The Indian markets are likely to trade on a positive note on Monday as good cues are expected from the US markets as well as Friday’s strong closing will propel the market, Zee Business Manging Editor Anil Singhvi said in his estimates while revealing the markets strategy for Monday.
“Nifty will support between 16,175 to 16,250. If Nifty crosses 16,425 then it will move towards 16,600. Bank Nifty will support between 35,000 to 35,100. If Bank Nifty crosses 36,000 then new bullishness will be seen,” the managing editor said
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“If there is support from the global market, the domestic markets will remain bullish and if crude oil does not cross $120, then the market sentiment will be good,” Singhvi added in his expectations.
The recent rebound shows that we’re just mirroring the global markets, especially the US and it may continue ahead as well, Ajit Mishra, VP – Research, Religare Broking Ltd said. “Besides, upcoming macroeconomic data and auto sales numbers will also be in focus.”
“On the index front, the Nifty has reached closer to the upper band of the prevailing consolidation range which is 15,800-16,400 and a decisive break would pave the way for the 16700-16800 zone.”
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The VP-Research at Religare Broking recommended market participants maintain a positive yet cautious approach and focus more on stock selection.
The Indian markets on Friday extended rebound and gained over a percent, tracking firm global cues. After the initial uptick, the benchmark drifted gradually lower however healthy traction in banking and IT heavyweights in the latter half changed the bias.
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Consequently, the Nifty50 settled around the day’s high to close at 16,352 levels. While most sectoral indices participated in the move and the broader markets too witnessed healthy traction wherein both Midcap and Smallcap gained over a percent each.
