Anil Singhvi’s strategy next week: Market Guru reveals crucial support range for Nifty, Bank Nifty

Riding high on global cues, both Nifty and Sensex continued their dream run to close at 13,760 and 46,960 points respectively on Friday. Zee Business Managing Editor Anil Singhvi said that despite correction, markets still succeeded in closing at their life-time highs even on the last trading day of the week.  

“Amid ups and downs on Friday, the market closed in green after making good recovery from lower level. It was a historic week for the Indian market as it made new highs every trading day of the last week.  13,760 is the highest closing of Nifty so far and even Sensex managing to close at 46,960 is also its life-time high,” Zee Business Managing Editor said.  

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“Bank Nifty ended the day with moderate weakness by closing at 30,714 after losing 132 points on Friday. However, Good recovery in Reliance in last few minutes and support from IT shares were highlights of the Friday’s trading session. There is multi-corner buying witnessed in the market, sectoral churning is going on and minor profit booking was also seen in cash market stocks. FIIs continue to show their buying interest, global market is also stable. Technically, market is strong,” said the Market Guru.

Talking about strategy for Monday, Zee Business Managing Editor said as far as next week is concerned, then indications from global market should be looked at closely. “How Dow Futures opens on Monday will be opening trigger, however, later in the day, Indian market will trade on its own capabilities, which appear very strong at the moment,” he said.

On crucial levels of Nifty, the Market Guru said 13,600 to 13,650 will act as strong support, while on the upper side if it crosses 13,800, there will be good chance that it will attempt 13,900 and even 14,000 mark.  

As far as Bank Nifty is concerned, the Market Guru said 30,350 to 30,500 will be the support range and on the upper side 30,900 and 31,000 will pose minor resistance and if it succeeds in breaching the same, further rally will be seen on index.

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