Stock Markets on Monday – Market Guru gives insights on the week ahead; watch out for THESE LEVELS in Nifty, Bank Nifty
If you think that the stock markets had a lazy closing on Friday – the last trading day of the week – pause as Market Guru Anil Singhvi gives a complete picture. While the BSE Sensex ended almost flat though with some positive bias, NSE Nifty 50 and Bank Nifty ended in the red
If you think that the stock markets had a lazy closing on Friday – the last trading day of the week – pause as Market Guru Anil Singhvi gives a complete picture. While the BSE Sensex ended almost flat though with some positive bias, NSE Nifty 50 and Bank Nifty ended in the red.
The Zee Business Managing Editor said that the markets opened without much noise and then fell steeply. That was primarily on the back of US Markets’ poor show on Thursday. Dow ended 200 points down. On Friday, Dow Futures were down too, he said. The Foreign Institutional Investors were also on the selling spree both in cash market and the futures and options (F&O) markets.
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The Nifty had a free fall and ended around 15,450 which was a crucial level. The previous lifetime was 15,431 and the markets took a support at this level.
But the last 90 minutes saw an amazing pullback in the markets. There was no dearth of action, Singhvi opined adding that this was a much-needed correction in the markets.
He said that the next week would depend upon how US markets perform over the weak. If the sentiments are positive, the Indian stock markets may make fresh high, Market Guru said.
Singhvi said that Zee Business has been emphasising from the starting of June that the Indian markets will now be getting cues from the global markets. April and May months have seen tremendous momentum based on the quarterly earnings results.
Metals have been one of the biggest losers, though it is unlikely that they will fall further, he said.
Crucial Nifty, Bank Nifty levels:
- Upwards trend to continue till Nifty is trading above 15,575.
- If the Nifty manages to hit between 15,800 and 15,825, it is quite likely that Nifty will hit its lifetime high and may go on to achieve 16,200 levels.
- Bank Nifty is not going as strong as the Nifty. There will be no further weakness until it breaches 34,400 level. The strength will come back once it crosses 35,000 mark.
He said that next week is make or break weak as the week will also see monthly expiry for futures and options markets, he said. Global markets have also seen weakness and the market corrections have ensure that the positions are much lighter now.
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