Zee Business Managing Editor & Market Guru Anil Singhvi said that the last day of the week witnessed slow trading. This was because it was the closing day of the week. However, throughout the day, the market movement was action-packed. Today, again the Nifty made a new record.
This week, out of 5 days of trading sessions, the Nifty made a new lifetime high in 4 days. And now the Nifty stands at 15,733. This is the new record and the most-highest level of the Nifty, he said.
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The Market Guru added that this is obvious when the market makes record high, then few possibilities are natural. If the market goes one way, then it is obvious and this is what is happening. The market was revolving around the important support level. The important support level was 15,625 and till the time of closing, it was at 15,670. So, the closing was not that bad. There were few big losses but the Bank Nifty closed at 35,291.
The Sensex also closed with minor corrections. The action outside the index was at its fullest. The Nifty made the new high during the daytime, but the mid and small caps’ stocks not only made new highs during the daytime but after the closing as well. The mid and small caps shares rallied the most. The mood of the market was robust, he added.
अगले हफ्ते बाजार की कैसी रहेगी चाल ?
कौन से सेक्टर्स देंगे बाजार को सहारा?
— Zee Business (@ZeeBusiness) June 4, 2021
He further added that the coming week will be interesting and important. The results season is ending. Small companies’ results are still coming but not major ones. So, the markets will be depending on the stock-specific actions and global markets’ moods.
Predicting the strategies for next week, Zee Business Managing Editor said for Monday, the starting will be from the global and the local markets’ movements. The Dow was 30 points down at the time of closing of the Indian markets. The global market was subdued. So, the global market movements will be an indication on Monday. Technically, the market is strong, closed at a record high. So, there is nothing to worry about.
He added that apart from FIIs data, the COVID cases are coming under control. Overall, triggers are strong. Strong support on the Nifty will be 15575 to 15625 on the lower side. On the upper side, 15775 to 15800 is the range. As far as the Bank Nifty is concerned, 34900-35100 is the support range.