Stock Markets on Monday: Global cues, FIIs on a weak ground, says Anil Singhvi; gives important Nifty, Bank Nifty levels

Stock Markets on Monday: Indian stock markets ended in the red on Friday snapping a two-day winning streak and getting weighed down by heavy profit booking. The BSE Sensex ended at 57197.15, correcting by over 700 points or nearly 1.2 per cent, while the 50-share Nifty50 index settled at 17171.95, down by 227 points or nearly 1.3 per cent.

Nifty Bank closed at 36044.75, lower by 2.2 per cent or 771 points from the Thursday closing. Selling was witnessed in the broader markets too, With Nifty Midcap 100 down nearly 1 per cent at the close.

The Foreign Institutional Investors (FIIs) sold equities worth Rs 2461 cr in the cash market while the Domestic Institutional Investors (DIIs) bought shares worth over Rs 1600 cr.

Zee Business Managing Editor Anil Singhvi said that the pressure on the Indian markets was primarily imported from the US markets which fell by nearly 350 points the previous day. As a result of this, the Indian markets opened down with a gap.

The last one-hour proved to be costly where the Nifty breached 17200 mark. Bank Nifty which has been trading weakly over the past four trading sessions prior to the Friday trading had managed to end above 36300 mark. But on Friday it could not hold up and slipped down, Singhvi said.

The pressure was because the banking stocks dragged. Profit booking was seen even in the market, the Market Guru said.

As we enter in to the monthly expiry weak amid weak global cues and FII selling, the strategy adopted by traders will be of wait and watch, he added.

Anil Singhvi Strategy in Nifty: The Monday trading session will take cues from the international markets as Indian markets are following their overseas peers. The next week is a monthly expiry week and the good thing is that markets will be light. Nifty50 will have a strong support at 16875-16825. The resistance will be between 17300 and 17375.  

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Anil Singhvi Strategy in Bank Nifty: Things look difficult for Nifty Bank. If it breaches 35900 on Monday, a down side will open for levels between 35400 and 35500. The resistance is seen at 36600-36800.

The next week will be crucial for markets, the Managing Editor opined.