4 reasons why market guru Anil Singhvi thinks this is an important week for Dalal Street
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Ahead of the new tariff announcement next week, Anil Singhvi remarks that this is a crucial week for the market.As we write Nifty as against trend shown on GIFT Nifty futures opened on a strong note, with the Nifty50 index trading well above 23,475, while the smallcaps outshined with the Nifty Smallcap100 index up over 1 per cent as at the last count.
Amid the overall global subdued mood, Zee Business Managing Editor Anil Singhvi believes this week to be very crucial for the markets. Here are the key events to note as per the market guru
- Market wizard Singhvi believes that all of the short covering that has to happen will occur by the monthly expiry
- In the new series, the market will prepare itself for the tariff announcements
- US President Donald Trump will announce reciprocal tariffs on April 2
- And before that markets may see profit booking at higher levels.
Nifty's target this week
Singhvi iterated that there is a slight breather at around 23,500 levels, and for the week 23,800-24,000 should be the target. Also, he pointed out that Nifty fell from 23,800 to 22,000 in a one-way slide. And amid the recovery, it should stop near 23,800 levels.
He advises traders to keep stoploss at Nifty 23125, Bank Nifty 49700 in bullish position.
Is this a 'buy on dip' market?
Singhvi said until Nifty closes below 22,900, one should engage in buy on dips. Similarly, for Bank Nifty- until the benchmark closes below 49,300- it is a buy on dips market. The upper level targets for Nifty and Bank Nifty are placed at 23,800-24,000 and for Bank Nifty it is 51,600-51,875.
Last week, smallcap and midcap indices gained up to 8 per cent.
Which sectors and stocks to bet on now?
Singhvi believes rate-sensitive stocks will do well and among them banks and NBFCs are his first choice. Similarly, the expert is also bullish on power, auto and real estate stocks.
Also, he sees buying opportunities in oil & gas, pharma and PSU stocks.
Besides, midcap stocks which have not posted sharp recovery can also be good bets.
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