Stock Market Outlook: Anil Singhvi reveals Nifty, Bank Nifty support range, says market is gearing up for new high and moving northward

The Sensex jumped 975 points to reach 50,540, while the Nifty inched up 269 points to close at 15,175. All sector indexes performed extremely well. The Nifty Bank gained 1,272 points to reach 34,606. On the other hand, the Nifty MID100 surged 201 points to touch 25,413. Bank shares were the top performers.

Zee Business Managing Editor Anil Singhvi said that the market performed extremely well in the last trading session of the week. The global markets are also on the road of recovery. Although at the time of closing of the Indian market, the global markets were indicating a weak signal with a dip of around 200 points, then the American markets picked up and surged by around 200 points at the time of the closing.

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The Market Guru said that the Dow Future was strong, and the markets gave a slight correction of 14,900 points. The trading session of the weekend was light and FIIs gave good shorts. Now, the monthly expiries are in the focus. The Nifty opened at around 15,000 and witnessed trading throughout the day. Surged by around 269 points, the Nifty stands at 15,175. But the Bank Nifty rallied high and gained 1,272 points to reach 34,606. Similarly, the Sensex closed at 50,540.

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“So, this was the highest level after March. Lifetime high is near and quite clear in the Nifty. There was consistency in the growth. It seemed that the Market was fearless and not worried about the global markets corrections, surging COVID-19 cases, or FIIs and closed on a 3-month high,” Singhvi added.

He further said that all the sector indexes performed extremely well, especially bank sector shares with a 4-4.5 per cent rise. Mid-cap and small-cap shares have witnessed a strong performance in the months of April and May. So, this weekend's trading session was strong and well performed.  

Talking about strategy next week, Zee Business Managing Editor said that at the time of closing of the Indian markets, the Dow Futures was trading at 7,580 points, so you can expect a good trading session on Monday, 24 May. It is also expected that FIIs will buy few shortcoming shares in today’s session.

“So, now the market is gearing up for new high and moving northward. The 15,000-15050 points will prove as strong support for the market on Monday and throughout the week,” Singhvi added.

Zee Business Managing Editor said that in the upper range, 15250-15,325, these are smaller ranges where the market can move. And if the market crosses the 15,325 range, then the market may reach a lifetime high. The closing as of now is 15,314, if the market crosses this range, then it can move towards the 15,500 and 16,000 range and can aim for new highs.

He added that the last stopping range is 15250-15325. After reaching this range, the market will witness aggressive buying, short coverings. The Bank Nifty is also gearing up from 35,500 to reach 36,000. With the results season, mid-cap and small caps shares will be action-packed. I don't see a major correction. Monday will be a good start for all!