Stock Market Outlook: Anil Singhvi reveals Nifty, Bank Nifty important support range; says key indicators hinting at strength in market

Market was closed on April 2 due to Good Friday, however, on Thursday the indices managed to close on a positive note.  Nifty gained 176 points and Sensex accumulated 520 points to end the last trading session of the week on 14,867 and 50,029.

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Talking about this rally, Zee Business Managing Editor Anil Singhvi said, "On the weekly expiry day, market performed exceedingly well on the first day of FY22 and the last day of the week. The indices started on a positive note amid good indication from global markets. Market was slow in the last week due to financial year closing, but they started with a bang on the first day of FY22.  Nifty managed to close above its day's high, while Bank Nifty closed near crucial level of 33,850."

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This gain is also important as it came amid many negative news. "One, the rally came from bottom level. Second, there were not very strong global cues as Dow Futures remained flat. Third, there is also 3-day long weekend and very strong FIIs selling data on Wednesday. This rally shows confidence of traders and investors and that confidence was very much visible in broader market.  There was all-round buying seen, with small cap and mid cap shares gaining the maximum. Overall, it can be said that the stock market started the new Financial Year on a very strong note."

Talking about strategy for Monday, he said there will be several factors that will decide how market performs on Monday when it opens after three days gap. One factor will be how American market performs in the last two days and another will be FIIs data, besides confidence of traders and investors will also be something to watch out for.

As far as important levels are concerned, 14,700 to 14,750 will act as strong support zone and on upper side, it can attempt 14,950 to 15,050. Support range for Bank Nifty will be 33,150 to 33,300. It will attempt 34,350 to 34,500 once it breaches 34,150.