Stock Market Outlook With Anil Singhvi: Market Guru reveals crucial support range for Nifty, Bank Nifty
Buoyed by the Reserve Bank of India credit policy announcements on Friday, Sensex closed at its life time high of 45,079 and Nifty ended the day on 12,258.
Buoyed by the Reserve Bank of India credit policy announcements on Friday, Sensex closed at its life time high of 45,079 and Nifty ended the day on 12,258. Explaining this rally, Zee Business Managing Editor Anil Singhvi said it is a good indication for the capital market as this rally comes despite sectoral churning and some market giants like TCS and Reliance not performing.
The rally that was seen the entire last week saw Nifty, Sensex achieving life time highs, with Bank Nifty also supporting market, nothing could get better for the financial market.
He said though Bank Nifty did not create any record on Friday, it has made a clear indication of a breakout after consolidating for nearly 10 days and closing above 30,000 mark. He said Bank.
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Nifty closing above the level of 30,000 is in itself a big accomplishment and indicates that good action is due next week.
“There was all-round buying seen in overall market. There was also good action seen in small cap, and mid-cap stocks. FIIs continue to buy, global cues remain strong—technically market is strong. All indications are that market is gearing up for a good ride to create new highs next week too,” said the Market Guru, adding that Indian market scripted history and created records in the last four trading sessions.
Talking about strategy for ‘market next week’ and support level, Anil Singhvi said this rally is very much likely to continue on Monday and buy on dips strategy is likely to prevail.
Singhvi said with monumental momentum, new base for Nifty will be 13100 to 13,150, and as it crosses 13,300, it will try to attempt 13,450 and 13,500 marks. As Bank Nifty has closed above 30,000 level, 30400 and 30500 will act as small resistance, however, once it crosses this mark further rally will be seen in the Bank Nifty, he said.
He said there could be only one risk that could stop the market rally and that is any unexpected development or news at global level. Apart from that, all other factors are hinting towards Indian financial market strengthening further .
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