Covid-19 cases in the country have been declining and Indian markets are taking support from global cues. On Friday, Zee Business Managing Editor Anil Singhvi decoded this pattern and said there are good possibilities that market will soar further.

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Market Guru cited three reasons behind it-- decreasing Coronavirus cases, strong global market and continuous positive closing signs on Nifty that is above 14,900 and near 15,000 mark.

 

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"First, the decrease in corona cases as it has been recorded below the 3 lakh mark for last few consecutive days. The market is getting comfortable that the worst phase of corona has passed and now cases above 4 lakh will not be recorded. The situation will gradually come under control and the death rates will also decline," he said.

Discussing the other triggers Singhvi said that the second comfort is from the global market. "Global market is volatile and it is right as after a positive trend if there is a change in indications from the commodity market, currency market then volatility will increase. So now we have moved towards the volatile session which will remail for a few days," he added.

 

The third reason the market is fundamentally strong at around 15,000 mark and has given closing above 14,900 mark continuously, Singhvi said.

He said "There is only one negative thing which also includes a bit positivity that is the Foreign Direct Investor (FIIs) have not yet made their mood of buying. Even the domestic funds are not investing much."

"This time retail, PMS have proved to be stronger than FIIs and domestic investors, but the market is not habituated to see this type of trend where the retail is stronger than investors," he added.

The Market Guru said that if the global market remained strong for a long time, corona cases kept on decreasing and the market remained above 15,000 mark then FIIs will have to remove the short position and domestic investors will also have to invest.