Stock Market Outlook: After remaining strong throughout the week, the Indian stock market finally succumbed to the weak global cues in the last 2-3 trading hours on Friday. NSE Nifty closed below 11,200 in fact, and that is a reason to worry, says Zee Business Managing Editor Anil Singhvi. He said that FIIs and DIIs are fishing out their money from Indian markets and if they continue to do that on Monday worse can happen. The Market Guru said that eventuality, the index may break its current support range of 10,900 to 11,050. So, next week, one needs to keep an eye on the global sentiments and how FIIs and DIIs are behaving.
Speaking on the other major triggers, Anil Singhvi said, “The Indian stock market remained strong throughout the week but the heavy selloff triggered in the last 2-3 hours of the weekend session pulled NSE Nifty below 11,200 levels. Now, it has strong support at 10,900 to 11,050 levels and till the market is above this level, the bullish trend in the market is expected to remain. However, much will depend on how the global sentiments remain on Monday and how do the FIis and DIIs behave in next week’s trading.”
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Singhvi added, “If we look at the selloff pattern in the last 2-3 hours on Friday, both FIIs and DIIs have fished out their money from the markets and that reflects their negative mood towards the Indian markets. But, still mid-cap and small-cap stocks have remained strong and their favourites as they have sold out strong shares of a particular segment.”
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Singhvi concluded by saying that how global market cues emerge will also be key for the next week.