Stock Markets on Monday – Anil Singhvi gives crucial support, resistance levels; lists these likely triggers

Zee Business Managing Editor Anil Singhvi said that the last day of the week saw great action with the Sensex hitting a 60,000 mark. Nifty50 also touched lifetime highs on the intraday and closing basis, he added. 

Meanwhile, Nifty Bank reclaimed its previous high of 38,112 in the intraday trade before settling for 37,830.30. Action was seen in the mid cap segment as well which also hit a lifetime high.

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Though some profit booking was seen later in the day. He said that 18,000 is a psychological level and some profit booking around this was only natural. Mood was slightly subdued because of the profit booking in metal sector.

It was also because Dow Futures were trading 125 points lower at the time of closing of the Indian markets. But the overall strength remains intact, he further said.

He said that the momentum in the markets is quite strong but investors must take cues from the US markets as well.

He said that the support level is gradually moving upwards.

Nifty Support Zone – He said that the immediate support zone is between 17,775 and 17,800. If the Nifty breaches this, there will be a strong buy zone at levels between 17,600 and 17,650.  

Nifty Resistance Zone – There resistance zone for Nifty is at levels between 17,950 and 18,000. The trends will pick up if the Nifty crosses 18,000 mark.

Bank Nifty Support Zone – Singhvi sad that the Bank Nifty support zone is between 37,500 and 37,700.

Bank Nifty Resistance Zone – Resistance for Bank Nifty is between 38,000 and 38,100.

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The Mid Cap and Small Cap stocks are record highs and the strength may continue though with a two way trade situation, he further said.