The stock markets ended the week in red with the BSE Sensex closing at 54,277.72, down by almost 215 points or 0.39 per cent on Friday. Meanwhile, the broader market NSE Nifty 50 ended down by 56 points or 0.35 per cent to settle at 16238.20. Nifty Bank also ended almost flat though with some negative bias at 35,809.25. It was down 25 points or 0.07 per cent.

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The Foreign Institutional Investors (FIIs) sold Indian equities worth Rs 69 cr on Friday while the DIIs sold equities worth Rs 631 cr.

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Zee Business Managing Editor Anil Singhvi said that the market action remained mixed on the last day of the week. The markets operated in a range-bound manner despite starting strongly. The day proved to be not so good for Reliance Industries Limited (RIL) shares after the Supreme Court decision with respect to Future Retail and Amazon came, favouring the US ecommerce company.

Bank Nifty had a lacklustre day, he added.

However, the action was in mid cap and small cap stocks. This was because of the change in circuit filter for almost 500 shares, Singhvi said.

Stock Markets on Monday – Anil Singhvi strategy

The US market action will be critical for the domestic markets, the Managing Editor said. There are no problems as far as the domestic indicators are concerned, Singhvi said. The Nifty breakout after breaching 16,000 is giving a lot of strength to the markets, he further said.

Nifty Support Zone

The Market Guru said that the range between 16,125 and 16,200 will serve as a support zone for Nifty. Any weakness in the market will be seen if this range is breached downwards. Then 15,900-16,000 will act as a strong support zone. The resistance will be in the range between 16,350 and 16,400 and there could be some profit booking.

Bank Nifty Support Zone

As for Bank Nifty, the support will be around 35,500. The resistance will be between 36,000 and 36,200.

He expects a lot of action when the markets reopen on Monday. There will be enough opportunities to earn in the mid cap and small cap sections.

Q1FY22 Results on Monday

Monday will be full of action from the results point of view. Around 70 companies will be announcing their June Quarter results tomorrow.

Shree Cement Limited, Shalby Limited, MRF Limited, Petronet LNG, Kirloskar Industries, Kamdhenu Limited, Laxmi Organic Industries Limited, The Indian Hotels Company Limited, GSPL, Clean Science and Technology Limited, Chemcon Speciality Chemicals Limited and AstraZeneca Pharma India Limited will be announcing their results among others.

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IPO Action

Car Trade Tech Limited IPO w and Nuvoco Vistas Corporation Limited IPO will be launched tomorrow along with the listing of Rolex Rings IPO.