Stock Market Outlook: Nifty, Bank Nifty crucial levels REVEALED; Anil Singhvi explains key reasons behind massive fall
Last trading session of the week turned out to be a 'Black Friday' indeed. Indian stock markets fell massively amid profit booking and also because FIIs pulled out too.
Last trading session of the week turned out to be a 'Black Friday' indeed. Indian stock markets fell massively amid profit booking and also because FIIs pulled out too. Nifty witnessed its biggest intraday fall since May 2020, while Bank Nifty almost lost 5 per cent of its net value. Sensex also closed at 49,099, after losing a mammoth 1939 points.
See Zee Business Live TV Streaming Below:
Talking about this sharp fall, Zee Business Managing Editor Anil Singhvi said that one reason was the weak US market on Thursday. However, Indian stock markets came out worse than their global peers.
"From Indian stock market point of view, FIIs pulling out money from the market and Domestic investors reluctance to buy are the important reasons. FIIs have been taking forward the market so far, however, the trend has started to reverse and profit booking in the range of 15,000 to 15,400 is pulling down the market," said Zee Business Managing Editor.
Watch detail coverage in the video below:
अगले हफ्ते बाजार की कैसी रहेगी चाल ?
कौन से सेक्टर्स देंगे बाजार को सहारा?
— Zee Business (@ZeeBusiness) February 26, 2021
As far as Monday trading session is concerned, indication will definitely come from global markets, the Market said.
"However, Indian markets are looking weaker than other global markets. If Nifty and Bank Nifty further break down below today's low of around 14,450 and 34,500 respectively, we can see indices losing another 2 per cent going forward. So, these will be also crucial support levels for these indices. Any strength in Nifty will only be visible if it trades above 14,725 and same goes for Bank Nifty as further buying opportunity will only be seen when it breaches 36,000 mark. Until these levels, investors and traders can go with 'sell on rise' approach and exit if they want," he added.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.