Zee Business Managing Editor Anil Singhvi said that 14900 – 15100 is the resistance zone for index. Singhvi highlights that the key reason for the big move on Nifty is the huge buy numbers from FII (Foreign Institutional Investors). He said that this buy number has come after a few days, which is an extremely good indication for the markets. FIIs have not only bought in the cash market but also in Futures market, says Singhvi. FIIs not selling even as they indulge in heavy buying into the markets will take the markets further up.

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Singhvi said that today being the monthly expiry day, market follows the trend which is set on the first day (i.e. Monday), of the expiry week. Market has moved up from 14150 levels to nearing 15000 levels in 4 – 5 sessions.

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Singhvi highlights that due to rising corona cases, short sellers are not squaring off their positions and creating new short positions in the market. Due to expiry, short sellers are trapped and fresh buying in the markets is taking the Nifty further up. Also, Short covering in the markets is taking Nifty up. 

Also, Asian markets are seeing strong recovery, Hong Kong markets are strong, Dow Futures are trading in green. Singhvi said markets are trading at higher end and traders can book profit at these levels. Singhvi said that markets have broken the trading range and traders should trail their stop-losses now to protect their profits.

Singhvi said 14900 – 15100 is the range where markets can see profit booking. Liquidity is an important factor to monitor and it is important to understand that when liquidity is strong, markets will continue to move further up. So, it is important to monitor FII Numbers from tomorrow as well. Also, Corona numbers and Global Markets are key monitarables. Singhvi said that above 15000 levels, markets will see 15050 – 15100 and below 15000, markets may see 14900 – 14950.