Stock Market Outlook: Anil Singhvi reveals Nifty, Bank Nifty crucial support range for next week
Dream run of stock markets finally ended after Sensex lost 549.49 points and Nifty 161.90 points to settle on 49,034 and 14,433 points respectively at the end of Friday's trading session
Dream run of stock markets finally ended after Sensex lost 549.49 points and Nifty 161.90 points to settle on 49,034 and 14,433 points respectively at the end of Friday's trading session. Zee Business Managing Editor Anil Singhvi said major trigger behind this selling pressure came from global market.
"After consistent rally for the past two weeks and making record after record, there was actual profit booking seen on the week's last trading day. The biggest trigger was American market closing in red on Thursday and weakness in Dow Futures since morning on Friday. Weakness in global market triggered the profit booking in the Indian stock market," said Zee Business Managing Editor.
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The Market Guru said Nifty, Sensex closed a little above day's low. There was also loss in Bank Nifty as it closed around 32,200, he said. "Apart from global cues, weekend session, minor correction in the share market after 14 days rally were also the reasons behind this loss," said the Market Guru.
Important thing about today's session was that it did show recovery after 2.30 pm, which had been the trend for the past two to three weeks. It would be interesting to see if it is one to two days' correction or profit booking will continue further, he said.
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Talking about crucial support range for Nifty and Sensex, Zee Business Managing Editor said, it is certain that Monday's trading session in the Indian stock markets will depend on American market and performance of Dow Futures.
"But currently it appears that the market is trying reach near crucial support level and that range on Nifty will be 14,300 to 14,350. Once this support is breached, there could be a little trouble for the market in short term. For Bank Nifty, the important support is 31,700 to 32,000. This is strong support on Bank Nifty and as long as this support sustains, there is not much to worry about," he added.
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