Stock Market Outlook: Nifty, Bank Nifty support range REVEALED; Anil Singhvi says THESE 3 reasons will drive market next week

Nifty and Sensex saw huge profit booking on Friday, forcing indices down to 14,631 and 48,782 at the close respectively on the last trading session of the week. While Nifty lost 263 points, Sensex gave up 983 points on Friday.  

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Zee Business Managing Editor Anil Singhvi said on the first day of the May series, the market saw weakness and there were several reasons behind this fall. 

"There was a mixed reaction from global market. Asian Market and Dow Futures were seen trading with weakness.  FIIs long position in the May series saw huge jump and traditionally, we have seen when this happens FIIs reduce their long positions. Another reason was Prime Minister scheduled meeting with cabinet, which led to people believing that the PM might announce more restrictions. Besides, upcoming assembly results of the 5 states on Monday, May 2, and Covid 19 cases were other triggers."

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Talking about strategy and crucial levels next week, Zee Business Managing Editor said triggers will be result of assembly elections of 5 states, likely announcement by PM Modi about new restrictions and RIL result.

"Nifty support is 14,500 to 14, 550, while on the upper side 14,800 to 14,900 will act as supply zone. Bank Nifty has already closed near its crucial support level. If the banking index slides further, it may touch 32,000 to 32, 200 levels and on the upper side 33,500 to 33,800 will be the big supply zone. However, there will be opportunity in mid cap and small cap shares," concluded the Market Guru.