Zee Business Managing Editor Anil Singhvi said that there are 2 key positive triggers that markets need to watch out for. Singhvi said that GST Collections clearly indicate that economic activity is extremely strong on the business front. The GST Collections number is an excellent number. He said that the FIIs have reduced their position significantly on the 1st day of the new series and the markets have become extremely light. The Put / Call ratio indicates there could be recovery from lower levels on account of short covering and fresh buying.

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Singhvi said the rising number of Covid cases is a worry though. On Friday, rising Covid cases touched the mark of 4 lk per day. However, on Saturday and Sunday the cases were below 4 lk mark as the testing done is much lesser on weekends.  There are no indications of relief in terms of Covid cases as yet.

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Singhvi said while other state election results were in favour of BJP, however, West Bengal result performance was not good for BJP. Markets are seeing a negative reaction today due to this factor as well.

Singhvi said while Reliance Industries results were not bad they are not good either. In Friday’s session, markets saw some weakness on RIL as markets were expecting weak results from the company. The stock could see some recovery from lower levels as there are too many adjustments in the results. Results from Reliance, IndusInd Bank and Trent are not strong enough. Markets are not going to recover based on these results.

Singhvi said that FIIs have sold heavily in both cash markets and on Index Futures.