Stock Market Outlook With Anil Singhvi: Market Guru reveals support range for Nifty, Bank Nifty
As Sensex lost 110 points and Nifty declined by 18 points to close at 44149 and 12968 respectively on Friday, Zee Business Managing Editor Anil Singhvi said that despite this marginal loss, market has started the December series on a good note
As Sensex lost 110 points and Nifty declined by 18 points to close at 44149 and 12968 respectively on Friday, Zee Business Managing Editor Anil Singhvi said that despite this marginal loss, market has started the December series on a good note.
He said though market traded in small range and closed in red on Friday’s session, good action was seen in many stocks. He said stocks in cash market saw good rally, however, big stocks also saw some profit booking. The Market Guru said profit booking majorly in FMCG and IT dragged Nifty from closing in green. But Bank Nifty gave a strong closing of 29,500 points. He said overall sentiment in market is good. He said December series has started on good note with FIIs strengthening their long position but actual action will be seen from Tuesday, when market will open after three days due to the closing on Monday.
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Talking about strategy and crucial levels of Nifty and Bank Nifty on Tuesday, Anil Singhvi said there will be many indications when Indian market will open on Tuesday. “There will be global trends on Monday and also, how Dow Future opens on Tuesday will be available for Indian markets. It will also depend on what figures FIIs throw on the opening session," said the Market Guru.
Talking about levels, Singhvi said Nifty will find crucial support in the range of 12850 and 12925, while 13050 and 13150 is the range where profit booking will be seen.
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As far as Bank Nifty is concerned, he said 29050 and 29200 will act as strong support and 29750 and 29900 is the range that it will try to breach.
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