Stock Market Outlook with Anil Singhvi: Market Guru reveals Nifty, Bank Nifty support range; gives 3 triggers for Monday

Stock market indices closed in green in the last session of the week. Nifty gained over 98 points, while the Sensex added 256 points to close on 14,823 and 49,206 points respectively on Friday.    

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Zee Business Managing Editor Anil Singhvi said last trading session of the week saw strong momentum. "Nifty showed good rally and gained over 100 points in the early trading session on Friday and later range-bound trading was seen. Broader Nifty saw profit booking around 14,900. However, despite correction in mid-session, Nifty managed to close above 14,800-mark. It was a good closing. Bank Nifty comparatively appeared weak and found it difficult to sustain above 33,000 level and eventually closed around 32,900. Strength in Global market, positive cues from American market and FIIs not selling their shares in cash market on week's expiry were important triggers that propelled the market. This happened despite record Covid 19 cases and cautious weekend trend usually among investors," said the Market Guru.

Except for one day, remaining 4 days saw good closing, said Anil Singhvi. "Overall, you can say FIIs buying interest, strong global market and good momentum are carrying the market forward," he said.

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Talking about strategy next week, Zee Business Managing Editor said beside FIIs data and global cues, Corona cases will be important trigger on Monday. " Important support on Nifty will be 14,725 to 14,775 on lower side as long as nothing adverse development takes place.  On Upper side, 14,925 to 14,975 is the range which may see profit booking. As far as Bank Nifty is concerned, 32,450 and 32,550 is the range which will provide important support and 33,300 and 33,500 is the range will attract profit booking.," concluded the Market Guru.