Stock Markets on Monday – Anil Singhvi gives important NIFTY LEVELS, top triggers; ICICI Bank, TCS to be MONEY MAKING buys – See Details

The Indian Stock Markets witnessed sharp decline on Friday amid weak global cues. NSE Nifty 50 fell by over 118 points or 0.71 per cent to settle at 16,450.50. Meanwhile, the BSE Sensex ended at 55,329.32, down by over 300 points or 0.54 per cent. Nifty Bank fell by over 520 points on the last trading session of this week to settle at 35,033.85.

Barring the FMCG sector, most other sectors saw selling pressure. The Foreign Institutional Investors (FIIs) sold Indian Equities worth Rs 2287 cr while the Domestic Institutional Investors (DIIs) purchased Indian equities worth Rs 119 cr.

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Zee Business Managing Editor Anil Singhvi said that the domestic markets which reopened after remaining closed on Thursday on account of Muharram faced weak global cues. The US markets saw significant fall on Thursday, he said.

Even the Asian and European markets saw lackluster action, the Managing Editor said. While the markets opened with a big gap, the decline which it witnessed minutes after reopening was quite significant. 

Though, the markets still held on to themselves and thanks to the FMCG stocks, the Market Guru said. It was led by Hindustan Unilever. Nestle and Britannia also chipped in.

The pressure came up from the metals and pharma sector, Singhvi said.

Even Bank Nifty did not do well.

The state of mid cap and small cap continue to be worrisome.

The only relief on Friday was from the index shares, Singhvi said.

Global Markets look weak while the traders see to reduce their positions now. It was a difficult week after making new highs during the week.

He said that the next week is also a monthly expiry week. It will be interesting to see how they perform on Monday.

Anil Singhvi’s Strategy - Nifty Support Zone – The immediate support zone for Nifty is between 16,275 and 16,375. There could be some profit booking in the zone between 16,525 and 16,600. The initial indicators will come from the global markets.

It will be important to see the data from the Futures & Options (F&O) markets. One must also watch for the FII action. Though the current data shows satisfactory show, Singhvi added. The recovery will first start from index stocks. The mid cap and small cap should be later looked at by the traders, says the Market Guru.  

Stocks to Buy – ICICI Bank - Analyst Shrikant Chouhan expects a volatile session on Monday. He recommends buying of Rs 680 call options of ICICI Bank. It is available around Rs 8.50. He puts the target price between Rs 13 and Rs15 while the stop loss at Rs 6.

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Stocks to Buy – TCS – he aid that there seems to be an overbought situation for TCS and there could be some correction. He recommends buying put option of Rs 3550 which is available at Rs 32-33. He puts the target price at Rs 50 and the stop loss at Rs 23.