Stock Market Outlook: Nifty, Bank Nifty support range REVEALED; Anil Singhvi says global cues, corona cases and FIIs data will be crucial

Indian share market witnessed ups and downs before closing in red on Friday. Nifty lost 38 points, while Sensex was down by 154 points on the last trading session of the week.

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Zee Business Managing Editor Anil Singhvi said, "Amid weak foreign cues, Nifty managed to close above 14,800 mark, which could be considered decent enough. However, major concern came from Bank Nifty. Closing around or below 32,500 is not good. This is due to increase in Covid 19 cases, which has affected banking and NBFC shares. Positive thing is that there was some buying interest noticed from FIIs and domestic fund houses. Amid all these developments, the stock market is trading in range-bound manner. When the indices are above the range, there is profit booking while buying action is back when it touches the lower level."
 

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The Market Guru said despite everything there is good stock and sector specific action.  

Talking about strategy for Monday, Anil Singhvi said there will be many factors that would dictate how market reacts on the first day of the next week. Corona cases, global cues and FIIs will be crucial, he said. "Nifty will very likely see profit booking above 14,975, while 14,675 and 14,750 will act as strong support for Nifty. As far as Bank Nifty is concerned, 32,000 to 32,150 will form strong support and on upper side, 33,000 to 33,175 is the range where strong profit booking can be seen," said the Market Guru.  

He said there is still good momentum in pharma shares and recommended buy-on-dips startegy for metal stocks.