Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi sees support for the Nifty index coming in at 18,600-18,635 levels and a strong buy zone at 18,465-18,550 levels on Monday, June 26. For the Nifty Bank, the market wizard sees support at 43,350-43,500 levels and a strong buy zone at 43,000-43,200 levels. 

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

  • Global: Negative
  • FII: Neutral
  • DII: Negative
  • F&O: Neutral
  • Sentiment: Cautious
  • Trend: Positive

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For the 50-scrip headline index, he expects a higher zone at 18,690-18,755 levels and a strong sell zone at 18,775-18,825 levels.​ For the banking index, he sees a higher zone at 43,725-43,825 levels and a profit-booking zone at 43,875-43,975 levels.   

  • FII index longs at 53 per cent vs 53 per cent the previous day
  • Nifty put-call ratio (PCR) for all contracts at 0.93 vs 1.11
  • Nifty Bank PCR for all contracts at 0.88 vs 0.85
  • Fear index India VIX down 2.71 per cent at 11.24

ANIL SINGHVI MARKET STRATEGY

Market guru Anil Singhvi expects profit-taking at higher levels ahead of the monthly derivatives expiry amid limited support from global markets and a pause in buying by foreign institutional investors. 

Singhvi expects higher levels in the Nifty and Nifty Bank indices after 18,900 and 44,100 levels respectively. Traders need not worry as long as the gauges stay above the 18,475 and 43,000 levels on a closing basis, he adds. 

He suggests tracking news updates on Russia closely. He is of the view that for the time being, there is no major negative or positive signal for the market. He recommends exercising caution on overnight positions. 

For existing long positions:

  • Nifty intraday and closing stop loss at 18,550
  • Nifty Bank intraday stop loss at 43,300 and closing stop loss at 43,450 

For existing short positions:

  • Nifty intraday and closing stop loss at 18,900
  • Nifty Bank intraday and closing stop loss at 44,000

For new positions in Nifty:

  • Sell Nifty in the 18,750-18,825 range with a stop loss at 18,900 for targets at 18,715, 18,690, 18,660, 18,635, 18,600 and 18,560
  • Buy Nifty in the 18,535-18,600 range with a stop loss at 18,450 for targets of 18,635, 18,660, 18,690, 18,715, 18,750 and 18,775

For new positions in Nifty Bank:

  • Aggressive traders can sell Nifty Bank in the 43,775-43,925 range with a stop loss at 44,100 for targets of 43,675, 43,625, 43,525, 43,450, 43,400 and 43,350
  • Aggressive traders can buy Nifty Bank in the 43,350-43,500 range with a stop loss at 43,200 for targets of 43,625, 43,675, 43,750, 43,825, 43,875 and 43,925

F&O ban update:

  • New in ban: HAL
  • Already in ban: Hindustan Copper, L&TFH, PNB, RBL Bank
  • Out of ban: BHEL

Stocks of the day: 

ICICI Securities delisting

The market wizard hopes retail investors benefit big from the planned delisting of ICICI Securities at a minimum Rs 1,000 per share. He hopes the company's management to do justice to minority shareholders. 

IdeaForge Technology IPO opens today

He recommends applying for the stock for listing gains only. He has identified the following positive and negative points about the company: 

Positives

  • Strong growth outlook
  • Market leader and first mover
  • Good names in pre-IPO investments and anchor book

Negatives

  • Management not confident about quality issues
  • Financial track record not impressive
  • Order book reduced in 2023
  • High working capital requirement
  • Valuation reasonable; not cheap, not very high

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