Stock Market Outlook With Anil Singhvi: Nifty, Bank Nifty to remain under pressure; TCS is stock to buy, says Rajesh Palviya

Stock Market Outlook With Anil Singhvi: After a huge selloff on Friday, Zee Business Managing Editor Anil Singhvi has said that Indian stock market is under pressure because of the 'running correction' on the Wall Street indices. He said that the US markets pave the way for future course of action in global markets and hence any weakness there will take its toll on the global indices, which includes Indian ones as well. He said that Indian stocks can continue to witness weakness next week, especially on Monday but both rise and fall will not be to the tune of Wall Street as Indian markets have already gone through a 'running correction."

Speaking on the trade strategy for Monday; Rajesh Palviya, Head Technical & Derivatives Analyst at Axis Securities told Zee Business, "Weakness is expected to continue here on Monday and the 50-stocks NSE Nifty may go further down up to 11,280 to 11,250. So, I advise traders to wait for this correction and maintain any position after the review of the first half of the Monday trade session."

On the stock that can give better returns to the stock market investors, Axis Securities expert said, "My advice to the stock market traders is to buy TCS shares for the target of Rs 2,350 in immediate short-term. However, one must maintain the stop loss at Rs 2,275 per stock level." He said that TCS is a large-cap stocks and it is showing upside movement after sustaining above Rs 2,275 mark. Palviya went on to advise traders and investors to accumulate TCS shares till they sustain above Rs 2,275 mark.

See Zee Business Live TV streaming below:

On Friday, both Foreign Institutional Investors (FIIs) and Domestic Institutional Investors (DIIs) went negative after the huge selloff on Wall Street on Thursday. FIIs fished out more than Rs 1,880 crore while the DIIs squared off their position worth around Rs 457 crore on Friday.

Watch full coverage in video below:

अगले हफ्ते कैसे खुलेंगे बाजार, किन बातों का रखें ध्यान?
जानने के लिए देखिए #BazaarAgleHafte अनिल सिंघवी के साथ। @AnilSinghvi_ https://t.co/n1ebN0dEZ3

— Zee Business (@ZeeBusiness) September 4, 2020

Zee Business Managing Editor Anil Singhvi has said that it's a 'running correction' that is taking place on the Wall Street as profit-booking was long-awaited. He said that it was triggered after the Dow went near its life-time high. The Market Guru advised traders to know their levels and enter or exit only when their levels are available to them.