Editor's Take: Market guru Anil Singhvi shares important levels for Nifty, Bank Nifty - What investors must know

Zee Business Managing Editor and market guru Anil Singhvi has shared some important levels for NSE Nifty and Bank Nifty advising stock market investors to avoid taking fresh positions in banking and NBFC shares. He said that Indian share market is trading in a broader range of 9,000 to 10,000 at Nifty and for fresh weakness, it will have to break its current support zone of 8,900 to 9,100 while for fresh upside momentum, Nifty needs to break its broader resistance of 9,900 to 10,100.

Speaking on the current weakness shown by the global indices, Anil Singhvi said, "Lockdown for the infinite period is not possible. Those nations lifting lockdown are facing such a situation for the first time and hence they are completely unaware of how the ease in lockdown should be handled. However, when it comes to India, we have a luxury that Coronavirus has reached India after spreading in many countries. So, we can learn from those countries' experience and hence post-lockdown, India might be able to handle things in a proper manner and hence I am expecting Nifty to sustain above
the 8,900 levels."

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On breakage of either side of the current range at Nifty, Anil Singhvi said, "For fresh upside momentum, Nifty has to break its upper side broader resistance of 9,900 to 10,100. However, if the NSE Nifty fails to sustain above 8,900 levels as it is close to its lower range, we can expect fresh weakness in the market."

See Zee Business tweet below:

निफ्टी पर 8900-9100 पर सपोर्ट, इसके नीचे आएगी नई गिरावट...अनिल सिंघवी ने कहा- अब बड़ी तेजी के लिए बाजार को पार करना होगा 9900-10100 का स्तर
#EditorsTake #Nifty #BankNifty @AnilSinghvi_ pic.twitter.com/GWj39Mz4K1

— Zee Business (@ZeeBusiness) May 12, 2020

Speaking on the Bank Nifty levels Singhvi said, "Bank Nifty is trading around 18,900 to 18,950 and if it gives closing below 19,000 levels, then we can expect it to further go downwards to 18,200 levels. The question lies here, will weaker Bank Nifty pull down NSE Nifty? Anil Singhvi said, "There is no doubt that Banking and NBFC stocks are weak and one should avoid taking a fresh position in any of the Banking and NBFC stocks. But, the 50-stocks Nifty hasn't shown that kind of weakness including banking stocks listed there. So, in my view, Nifty will pull Bank Nifty northward but for fresh upside movement, Bank Nifty itself needs closing above 19,000 levels."