The good run of Indian stock market continued even on Friday and Sensex and Nifty closed once again on their life-time highs.
Talking about the spectacular show by the Indian share market, Zee Business Managing Editor Anil Singhvi said, “I can’t remember when the stock market had a similar dream run. The market has made its life time highs on each day of the last 10 trading sessions, this week and the week before it. Of the 10 trading sessions, 7 were those when the market succeeded in closing on all-time highs. Nifty hit a life-time high of 14,367, while Sensex was also successful in breaching 48,800 mark on Friday, the best gains ever by the two indexes. Bank Nifty was slightly slow but it also closed above 32,000. Global market plus local action are helping the Indian market script history.”
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Talking about strategy for Monday, Zee Business Managing Editor said as far as next trading session is concerned, the indication will come from the global market. “How Dow Futures opens on Monday will be opening trigger. But one thing is clear that slowly and steadily market range is shifting on the upper side,” he said.
On the crucial levels of Nifty and Bank Nifty, the market guru said 14, 125 to 14,250 will act as strong support of Nifty, while on the upper side it will try to cross 14,500.
As far as Bank Nifty is concerned, the Market Guru said it is taking strong support range of 200 point from 31,700 to 31,900 and on the upper side 32,400 and 32,600 is the range that it will try to breach.
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“If we look at the market from data point of view, as far as FIIs buying interest or sentiment and trend is concerned, the mood appears upbeat. These all factors are also indicative of the point that the market could try to scale a little further in this run-up,” Zee Business Managing Editor added.