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Stock Markets on Monday: Nifty, Bank Nifty expected to see upside; Anil Singhvi gives crucial trading levels, top investment tips
Nifty50 will find a strong support between 18,125 and 18,175 and could see buying around these levels. The immediate resistance will be at 18,300 and if this is breached, Nifty would attempt to trade in the range of 18,350 and 18,425. Next week could be make or break weak as the index would try to scale new life highs
Stock Markets on Monday: Indian stock markets ended almost flat on Friday albeit with some negative bias. While the BSE Sensex closed at 61,223.03, down by 12.27 points, the broader market Nifty50 ended at 18,255.75, a couple of points lower than the Thursday closing price.
The markets recovered towards the close of the trading session after trading in red for most part of the day. Nifty Bank settled at 38,370.40, lower by almost 100 points of 0.26 per cent. Meanwhile, Nifty Midcap 100 also closed with marginal losses.
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The Foreign Institutional Investors (FIIs) were net sellers on Friday, and sold Indian equities worth Rs 1598 cr, the Domestic Institutional Investors (DIIs) were net buyers and purchased stocks worth Rs 371 cr on the intraday basis.
Zee Business Managing Editor Anil Singhvi said that the stock markets traded in a range for the third consecutive day in the week gone by. There were mixed domestic cues while the Global markets exhibited some weakness as well.
Major indices including Dow, Nasdaq and S&P ended in the red, he added.
Nifty50 took support at levels around 18,150 and took a turn from there, the Managing Editor said. However, the biggest takeaway is the last one-hour trading which inspires confidence, he further said. This has been a trend over the past sessions and Friday was no different, Singhvi said. The 50—share idex made its intraday high in the concluding session. Bank Nifty exhibited more weakness than Nifty50 on Friday. However, it held an important support level of 38,000 and showed recovery.
The indications are positive for next week when the markets reopen on Monday.
Mid Cap and Small Cap shares continue to do well with those stocks that are related to Budget 2022 taking the lead, the Market Guru said.
The undercurrent is strong despite indices showing some weakness.
Zee Business Strategy for Monday:
The US markets will remain closed on Monday. The shifting of base for the domestic markets augurs well, he said.
Anil Singhvi Nifty strategy:
Nifty50 will find a strong support between 18,125 and 18,175 and could see buying around these levels. The immediate resistance will be at 18,300 and if this is breached, Nifty would attempt to trade in the range of 18,350 and 18,425. Next week could be make or break weak as the index would try to scale new life highs.
Anil Singhvi Bank Nifty strategy:
Investors must not worry until the level of 38,000 is not breached downwards. Any signal of weakness is below this level. There will be come resistance between 38,700 and 38,850. A further upside will open once this resistance zone is crossed.
However, the first breakout will happen in Nifty50, the Managing Editor said.
The action is high in mid cap socks in the cash markets and counters are witnessing breakout one after the other.
Investors must find stocks that could give then 15-20 per cent upside over the week, he concluded.
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