Stock Market Outlook With Anil Singhvi: Market Guru reveals crucial support range for Nifty and Bank Nifty

As Nifty closed on 13,518 points and Sensex ended the day on 46,099 on Friday, Zee Business Managing Editor Anil Singhvi while analysing this rally said that Indian Stock Market stood strong on Friday despite a little slowdown in global market. Despite losing minor points early in the day, Indian equity benchmark indices, Sensex and Nifty, ended the week higher for the sixth consecutive week on Friday. That is a magnificent performance by all accounts.

“This strong buy reflects market’s strength and confidence. Once again new lifetime high was posted by Nifty and Sensex as former registered 13,579 points and later touched 46309 mark on Friday. Bank Nifty also showed second best closing after March 23 low, as it closed on 30,604,” the Market Guru said.

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This came at the time when Dow Futures was trading around 125 points lower. The fact that the Indian market did not give in to fear that there could be a bad session in American stock market, speaks volumes about teh strength in markets here, he said.

The Market Guru said big stocks saw good buying interests and mid cap and small cap too maintained their good show on Friday, while government companies (NTPC, GAIL, ONGC, Coal India) also infused energy in the stock market. “Overall it was a good trading session,” he said.  

From Weekly closing point of view, it was the best closing in Nifty and Sensex on Friday and given all the factors, trends indicate that market will remain strong next week, he said.  

Talking about strategy next week, Zee Business Managing Editor said It will to some extent depend on the performance of Dow Futures and how American market opens on Monday.  However, Indian market looks strong at the moment and witnessing good buying, he said.  

On crucial levels of Nifty and Bank Nifty, he said 13, 350 to 13,400 will strong support of Nifty, while on the upper side 13,600 to 13,650 will be Nifty next target. As far as Bank Nifty is

concerned, the market Guru said 30,200 to 30, 350 will be the range that will act as crucial support and once it crosses 30,800 to 30,825, it will try to attempt 31,000 to 31,300. 

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