Stock Market Outlook: Anil Singhvi explains strategy, gives trends for Nifty and Bank Nifty
Stock Markets ended in green on Friday with Nifty closing at 15,174.80, rising by 76 points while BSE Sensex ended the day at 51,279.51, going up by over 254 points. The Markets are closed on Thursday on account of Maha Shivratri. What should the investors and traders expect when they open on Friday? Zee Business Managing Editor Anil Singhvi gives the complete picture
The markets ended in the green on Friday with Nifty closing at 15,174.80, rising by 0.5 per cent or over 76 points while the BSE Sensex ended the day at 51,279.51, going up by over 254 points or 0.5 per cent. The Markets are closed on Thursday on account of Maha Shivratri. What should the investors and traders expect when they open on Friday? Zee Business Managing Editor Anil Singhvi gives the complete picture.
At the time of the closing of Indian markets on Wednesday, the Dow Futures were trading up by over 200 points from their previous closing. The Indian Markets are closed on Thursday so when they reopen on Friday, their movement would depend upon how the Dow Futures are trading then.
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The investors should see how the Dow Futures have performed on Wednesday at closing time, on Thursday and on Friday, the Market Guru said.
One thing is given, and which is that the Indian markets are trading strongly, he further said. The important support levels for the traders is between 15,000 and 15,100 for Nifty. He said that there is slight resistance at levels between 15,250 and 15,300. If this level is breached, Nifty will try to reach 15, 431. The lifetime high till now is 15,314 for Nifty.
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As for Bank Nifty, this index is gradually trying to cross 36,000. This 200-point range will act as a strong support for Bank Nifty on Friday. The strong support is in between 35,500 and 35,550. If it crosses 36,200, then Bank Nifty could go up to 36,450-36,500. This is the range where the investors could book profits and if you are an aggressive trader you can short your positions too, the Managing Editor said.
All one needs is that there are no adverse changes in the global markets.
He said that there could be a two-way trade on Friday and if the markets open with a gap on either side, there will be an opportunity for opposite trade.
If you are trading in stocks then pick good ones and continue trading aggressively, Singhvi said.
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01:56 PM IST