Anil Singhvi strategy November 3: Important levels to track in Nifty, Nifty Bank today

Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi sees support for the headline Nifty index emerging at 19,075-19,125 levels and a strong buy zone at 18,975-19,050 levels on Friday, November 3. For the Nifty Bank, he expects support at 42,775-42,875 levels and a strong buy zone at 42,600-42,700 levels.

Here's how Anil Singhvi sums up the market setup:

• Global: Positive

• FII: Negative

• DII: Positive

• F&O: Positive

• Sentiment: Positive

• Trend: Neutral

Singhvi expects a higher zone for the Nifty50 at 19,225-19,285 levels and a profit-booking zone at 19,340-19,435 levels. For the banking index, he sees a higher zone coming in at 43,350-43,550 levels and a strong sell zone at 43,725-43,875 levels.  

ANIL SINGHVI MARKET STRATEGY

Singhvi suggests buying at the very first support levels in case of some weakness after a strong gap-up opening on Dalal Street, amid signs of a short-term top in bond yields, the dollar index and crude oil, and of short-covering by FIIs. He expects strength in the banking stocks to return, and midcap and smallcap shares to rise further in the domestic market and advises continuing with a 'buy on dips' strategy till Diwali. 

The market wizard sees strong support coming in at 18,975-19,075 and 42,600-42,800 levels for the Nifty and the Nifty Bank, and expects a recovery to continue all the way till 19,250-19,350 and 43,725-43,875 levels, respectively.

• FII index long positions at 16 per cent vs 15 per cent the previous day

• Nifty put-call ratio (PCR) at 1.01 vs 0.82

• Nifty Bank PCR at 0.86 vs 0.91

• Fear index India VIX down 8.07 per cent at 11.08

For existing long positions:

• Nifty intraday stop loss at 18,975 and closing stop loss at 19,050

• Nifty Bank intraday stop loss at 42,600 and closing stop loss at 42,700

For existing short positions:

• Nifty intraday and closing stop loss at 19,250

• Nifty Bank intraday and closing stop loss at 43,350

For new positions in Nifty:

• Buy Nifty with a stop loss at 19,050 for targets of 19,225, 19,275, 19,340, 19,365, 19,385 and 19,435

• Aggressive traders can sell Nifty in the 19,340-19,435 range with a strict stop loss at 19,500 for targets of 19,285, 19,235, 19,200, 19,175, 19,150 and 19,125

For new positions in Nifty Bank:

• Buy Nifty Bank with a stop loss at 42,700 for targets of 43,150, 43,275, 43,350, 43,400, 43,550 and 43,725

• Aggressive traders can sell Nifty Bank in the 43,500-43,700 range with a strict stop loss at 43,900 for targets of 43,400, 43,350, 43,275, 43,150 and 43,050

F&O ban update

• New in ban: GNFC
• Out of ban: None
• Already in ban: None

Stocks of the day:

Buy Tata Motors futures with a stop loss at Rs 632 for targets of Rs 648, Rs 655 and Rs 662

• Strong results on all parameters
• Guidance for H2 is even stronger

Buy JK Lakshmi Cement shares with a stop loss at Rs 670 for targets of Rs 682, Rs 690 and Rs 698

• Best results in cement sector so far
• Strong operational performance

Buy Ratnamani Metals shares with a stop loss at Rs 2,760 for targets of Rs 2,865, Rs 2,880 and Rs 2,900

• Strong results
• Operational performance and margins much better than estimates

Result review:

Gujarat Gas

• Results better than estimates on all parameters
• Good growth in volume up 22 per cent

Concor

• Results better than estimates
• Strong operational performance

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