Stock Market Outlook: Anil Singhvi reveals Nifty, Bank Nifty important support range, asks investors to focus on THESE factors

Nifty and Sensex posted a strong show on Friday. While the former gained 182 points to close at 14507, the latter added 568 points and closed on 49008 points. With this, the indices also set the tempo for the April series. 

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Talking about this reversal, Zee Business Managing Editor Anil Singhvi said, "Ahead of long weekend in the view of Holi and the first day of April series, Indian stock market gave a good closing on the last day of the week. It managed to overcome the weakness of the last five days and performed exceedingly well on strong global cues. Besides minor fluctuations, the share market traded in green and gave a good closing. On one side, Nifty managed to close above 14,500, Bank Nifty also gave a closing above 33,300. Good buying action was seen amid full support from global markets. There was buying seen in all sectors and this good closing after a long time also infused confidence"

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Talking about market next week, Zee Business Managing Editor said the share market will remain closed on Monday on account of Holi and as far as Tuesday is concerned it will primarily depend on how American market performs on Friday and Monday. Besides, how Dow Futures opens on Tuesday will also be crucial. Investors will also have to keep an eye on FIIs buying data and short covering on the first day of the series.

Amid all these factors, there will be certain important support levels for Nifty and Bank Nifty on Tuesday, said the Market Guru. For Nifty, strong support range is 14,350 to 14,375 and on upper side, once it manages to go past 14,650, its next target will be 14,700 to 14,775. I would recommend profit-booking around that level, he said. "Bank Nifty will find strong support around 33,000 and on upper level, 33,850 to 34,000 range will pose small resistance," he added.