Stock Markets on Monday: Global market volatility, FII action, Budget 2022 to determine action; Anil Singhvi spells out Nifty, Bank Nifty strategy
Zee Business Managing Editor Anil Singhvi said that the markets could not capitalise on the gains made in the first half, over the second half of the Friday trading session. The beginning of the Janauary series was on a lower note amid FII selling and lack of support from the global markets
Indian stock markets traded with high volatility of Friday which was also the last trading day of the week and also the beginning of February series. BSE Sensex ended in the red at 57,200.23, going down by almost 76 points or 0.13 per cent. Meanwhile, the broader market Nifty50 was also down marginally from the Thursday closing price. It ended at 17,101.95, down neary flat or by 8 points.
While Nifty50 gained almost 100 points in the intraday trade, the last one hours witnessed significant profit bokking at top levels.
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Nifty Bank ended at 37,689.40, down by over 290 points or 0.8 per cent. However, mid cap stocks were the gainers and Nifty MidCap100 index settled 1.5 per cent up or higher by 440 points at 29,804.90.
The Foreign Institutional Investors (FIIs) were net sellers and sold Indian equities worth over 5045 cr. The Domestic Institutional Investors (DIIs) bought equities worth Rs 3358 cr.
Zee Business Managing Editor Anil Singhvi said that the markets could not capitalise on the gains made in the first half, over the second half of the Friday trading session. The beginning of the Janauary series was on a lower note amid FII selling and lack of support from the global markets. The weakness was led by Bank Nifty at the start of the trading session.
Mid cap and small cap saw relatively better action. The domestic markets witnessed high volaitility over the entire week, he further said.
He said that the markets are likley to show volatility, going forward before taking a decisive direction. The directio could come after the announcement of Budget 2022, the Managing Editor said.
Anil Singhvi strategy:
Singhvi said that the domestic markets will take cues from the US markets when they reopen on Monday. This will also include the Friday closing.
Another trigger will come from the stance taken by the FIIs. While the beginning of the February series saw them ending up net sellers on Friday, it will be interesing to see if they reduce pressure going forward, the Market Guru opined.
Anil Singhvi Nifty Strategy: - Nifty50 will find its immediate support at 17,000. It will have a strong upport in the range between 16,825 and 16,875. The resistance is seen between 17,325 and 17,375.
Anil Singhvi Bank Nifty Strategy: As for Bank Nifty, there will be a strong support between 37,050 and 37,225. The resistance is seen between 38,325 and 38,475 which could invite some profit booking as well, Singhvi said.
He said that the action is expected to be immense on Monday amid volatility, FIIs, global cues and traders’ own willingness to lighten ahead of the crucial budget next day.
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03:10 PM IST