Anil Singhvi forecasts a mixed trading setup for Monday, with key support levels and resistance zones defined amid a cautious market trend. Analysts highlight the importance of breaking resistance to confirm a bullish reversal, while dips continue to attract buyers.
Anil Singhvi, managing editor at Zee Business, sees a mixed but still constructive setup for Monday’s trade, with the Nifty 50 likely to find support at 24,425-24,525 and stronger buying interest closer to 24,265-24,385. For the Bank Nifty, he expects support at 57,350-57,550 and a heavier buying zone at 57,050-57,250. Singhvi’s broader read on the session is neutral on global cues, foreign institutional flows, domestic institutional flows and derivatives positioning, but positive on trend.
That call comes against a backdrop of a market that has struggled to build momentum after recent weakness. Samco reported that the Nifty ended a recent August series lower after dropping more than 400 points over two sessions, erasing gains linked to optimism over tax reform, while the index closed around 24,500.90. The brokerage said the market now faces immediate support around 24,450-24,500 and resistance in the 24,700-24,800 band, with selling likely to return unless the index clears 24,800 decisively.
Other market strategists have drawn similar boundaries. According to Investing.com’s report on SEBI-registered analyst Varun Bhargav, the Nifty has been in a short-term downtrend since June, marked by lower highs and lower lows, with momentum still weak. Moneycontrol also said the index needs to move decisively above 24,700-24,750 to confirm a stronger uptrend, while support near 24,350 remains important for the near term.
For traders already holding positions, Singhvi set an intraday and closing stop loss of 24,400 on the Nifty and 57,350 on the Bank Nifty. The wider message from the range described by multiple analysts is straightforward: dips may still attract buyers, but rebounds are likely to face supply unless the indices can break and hold above their nearby resistance zones.
Disclaimer: This article is intended to inform and educate, not to recommend or endorse any financial product, investment or strategy. Please consider your own financial circumstances and seek professional advice where appropriate before making financial decisions.
