Amid ups and downs, the Indian stock market managed to close on record high even on Friday. As Nifty for the first time breached 15,000-mark in intraday and Sensex also touched 51,000 market on Friday, Zee Business Managing Editor Anil Singhvi spelled out strategy for Monday and also revealed crucial support levels for Nifty and Bank Nifty.
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Talking about the splendid performance by the stock market after Union Budget 2021, Anil Singhvi said, “We did not see this kind of week after announcement of budget ever earlier in the past. Not only did the market created history this week, but all the three indices also managed to close on their life-time highs on Friday. Nifty managed to close above 14, 900, Sensex above 50,700 mark and Bank Nifty gave a closing of above 35,500.”
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Zee Business (@ZeeBusiness) February 5, 2021
He said State Bank of India led the banking stock, especially government banks, on Friday. “There is good action in shares of government companies. Breaking the las two days sluggishness, Pharma shares also registered strong show. There was good buying seen in all of these shares,” said Anil Singhvi.
The most important takeaways from today’s session were that the market managed to give a very strong closing on all the five days of this week. ” This has been probably the best five trading sessions after budget ever,” said the Market Guru.
As far as Monday’s trading session is concerned, you can expect a very good trading session as Nifty will try to cross 15,000 level and 36,000 mark will be the level that will be attempted by Bank Nifty, while Sensex will try to go past 51,000. Next week again will be very crucial from company’s result point of view.
Strong support on Nifty for Monday will be 14800, 14850, while on the upper side, it will try to go past 15,000 and attempt 15075 to 15150. For Bank Nifty, 35,000 will act as strong support and it will try to go around 36, 500 level.
Mid-cap and small cap share will rule the next week and investors can find real opportunity in them, he added.