Anil Singhvi strategy June 8: 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 18,625-18,660 levels and a strong buy zone at 18,535-18,600 levels on Thursday, June 8, the day RBI Governor Shaktikanta Das-led Monetary Policy Committee (MPC) is scheduled to reveal a key decision on benchmark interest rates in the country. 

For the Nifty Bank, the market guru sees support at 44,025-44,125 levels and a strong buy zone at 43,675-43,825 levels. 

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

• Global: Neutral

• FII: Positive

• DII: Neutral

• F&O: Neutral

• Sentiment: Positive

• Trend: Positive

For the 50-scrip headline index, he expects a higher zone at 18,750-18,785 levels and a profit-booking zone at 18,810-18,885 levels.​ For the banking index, he sees a higher zone at 44,425-44,500 levels and a profit-booking zone at 44,675-44,750 levels.   

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

• Nifty put-call ratio (PCR) at 1.38 vs 1.01  

• Nifty Bank PCR at 0.95 vs 0.97 

• India VIX up 0.5 per cent at 11.44

ANIL SINGHVI MARKET STRATEGY

The market wizard highlights strong foreign fund inflows and believes a breakout in the Nifty will be confirmed after the outcome of the RBI policy review. He also sees the Nifty Bank poised to escape its current range. 

He suggests fresh buying in the Nifty Bank once the gauge crosses the 44,550 level on a closing basis. Traders need not worry as long as the Nifty and the Nifty Bank stay above 18,475 and 43,650 levels on a closing basis respectively, he adds. 

Singhvi recommends buying at important support levels and profit-taking at higher levels.  

For existing long positions:

• Nifty intraday stop loss at 18,575 and closing stop loss at 18,475

• Nifty Bank intraday with a stop loss at 43,950 and closing stop loss at 43,800

For existing short positions:

• Nifty intraday and closing stop loss at 18,825

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

For new positions in Nifty:

• Buy Nifty in the 18,600-18,665 range with a stop loss at 18,525 for targets of 18,700, 18,725, 18,750, 18,785, 18,810 and 18,885

• Aggressive traders can sell Nifty in the 18,800-18,875 range with a strict stop loss at 18,925 for targets of 18,760, 18,735, 18,700, 18,665, 18,640, 18,600 and 18,575

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 of 44,075, 44,125, 44,175, 44,225, 44,275 and 44,350

• Aggressive traders can buy Nifty Bank with a strict stop loss at 43,950 for targets of 44,325, 44,425, 44,475, 44,550, 44,675 and 44,750

• Aggressive traders can sell Nifty Bank in the 44,425-44,500 range with a strict stop loss at 44,550 for targets of 44,350, 44,275, 44,225, 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

Stocks of the day:

Buy Paytm with a stop loss at Rs 710 for targets of Rs 740, Rs 747 and Rs 755

• Strong growth momentum
• Huge cash balance of Rs 8,300 crore 
• BofA-ML increases target to Rs 885

Buy Tata Communication:

• Strong guidance on investor day
• Revenue to double in four years
• Strong growth expected in data business

Catch latest on stock market updates and minute-by-minute coverage on the RBI policy review. For all other news related to business, politics, tech, sports and auto, visit Zeebiz.com.