Anil Singhvi strategy July 17: Important levels to track in Nifty, Nifty Bank today

Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi sees support for the Nifty headline index coming in at 19,500-19,525 levels and a strong buy zone at 19,400-19,440 levels on Monday, July 17. For the Nifty Bank, he expects support at 44,550-44,675 levels and a strong buy zone at 44,325-44,450 levels.

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

• Global: Positive

• FII: Positive

• DII: Negative

• F&O: Neutral

• Sentiment: Positive

• Trend: Positive

The market wizard expects a "blue sky zone" in the Nifty above 19,600. For the banking index, he sees a higher zone at 45,000-45,125 levels and a strong sell zone at 45,175-45,300 levels.

• FII index longs at 70 per cent vs 69 per cent
• Nifty put-call ratio (PCR) on a higher side, at 1.34 vs 1.11
• Nifty Bank PCR at 0.86 vs 0.78
• Fear index India VIX down 2.5 per cent at 10.68

ANIL SINGHVI MARKET STRATEGY

17th July Strategy : आज की स्ट्रैटेजी

#FirstTrade #MarketStrategy #TradingTips #Nifty #BankNifty

Zee Business LIVE- https://t.co/jJTokIySMI pic.twitter.com/UWxiodiUNy

— CA Anil Singhvi Zee Business (@AnilSinghvi_) July 17, 2023

Singhvi suggests a 'buy on dips' strategy and adds that only a close below 19,300 should be considered a sign of weakness. He is of the view that investors should use earnings to explore buying in IT stocks.

For existing long positions:

• Nifty intraday stop loss at 19,400 and closing stop loss at 19,300

• Nifty Bank intraday stop loss at 44,450 and closing stop loss at 44,600

For existing short positions:

• Nifty intraday and closing stop loss at 19,625

• Nifty Bank intraday and closing stop loss at 45,000

For new positions in Nifty:

• Buy Nifty in the 19,440-19,525 range with a stop loss at 19,375 for targets of 19,560 and 19,590; above 19,600 Nifty in the blue sky zone

• Sell trigger in Nifty will come only if it trades below 19,300

For new positions in Nifty Bank:

• Buy Nifty Bank in the 44,550-44,675 range with a stop loss at 44,450 for targets of 44,750, 44,800, 44,850, 44,925 and 45,000

• Aggressive traders can buy Nifty Bank with a strict stop loss at 44,500 for targets of 44,925, 45,000, 45,075, 45,125, 45,175, 45,225, 45,300 and 45,350

• Sell Nifty Bank in the 45,075-45,225 range with a stop loss at 45,425 for targets of 45,000, 44,925, 44,850, 44,750, 44,675, 44,625 and 44,550

Stocks in F&O ban:

• New in ban: RBL Bank
• Out of ban: India Cements, Zee Entertainment
• Already in ban: Delta Corp, Hindustan Copper, Manappuram Finance, Indiabulls Housing Finance, PNB

Stock of the day:

Sell Bandhan Bank with a stop loss at Rs 228 for targets of Rs 215, Rs 210 and Rs 206

• Very weak results on all parameters
• NII, NIM, profit below estimates
• Weak asset quality
• Stock down from Rs 270 to Rs 215 in last three months

Results review:

Avenue Supermarts

• Margin and profit below estimates
• Management commentary on outlook very strong

Netweb Tech IPO preview:

• Apply for big listing gains and for the long term

Positives

• Promoters' background strong 
• Unique business model
• Strong growth outlook
• Reasonable valuations

Negatives

• Low order book
• Low capacity utilisation
• Low margin business

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