Stock Market Outlook: Anil Singhvi reveals Nifty, Bank Nifty support range, says action will be seen in result-linked stocks
Stock Market Outlook with Anil Singhvi: The stock market closed in red amid ups and downs on the last trading session of the week on Friday. Equity benchmark Sensex slipped 202 points and broader Nifty lost 64 points to close at 47,878 and 14,341 respectively on April 23
The stock market closed in red amid ups and downs on the last trading session of the week on Friday. Equity benchmark Sensex slipped 202 points and broader Nifty lost 64 points to close at 47,878 and 14,341 respectively on April 23.
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Zee Business Managing Editor Anil Singhvi said that there was great action seen in the share market on the last trading session of the week. "Given the ongoing Covid 19 situation, this closing cannot be considered bad. Nifty managed to hold above 14,300 level, while Bank Nifty also managed to close above 31,700-mark. Though there was minor weakness, but this could not be said weak closing at all from weekend point of view," he said.
He added that the broader market saw good buying action as investors continued with their buying spree in mid cap and small cap shares. "There were some profit booking in heavyweights, but no indication suggested any weakness in small shares. Stock-specific action trend continued. IT, Pharma, FMCG saw minor profitboking, while banking stocks saw some recovery. Overall, we can say Indian stock markets witnessed mixed trading session on Friday."
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As far as Monday's trading session is concerned, the Market Guru said there will be many triggers on the next trading session on April 26. "Action in Global market, Corona cases and FIIs data will be crucial on Monday. We will begin Monday's trading session on these three triggers. Next week will also be very important as it will be April monthly expiry week and also from results point of view," he said.
About Nifty levels, Zee Business Managing Editor said, "14,150 to 14,250 will be important support range, while on the upper side Nifty will attempt 14,450 to14,550. Bank Nifty will have support at 31,000 to 31,200 levels, while it may face resistance in 32,200 to 32, 500 range. Stock specific action based on result will be seen and rest action will be seen in cash market shares, where there are still good buying opportunities," he concluded.
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