Stock Markets on Monday – Brace up for BIG action! US Markets, Cash stocks, Kotak Bank, Axis Bank results are key TRIGGERS – Important Nifty, Bank Nifty Levels HERE
Market Guru Anil Singhvi said that the trends are likely to be positive when the markets reopen on Monday. The street is expecting strong results from banks. Kotak Mahindra Bank and Axis Bank will be announcing their quarterly results on Monday. The results from market heavyweights will provide support to the markets, he said
Despite mixed signals from the global markets, the Indian stock markets ended on a high on Friday, the last trading day of the week. The markets were supported by some short covering and some buying activity. The markets opened with strength and slipped on the intraday basis only to recover later. Nifty almost touched 15,900 levels while the Bank Nifty breached the 35,000 level. Zee Business Managing Editor Anil Singhvi called this a good closing on the last day of the week.
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The strength in the Indian markets is not just from the global factors but also the local factors including the quarterly results now being announced by the listed companies. Zomato’s liting also played its part to improve market sentiments, Singhvi said. Metal shares also gained on Friday.
Singhvi said that the trends are likely to be positive when the markets reopen on Monday. The street is expecting strong results from banks. Kotak Mahindra Bank and Axis Bank will be announcing their quarterly results on Monday. The results from market heavyweights will provide support to the markets, he said.
But the initial triggers will be from the US markets, the Market Guru said. He also gave the trading range for Monday.
For Nifty the support zone is in the range between 15,700 and 15,750. The resistance will be in the range between 15,925 and 15,950.
As for Bank Nifty, the support zone is between 34,500 and 34,700 while the resistance is around 35,250 and 34,450
He said that the investors must keep an eye on the cash market as there will be stock specific action as the result season is on its way.
Moreover, there will be a monthly expiry in the futures and options markets (F&O), Singhvi said.
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