Stock markets ended the last day of the week in green with Nifty and Sensex gaining 69.90 points (0.44%) and 226.04 points (0.43%) respectively. The two benchmark indices closed on Friday at 15,860.35 points and 52925.04 on Friday.
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Talking about it, Zee Business Managing Editor Anil Singhvi said that it was yet another good trading day. “Though it was last day of the week, but it was first day of the July series too. If we look into last 7, 8 years, July series has been known for a big and positive move, except for one occasion when there negative move of 5 to 6 per cent. Also, a lot of shorts ended with June series and triggers that were needed to push the market on Friday came from global market. Banking stocks led the recovery, which was backed by metal stocks and auto shares. Amid everything, Nifty’s closing of 15,860 is its second-best closing, while Sensex at 52925 closed on life-time high basis. Bank Nifty too closing around 35,375 is also a very good closing. Good thing was that Nifty managed to close above 15,800 level after a long time. The markets also saw action not only in large cap shares but mid cap and small cap also performed well.”
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Talking about strategy for next week. He said as far as Monday is concerned, American market can play a crucial role as Dow Futures was trading above 110 points during closing of Indian markets. The first day of July series will be also important from funds data point of view. On Monday, 15,800 will act as immediate support for Nifty. Gradually, the range will shift on the upper side as the index attempts 16,000 mark. “15,700 to 15,750 will act as strong support for Nifty. Nifty’s life time high of 15,900 can pose a little resistance on the upper side. 15,700 to 16,000 will be crucial for Nifty for the next week. Either side of this level will trigger around 150 to 200 points move. As far as Bank Nifty is concerned, 35, 650 to 35,800 will be small level that will test the banking index. Immediate support for Bank Nifty will be 34,900 to 35,000,” said the market Guru.
He said the action we saw in small cap and mid cap shares today will also be very much likely visible in the next week.