Stock Markets on Monday – Anil Singhvi gives Nifty, Bank Nifty support levels, key indicators when markets reopen

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The stock markets ended the week with a bank as both BSE Sensex and NSE Nifty 50 touched their record highs. Nifty gained by almost 116 points to end the day at a lifetime high of 16,529.10 while the Sensex ended up almost 593 points to settle at 55437.29. Nifty Bank also climbed 232 points to close at 36169.35.

The Foreign Institutional Investors (FIIs) purchased Indian Equities worth Rs 819.77 cr. Meanwhile, the Domestic Institutional Investors (DIIs) bought Indian equities worth over Rs 149 cr.

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Zee Business Managing Editor Anil Singhvi said the last trading session was quite eventful as the stock markets traded strongly.  The markets started on a slow note only to pick up later, Singhvi said. He said that Nifty breached the 16,400 mark for the first time and carried on from there. He said that the life highs for Nifty is now recorded at 16,543.

Though the bank Nifty is still at some distance from its life time highs.

The only worry was mid cap and small cap stocks, which saw profit booking, the Managing Editor said.

The Global market cues were strong which were the reasons for domestic bourses seeing a great momentum. There are also indications now of buying by the FIIs and DIIs. Markets were also exhibiting oversold and short positions which triggered the upward movement, the Managing Editor said.

On Monday, when the Markets reopen, cues will definitely come from the US markets, Singhvi said.

Anil Singhvi Nifty Support Zone – The Managing Editor said that 16,350-16,400 will be a strong support zone. The Nifty will try to reach levels between 16,600 and 16,700.          

 Anil Singhvi Bank Nifty Support Zone – As for Bank Nifty, the support is at levels around 35,800. If it manages to stay around 36,300, the next levels that it may proceed towards is 36,700.

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If the Global cues remain weak during the opening session, there will be opportunity of buying at support levels, Singhvi said.  



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