarity. Stocks, on the other hand, are offering opportunities on both sides so traders should align their positions accordingly, the analyst said.
Going ahead, apart from the global cues, the upcoming RBI monetary policy meet and monsoon progress will be in the focus for cues, Mishra said his expectations for next week.
The recovery in the global indices combined with bargain hunting on the domestic front has helped the index to witness a rebound recently. However, this move lacks decisiveness due to lingering issues like inflation, geopolitical tension among others, Mishra pointed out.
The markets on Friday settled marginally lower in a volatile trading session amid mixed cues. Firm global cues triggered a gap-up start however profit-taking in the index majors from across sectors dragged the indices lower.
Consequently, the Nifty index ended with losses of 0.3% to close at 16,584.30 levels. All the sectoral indices, barring IT, ended lower wherein realty, banks, and auto were the top losers.
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