Stock Markets Outlook - Q1FY22 results, cash stock action to determine market movement next week; Anil Singhvi gives Nifty, Bank Nifty strategy
There is no weakness in the markets and they are ready for some good action on Monday, Anil Singhvi says. The initial cues will come from the Global markets, he adds. The domestic markets will keep an eye on the Dow futures in the Monday morning trade, Market Guru opines
Stock Markets on Monday offered a mixed bag. After attaining the life highs on the intraday basis, the stock markets witnessed profit booking. NSE Nifty 50 slipped from the record highs of 15,962 to end at 15923. The Sensex also registered a record of 53,290 and ended at 53,140. Meanwhile Nifty bank also ended down by 155 points at 35,751.
The Foreign Institutional Investors (FIIs) sold Indian Equities worth Rs 466 cr while the Domestic Institutional Investors (DIIs) bought equities worth Rs 666 cr.
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Zee Business Managing Editor Anil Singhvi said that Friday session was completely action packed. It was a momentous day for Nifty, Sensex, Mid Cap and Small Cap as they made record highs on Friday, he added. There was profit booking as both Nifty and Bank Nifty attained important levels, he further said. The US markets also traded in a range so there were no major cues from the global markets.
The fresh buying was in mid cap and small cap stocks and not on the market stalwarts, Singhvi. In large cap stocks, sectoral churning is now being seen. Most stocks of brokerage firms, mutual fund stocks, exchanges and depositories were among action. The settlement of indices does not reflect the true picture, he added.
There is no weakness in the markets and they are ready for some good action on Monday. The initial cues will come from the Global markets, he added. He said that the domestic markets will keep an eye on the Dow futures in the Monday morning trade.
Nifty 50 is having a strong support at 15,800-15,850. Meanwhile there will be small resistance zone between 15,975 and 16.025.
As for Bank Nifty, the strong support zone is between 35,500-35,600. The resistance will be in the range between 36,000 and 36,800.
The Q1FY22 results of HDFC Bank will also impact how Bank Nifty moves on Monday, he further said. The bank posted strong results for the quarter ended June 30, 2021. As per HDFC Bank statement, the Bank's profit jumped from Rs 6,660 crore to Rs 7730 crore on year-on-year basis.
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The earnings results next week will be crucial for stock markets, Singhvi said. There will also be significant action in the cash market stocks he further said. His advice for investors is to focus on these stocks over the next weeks. As for index stocks, investors should track global cues and FIIs.
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