Weak global cues and foreign investors' outflow dented the sentiment of overall Indian markets on Monday, as both the benchmark indices – Sensex, and Nifty50 – opened 2 per cent lower. Expecting a gap-down opening, Zee Business Managing Editor Anil Singhvi recommended long-term investors to Buy.   

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According to Singhvi, "The domestic markets are likely to be under pressure for the next 2-3 days as the overall sentiment be it global cues, FII flows, PCR (Put-Call Ratio), India VIX all are massively volatile and mostly weak in order to support the Indian equities.” 

Think and invest as the long-term, perhaps, you may get good returns in the short-term once the market recovers, the managing editor said. However, he added, if investing as a short-term, the total capital may get eroded in this weak market. 

Singhvi also confirmed that there is room for markets to fall further and be oversold as there are no positive or comfortable triggers available. On Monday, the markets were oversold, he added.  

On global markets front, the managing editor said Dow Jones fell nearly 900 points was mere a surprise as on Friday afternoon IST, Dow Futures were marginally down 40 points. Similarly, the foreign investors’ outflows stood worth $ 1billion on Friday, including cash, indices, and futures. 

The managing editor said Nifty’s 16000 is an important psychological level and suggested a support zone at 15800-15850 and 15735-15785, below that 15550-15675 strong Buy zone for Nifty50. 

The Indian benchmarks extended weakness to a consecutive second day on Monday. The benchmarks opened lower by more than two per cent ahead of the FOMC minutes.  

The Nifty 50 slipped below 15,900 and Sensex tanked by nearly 1300 points to open around 53,200. The two indices opened at 15,877.55 and 53,184.61 respectively. 

Following benchmarks, Nifty midcap and smallcap too dropped more than two per cent in the opening trade.