Anil Singhvi Market Outlook: Strong support for Nifty at 24,500-24,675; market guru names top stocks to ride rally

Market Guru Anil Singhvi said on Wednesday that the recovery in the market was a huge relief for investors after continued selling from FIIs (foreign institutional investors) the previous day. Singhvi does not believe there is any selling pressure from FIIs today and that the previous day’s decline was probably due to a fund redemption or other technical reasons. 

“FIIs are not showing selling pressure today, one FII may have sold yesterday due to redemptions or any other reason. Recovery is a big relief,” Singhvi said. 

He said there is no new concern as long as Nifty and Bank Nifty do not break the lows reached on Tuesday.

Key levels to look for

As per Anil Singhvi, Nifty should remain strong as long as it stays above 24675. If the Nifty breaks the prior mentioned level, fresh weakness should present. The support zone exists 24500-24675 with the profit booking range of 24950-25050.

– New weakness below: 24,675

– Support zone: 24,500-24,675

– Profit booking range: 24,950-25,050

– Strength on close above: 24,950

– Weakness on close below: 24,650

Bank Nifty levels

Bank Nifty also has critical levels today. Singhvi expects Bank Nifty will find support in the range of 54,450-54,675 and expects profit booking to take place between 54,650-54,975 and if things are tagged as weakness, below 54,675 but above 54,450 is normal based on previous movements.