Stock Market Outlook with Anil Singhvi: On Nifty, Bank Nifty, Market Guru reveals what will be critical for investors to watch out for
Stock Market Outlook with Anil Singhvi: Stock market witnessed heavy selling pressure on Friday as Nifty corrected by 218 points and Sensex by 746 points to close at 14,371 and 48,878 points respectively.
Stock market witnessed heavy selling pressure on Friday as Nifty corrected by 218 points and Sensex by 746 points to close at 14,371 and 48,878 points respectively.
"Last trading session of the week gone by saw a huge fall as the Sensex closed below 49,000 mark, while Nifty Bank also saw more than 3 per cent loss. The selling pressure continued the entire trading session, however, the market also witnessed stock-specific action, " said Ashish Chaturvedi, research analyst at Zee Business.
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Talking about how the Indian stock market will open on Monday, Zee Business Managing Editor Anil Singhvi said it will depend on the indication from the American stock market and how Dow Futures opens. "It will be interesting to see FIIs data after a long gap. The stock market will remain closed on Tuesday due to Republic Day. There is monthly expiry on Thursday and the next Monday will see Budget coming in on February 1 as well. The market will try to prepare itself ahead of all these events, " said the Market Guru.
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As far as support level is concerned, the market closed near its crucial support range. 14,275 to 14350 is Nifty support level and it would be great if the market could hold around the same range, he said. However, since there was weakness in trade on Bank Nifty, 31,000 is the hope and the weakness will only increase if it slides further, said the Market Guru.
Talking about recovery, he said 31,500 to 31,550 will pose initial resistance for Bank Nifty on upper side and slight strength could be seen only if it manages to trade above this range. For Nifty, it will be important that it trades above 14,500 level.
Important thing is that Nifty is still looking good and momentum in the index has not reversed yet.
Going forward, result of the companies, global market and FIIs data will dictate the Indian stock market, he added.
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