Stock Markets on Monday – Anil Singhvi’s Strategy, Nifty, Bank Nifty support zone, HDFC, PNB Q1FY22 results – Full Details
Zee Business Managing Editor Anil Singhvi said that Friday was not without action. The Indian stock markets managed to open almost flat despite the weak cues from SGX Nifty. The markets picked up amid buying after a small correction at the time of opening. However, over the last half-an-hour, there was profit booking, the Market Guru said
The August series has started on a low note with Nifty ending the week with a negative bias going down by almost 15 points on Friday. The broader market NSE Nifty 50 ended at 15,763.05. Meanwhile, the BSE Sensex ended down 66 points at 52,586.84. The Bank Nifty also fell by over 100 points to settle below 34,600. While IT, Pharma and auto shares gave some salvage to the stock markets, pressure came from sectors including metals, banking and financial stocks.
The Foreign Institutional Investors (FIIs) sold equities in cash markets worth Rs 3848.31 cr, the Domestic Institutional Investors (DIIs) bought equities worth Rs 2956.68 cr.
See Zee Business Live TV Streaming Below:
Zee Business Managing Editor Anil Singhvi said that Friday was not without action. The Indian stock markets managed to open almost flat despite the weak cues from SGX Nifty. The markets picked up amid buying after a small correction at the time of opening. However, over the last half-an-hour, there was profit booking, the Market Guru said.
It was because, around this time the Dow Futures were trading down by almost 100-125 points, Singhvi said.
He, however, aid that the markets are still very much in the range even as the starting of the August series may not have been very momentous.
Bank Nifty was slightly weaker in comparison to Nifty, the Managing Editor said. One must wait for next week to get more clarity on the exact trends, Singhvi said. The signals are mixed from Indi and global markets even as the result season is now at its peak.
Singhvi said that the cash markets were among the action. He opined that one may see fresh buying from lower levels that was seen on the last trading session of this week.
He said that investors must keep an eye on those stocks which are to announce the results next week and brace up for stock specific action.
Anil Singhvi’s Strategy for Monday – The starting of next week will be important from the standpoint of June quarter results that were over the weekend and the ones that are lined-up from Monday, Singhvi said.
Nifty Support Zone – There is a strong support zone around 15,700. The weakness will come only if Nifty starts trading below this level. There could be some profit booking in the range between 15825 and 15850. Any strength will be visible only when the Nifty breaches 15,900. Till then there is no direction to choose from, he added.
Bank Nifty Support Zone – The support zone is between 34,300 and 34,500 while the resistance Zone is between 34,800 and 35,000.
Some of the companies that will announce results tomorrow include Punjab National Bank, HDFC, Mangalore Chemicals & Fertilizers Limited, Castrol India Limited, RBL Bank, Kalyani Steels Limited, Shree Renuka Sugars Limited and Carborundum Universal Limited.
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.