This post was originally published on this site

© Provided by Zee Business

Zee Business Managing Editor Anil Singhvi said that Bank Nifty made a stunning recovery after hitting levels of 27700. Bank Nifty recovered 800 points from low to close near day’s high of 28500 levels on Friday. Buying was seen across all sectors and broader markets are now participating in the rally too. Key point to notice is that when markets are strong, correction or weakness remains for a couple of days and then again, the strength of the market continues. On Friday, due to the occasion of Dhanteras, there was strong buying in the market. Some fresh buying was seen in the markets by new investors too. 

In cash markets, strong action was witnessed in mid cap and small cap segment.  

Further analysis of the data indicates, there is strong buying by FIIs in cash market, however, in futures markets they have done some profit booking. Strong results and recovery in global markets are the key reasons for recovery in the Indian markets. Global markets will have a meaningful impact on Indian markets going forward. Result season is at its fading end, so Indian markets will now move on fundamentals and will certainly follow global trends. Will the FII’s continue their buying spree going forward also will be important trigger to monitor from here on?   

See Zee Business Live TV Streaming Below:

12600 and 12625 levels will act as immediate support levels for Nifty and on the upside see 12775 to 12800 levels on Nifty. Bank Nifty is trading extremely strong, 27700 to 27900 are important support levels for Bank Nifty. Momentum on the Bank Nifty is extremely strong, 28850 to 29050 are the levels where traders can see some profit booking in Bank Nifty. Buy on Dips strategy by traders are taking the markets even higher from previously made highs.