Stock Market Outlook: Anil Singhvi reveals Nifty, Bank Nifty support range; says global markets, Q4 results to drive street

The stock market all-and-all reported good performance in the last week. The benchmark indices on Friday managed to give a closing on positive note, but only marginally.  Nifty gained 36 points and Sensex grew by 28 points to end the last trading session of the week on 14,617 and 48,832 respectively.   

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Talking about this rally, Zee Business Managing Editor Anil Singhvi said, "Strong cues from global markets, especially US, helped Indian markets to end positive on Friday. Both Dow Jones and S&P 500 have created new record high which is eventually impacting the Asian markets, including India.” 

This was termed as a first trigger, by Singhvi, to keep market moving upwards. The second trigger was Foreign Institutional Investors returning to their buying ways and this is helping support Indian market. 

Speaking specifically about the Friday’s performance, Singhvi said, “There was quite a bull run through the whole day despite some volatility. However, it witnessed profit booking in the last 30-45 minutes on Friday. And, because of which the markets saw a weak closing on the last day of trading session this week.”  

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He affirms, Nifty ending above over 14600 is still positive sign, similarly, even Bank Nifty was strong till last few minutes of close but perhaps due to profit booking it closed below the 32000-mark. 

"This week we observed defensive sectors such as IT and Pharma had helped the bull rally," says Singhvi.  

“Pharma stocks continued their rally, and after two-three days of dullness, even IT stocks bounced back with Wipro’s spectacular quarter four results. And, even Auto stocks rallied on Friday. Whereas, for banking and financial shares it was a day for profit-booking, he explains. 

In a quick market wrap this week, Singhvi points out the market witnessed cautiousness, staleness, and alertness on the last day of the trading session this week. 

Talking about strategy for Monday, he said there will be several factors that will decide how the market performs when it opens. One factor will be how the American market performs, as Dow Futures were up over 50 points when ended Indian market were at the close. 

He mentions that two things will constantly drive the market: First, an update regarding corona cases - are they rising or declining? And second, to understand where will the FIIs go? Will there be selling or buying amid second wave concerns in the country. Besides, the banking heavyweight HDFC Bank’s Q4 results will also somehow impact the banking and financial indices. 

As far as important levels are concerned, 14,500 to 14,550 will act as a strong support zone and on the upper side, it can attempt 14,675 to 14,750. The support range for Bank Nifty will be 31,700 to 31,800 and the upper level will attempt to be in the range between 32,300 to 32,450.