The Indian markets are likely to continue volatility mainly on foreign investors flow, crude oil, and rupee movement on Monday, Zee Business Managing Editor Anil Singhvi said in his comment in a special edition of Bazaar Agle Hafte while citing strategy for the market on Monday.
The US markets will remain closed on Monday on account of Independence Day (4th of July). The managing editor said, “Crude oil and currency market will be key monitored.”
“Nifty will support between 15,600 to 15,675 and at upper levels will support between 15,850 to 15,925. Bank Nifty will support between 33,100 to 33,200 and at upper levels will support between 33,800 to 34,000,” Singhvi further said.
The markets on Friday closed lower as Sensex fell by over 111 points or 0.21 per cent to 52,907 levels, while Nifty50 slipped by 28 points or 0.18 per cent to 15752 marks. The oil and gas segment dragged the market most post the government levied a tax on oil export.
The market analyst Ajit Mishra, who is VP – Research at Religare Broking Ltd said that markets traded volatile on Friday and ended marginally lower.
After the flat start, the benchmark plunged lower due to a sharp fall in index heavyweights, Reliance, resilience in banking and FMCG majors pared the losses as the day progressed, he added.
According to Mishra, the recent consolidation phase indicates caution citing the recent fall in the global indices. He reiterated view to focus on sectors/themes which are showing resilience and attracting buying interest on dips.
“We like auto and FMCG among the sectoral pack while a rebound in energy and metal may continue to underperform. Participants should align the positions accordingly,” the analyst said.