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What are current “make or break levels” for Nifty? Know from Anil Singhvi

Ever since the mayhem caused by coronavirus in India, that also engulfed equity markets, investors have been looking for answers. Over the last few weeks, Zee Business Managing Editor Anil Singhvi has been guiding investors with his deep insights and action plans. Today, Singhvi says that markets are at a “make or break” level, but there are strong undercurrents present. There is a diversion between the two realities – one rising number of coronavirus cases in India and another markets still doing well with Nifty hovering around 9200 mark, he added.

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The performance of Nifty has been good, he said. The market movement indicates one thing clearly, which is less reaction on bad news while there is strong upswing on good news, Anil Singhvi said.

Though the US saw the highest single day deaths of around 2400 people on Tuesday, number of new cases are coming down. Notably, the US markets fell by a whopping 10 per cent on Tuesday.

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The Nifty is trading at a very important level between 9100 and 9300 with three consecutive hits at 9100 levels. This is the make or break range, Anil Singhvi said. If this level is breached upwards, the Nifty can rise by another 5-10 per cent, he added indicating that the rally could be to anywhere between 9500 and 9600.

It could even reach upwards on 9800, he further said.

For Bank Nifty, 20000-20300 is the range where the market is usually stopping and if this level is breached upwards too, the levels are likely to reach between 21000 and 21500, Singhvi added.

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Anil Singhvi also said that if the market has got its base or bottom, he would be wishing for no negative closes for the next three days.

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