Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi sees support for the Nifty index coming in at 18,755-18,800 levels and a strong buy zone at 18,650-18,715 levels on Wednesday, June 28. For the Nifty Bank, the market wizard sees support at 44,000-44,075 levels and a strong buy zone at 43,775-43,925 levels. 

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

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

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For the 50-scrip headline index, he expects a higher zone at 18,850-18,900 levels and a profit-booking zone at 18,950-19,025 levels.​ For the banking index, he sees a higher zone at 44,275-44,350 levels and a profit-booking zone at 44,425-44,500 levels.   

  • FII index longs 60 per cent vs 53 per cent the previous day, on higher side
  • Nifty put-call ratio (PCR) at 1.21 vs 0.93
  • Nifty Bank PCR at 1.46 vs 0.84
  • Fear index India VIX down five per cent at 10.78

ANIL SINGHVI MARKET STRATEGY

The market wizard highlights that strength in midcap and smallcap segments, and the Nifty Bank has backed the spike in the market amid strong buying by foreign institutional investors.

The Nifty Bank PCR appears to be in the overbought zone and traders must exercise caution at higher levels, he says. 

Singhvi believes that one can expect even higher levels if the Nifty and the Nifty Bank close above the 18,900 and 44,500 levels respectively. 

For existing long positions:

  • Nifty intraday and closing stop loss at 18,640
  • Nifty Bank intraday stop loss at 43,950 and closing stop loss at 43,600

For existing short positions:

  • Nifty intraday and closing stop loss at 18,900
  • Nifty Bank intraday and closing stop loss at 44,500

For new positions in Nifty:

  • Buy Nifty with a stop loss at 18,690 for targets of 18,850, 18,875, 18,900 and near 19,000
  • Aggressive traders can sell Nifty in the 18,875-18,950 range with a strict stop loss at 19,025 for targets of 18,825, 18,800, 18,775, 18,755 and 18,715

For new positions in Nifty Bank:

  • Buy Nifty Bank with a stop loss at 43,950 for targets of 44,175, 44,225, 44,275, 44,350, 44,425 and 44,475
  • Aggressive traders can sell Nifty Bank in the 44,350-44,500 range with a strict stop loss at 44,600 for targets of 44,275, 44,225, 44,175, 44,125, 44,075 and 44,025

F&O ban update:

  • New in ban: L&T Finance Holdings, Manappuram
  • Already in ban: None 
  • Out of ban: Hindustan Copper, RBL Bank

Stock of the day: 

Buy Tata Motors futures with a stop loss at Rs 567 for targets of Rs 577, Rs 581 and Rs 585

  • Domestic CV business strong
  • JLR retail business strong in May 2023
  • CLSA raised target price from Rs 624 to Rs 690

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