Anil Singhvi strategy June 7: Important levels to track in Nifty, Nifty Bank today

Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi sees support for the Nifty index coming in at 18,465-18,535 levels on Wednesday, June 7. For the Nifty Bank, he sees support at 44,000-44,075 levels and a strong buy zone at 43,825-43,950 levels. 

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

• Global: Neutral

• FII: Neutral

• DII: Neutral

• F&O: Neutral

• Sentiment: Positive

• Trend: Positive

For the 50-scrip headline index, he expects a higher zone at 18,640-18,660 levels and a profit-booking zone at 18,690-18,750 levels.​ For the banking index, he sees a higher zone at 44,275-44,325 levels and a strong sell zone at 44,425-44,500 levels.   

• FII index longs at 46 per cent vs 50 per cent the previous day

• Nifty put-call ratio (PCR) at 1.01 vs 1.00

• Nifty Bank PCR at 0.97 vs 0.87

• India VIX up two per cent at 11.38

ANIL SINGHVI MARKET STRATEGY

The market wizard suggests buying at key support levels and profit-taking at higher levels. Investors need not worry as long as the Nifty and the Nifty Bank stay above 18,275 and 43,650 levels on a closing basis respectively, he says. 

One can expect a further rise once the Nifty and the Nifty Bank take out 18,665 and 44,550 levels on a closing basis respectively. 

For existing long positions:

• Nifty intraday and closing stop loss at 18,450

• Nifty Bank intraday stop loss at 43,925 and closing stop loss at 43,650

For existing short positions:

• Nifty intraday and closing stop loss at 18,675

• Nifty Bank intraday and closing stop loss at 44,550

For new positions in Nifty:

• Buy Nifty in the 18,475-18,535 range with a stop loss at 18,400 for targets of 18,575, 18,600, 18,635, 18,660 and 18,690

• Aggressive traders sell Nifty in the 18,660-18,750 range with a strict stop loss at 18,825 for targets of 18,640, 18,600, 18,575, 18,535, 18,500 and 18,475

For new positions in Nifty Bank:

• Buy Nifty Bank in the 43,825-44,025 range with a stop loss at 43,675 for targets 44,075, 44,125, 44,175, 44,225 and 44,275

• Aggressive traders buy Nifty Bank with a strict stop loss at 43,950 for targets of 44,225, 44,275, 44,325, 44,425, 44,475 and 44,500

• Sell Nifty Bank in the 44,400-44,500 range with a stop loss at 44,600 for targets of 44,325, 44,250, 44,175, 44,125, 44,075 and 44,025

F&O ban update:

• Already in ban: Indiabulls Housing Finance, India Cements, Manappuram Finance
• New in ban: None
• Out of ban: None

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