Stock Market Outlook: Anil Singhvi REVEALS Nifty, Bank Nifty support range; says traders, FIIs and DIIs data will be crucial on Monday
The Sensex and the Nifty closed at 52,474 and 15,799, respectively.
Zee Business Managing Editor Anil Singhvi said that the markets made a huge record on the last day of the week. The Nifty is now consistent in making records for the past two weeks, he quips. The Nifty, Midcaps, and Small caps index are already making records. But this time it is special as along with these, the Sensex has also recorded a lifetime high. During the daytime, the Sensex and the Nifty made new records. Intraday records were also made.
Singhvi said that the closing for both the Sensex and the Nifty was at the highest levels. The Sensex and the Nifty closed at 52,474 and 15,799, respectively. All this happened when the global market was not that supportive. FIIs aggressive buying, declining COVID cases, markets' strong trends, relaxed traders are some of the important triggers for this record.
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He further added that the mid and small caps, however, witnessed selective actions. And in sectorial trading, pharma shares rallied high, whereas metal shares geared up for a strong rally. It is expected that the metal shares will perform extremely well next week. Overall, the buying momentum is up, and for every dip, traders are ready to buy.
Predicting the strategies for next week, Zee Business Managing Editor said that the strong support on the Nifty will be 15,675 to 15,750 on Monday. For the upper level, 15,900 to 16,000 is the range which may see profit booking. The Market Guru has asked to take a cue from the global markets. At the time of the closing of the Indian market, the American future was trading slightly Green. On Monday, many Asian markets are closed. Expectation will be more from the Dow.
The big question here is that the market touched the record high and for overall buying, who were the biggest contributors: traders or FIIs, or DIIs? This can be a trigger for the next week, Singhvi said. He added that overall, the market is strong. The mid and small caps are bullish. Global market participation, stability, and traders' strong move are the important triggers for the market next week.
For the Nifty Bank, 34700-34800 is the strong support range, and in the 35,400-35,600 range, there is a slight interruption, he added.
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