Nifty, Bank Nifty Outlook – Anil Singhvi gives levels for trend reversal; watch out for this

Zee Business in its stock market insights to the channel viewers have previously indicated that levels between 14,800 and 14,900 have been important resistance levels for the Nifty. The pertinent question for investors now is that if the NSE Nifty 50 crosses this resistance zone, will there be a further upside open for it. Zee Business Managing Editor Anil Singhvi tell investors what they can expect now

Nifty, Bank Nifty Outlook – Anil Singhvi gives levels for trend reversal; watch out for this
The Market Guru said that, for him it was necessary to see Nifty closing levels at 15,050-15,100 to estimate any trend reversal
Written By: ZeeBiz WebTeam
Edited By: Harish Dugh
Updated: Thu, Apr 08, 2021
01:09 pm
New Delhi, ZeeBiz WebDesk
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Zee Business in its stock market insights to the channel viewers have previously indicated that levels between 14,800 and 14,900 have been important resistance levels for the Nifty. The pertinent question for investors now is that if the NSE Nifty 50 crosses this resistance zone, will there be a further upside open for it. Zee Business Managing Editor Anil Singhvi tell investors what they can expect now. He also tells when there could be a trend reversal. 

The trend is neutral in Nifty 50 now. The Market Guru said that he sees a strong upward trend if the Nifty manages to close at 15,050-15,100 in the zone. He further said that the biggest congestion zone for Nifty is between 14,875 and 14,950. This indicates that whenever the Nifty is nearing levels around 15,000, there is a certain stress, that its sees, Singhvi added. 

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This is the range for resistance, he said.  

In his stock market strategy for Thursday, the Managing Editor had said that the indicators for the Future and Options (F and O) and the trend were neutral, while the sentiments were positive.  

Any further hike should be talked about only when the Nifty closes above 15,050-15,100, he said. The upside of 15,431 will open if this zone is crossed for the Nifty to further scale up.

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The last rally seen by Nifty was up to the level of 15,333 followed by a correction up to 14,264. This was a fall of almost 1100 points, he said. 

The Market Guru said that, for him it was necessary to see Nifty closing levels at 15,050-15,100 to estimate any trend reversal.  

As for Bank Nifty, there is still some time. Any strength in this index will be seen if the Bank Nifty ends above 34,000. So, the trend will change from negative to neutral only if there is a rally of another 1000 points from here, Singhvi said. 

At present the trend in Bank Nifty is not even neutral, though Nifty trend is neutral.

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