Stock Market Outlook with Anil Singhvi: Market Guru reveals Nifty, Bank Nifty support range; gives 2 'biggest' triggers for Monday

Zee Business Managing Editor Anil Singhvi said that after a day off, when the market opened on Friday, May 14, there was volatility in the global market. On Thursday, May 13, the American market dipped drastically and then recovered and performed extremely well on Friday, May 14. And this was the reason, the Indian market opened against the expectations and strong numbers with 14,750 points.

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The Market Guru added that throughout the day the market performed in stress and fluctuated 100 points to end with minor losses. However, the Sensex successfully inched up 41.75 points to close at 48,732.55. The Nifty slipped 18.70 points to close at 14,677.80. “Banking shares performed in pressure today and losses were much while closing. The mid-cap and small-cap shares performed better and yielded profits, especially commodities shares, which rallied last week. Metal shares and soft commodities also minted huge profits today,” he added.

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Predicting the strategies of next week, Zee Business Managing Editor said that on Monday, the global market Dow Jones is expecting a strong rally of nearly 200 points. This means the American market can witness a strong session. So, let's see on Monday, May 17, how it performs, said Singhvi. “Rising cases of Covid-19 and the actions from FIIs are the biggest triggers,” said the Market Guru. 

Strong support on the Nifty will be 14,550 to 14,600 on the lower side. On the upper side, 14,750 to 14,825 is the range which may see profit booking. As far as the Bank Nifty is concerned, 31,700-31,800 is the support range, which will provide important support, and 32,450 and 32,750 are the range will attract profit booking," concluded the Market Guru. The coming week will be an action-packed week for the market and expected to get both sides trade.