Stock Markets Outlook – Anil Singhvi gives Nifty, Bank Nifty levels; Bank of India QIP, GDP numbers, auto sales data; IPO of Ami Organics, Vijaya Diagnostic Centre

Stock Markets on Monday - The stocks markets started the September Series with a bang with both the BSE Sensex and the NSE Nifty 50 touching record highs. The Sensex ended at 56,124.72 on Friday, gaining almost 175 points or 0.31 per cent from the last closing on Thursday. Meanwhile, the broader market Nifty 50 ended at 16,705.20, up almost 68 points or 0.41 per cent.

Bank Nifty ended almost flat at 35,627.80 on Friday though with a positive bias.

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Foreign Institutional Investors (FIIs) sold Indian equities worth Rs 778 cr in the domestic markets while the Domestic Institutional Investors (DIIs) bought equities worth Rs 1646.19 cr.

Zee Business Managing Editor Anil Singhvi said that, the markets started on an optimistic not on the first day of September series which was also the last day of the weekly trading session. Friday was the fourth consecutive day of record closing, the Market Guru said.

There was also great action in the mid cap and small action stocks.  

The Managing Editor has cautioned the investors to keep an eye on Dow Futures when the markets reopen on Monday.

Anil Singhvi Nifty Strategy – important levels to watch out for

There is a strong support zone for Nifty between 16,565 and 16,600. There could be some profit booking if the Nifty starts trading below 16,500. If Nifty breaches 16,725, it will try to move towards 16,800.

Anil Singhvi Bank Nifty Strategy – important levels to watch out for

He said that there is a strong support for Bank Nifty between 35,400 and 35,425. There is a resistance zone between 35,800 and 36,000.

He said that the action is back in the mid cap and small cap stocks.

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Things to watch out Next week 

- Board Meeting of Bank of India for Rs 3000 QIP regarding the issue price.
- The GDP numbers will be revealed on 31 August. There will also be a three-day Monetary Policy Committee (MPC) meeting to begin.
- Auto sales number to be declared on 1 September.
- Initial Public Offerings of Ami Organics and Vijaya Diagnostic Centre will be launched on 1 September.