Anil Singhvi strategy June 9: Important levels to track in Nifty, Nifty Bank today
Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi shares his strategy for the June 9 session, a day after the RBI announced a status quo on the repo rate as well as policy stance following a bi-monthly meeting. Check out his take on key support and resistance levels for the Nifty and the Nifty Bank, and how he views the market.
Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi sees support for the Nifty index coming in at 18,575-18,625 levels and a strong buy zone at 18,465-18,535 levels on Friday, June 9, a day after the RBI left the repo rate and the policy stance unchanged after a bi-monthly meeting.
For the Nifty Bank, the market guru sees support at 43,800-43,925 levels and a strong buy zone at 43,525-43,675 levels.
Here's how Anil Singhvi sums up the market setup:
-
Global: Positive
-
FII: Negative
-
DII: Neutral
-
F&O: Neutral
-
Sentiment: Positive
-
Trend: Positive
For the 50-scrip headline index, he expects a higher zone at 18,660-18,690 levels and a profit-booking zone at 18,725-18,775 levels. For the banking index, he sees a higher zone at 44,175-44,275 levels and a strong sell zone at 44,350-44,475 levels.
-
FII index longs at 48 per cent vs 50 per cent the previous day
-
Nifty put-call ratio (PCR) for all contracts at 1.06 vs 1.38
-
Nifty Bank PCR (all contracts) at 0.77 vs 0.95
-
Fear index India VIX down 1.62 per cent at 11.26
ANIL SINGHVI MARKET STRATEGY
The market wizard recommends buying at key levels and profit-booking at higher levels. 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 says.
For existing long positions:
-
Nifty intraday and closing stop loss at 18,475
-
Nifty Bank intraday stop loss at 43,950 and closing stop loss at 43,675
For existing short positions:
-
Nifty intraday and closing stop loss at 18,800
-
Nifty Bank intraday and closing stop loss at 44,550
For new positions in Nifty:
-
Buy Nifty with a stop loss at 18,475 for targets of 18,660, 18,690, 18,725, 18,775 and 18,810
-
Aggressive traders can sell Nifty in the 18,725-18,775 range with a strict stop loss at 18,825 for targets of 18,700, 18,665, 18,635, 18,615, 18,575 and 18,535
For new positions in Nifty Bank:
-
Buy Nifty Bank in the 43,675-43,825 range with a stop loss at 43,600 for targets of 43,925, 43,975, 44,025, 44,075, 44,125 and 44,175
-
Aggressive traders can buy Nifty Bank with a strict stop loss at 43,775 for targets of 44,075, 44,125, 44,175, 44,275, 44,325, 44,425 and 44,475
-
Aggressive traders sell Nifty Bank in the 44,275-44,425 range with a stop loss at 44,550 for targets of 44,200, 44,125, 44,075, 44,025, 43,925 and 43,825
F&O ban update:
- New in ban: None
- Already in ban: Indiabulls Housing Finance, Manappuram
- Out of ban: India Cements
Stock of the day:
IEX
- Danger of weak fundamentals; investors must exercise caution
- Price discovery to end
- Monopoly to end
- Market share to be impacted
Catch latest stock market updates here. For all other news related to business, politics, tech, sports and auto, visit Zeebiz.com.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Power of Compounding: How many years will it take to reach Rs 3 crore corpus if your monthly SIP is Rs 4,000, Rs 5,000, or Rs 6,000
Power of Compounding: Salary Rs 25,000 per month; is it possible to create over Rs 2.60 crore corpus; understand it through calculations
Reduce Home Loan EMI vs Reduce Tenure: Rs 75 lakh, 25-year loan; which option can save Rs 25 lakh and 64 months and how? Know here
Top 7 Large and Mid Cap Mutual Funds with Best SIP Returns in 5 Years: No. 1 fund has turned Rs 15,000 monthly SIP investment into Rs 20,54,384; know about others
New Year Pick by Anil Singhvi: This smallcap stock can offer up to 75% return in long term - Check targets
PSU Oil Stocks: Here's what brokerage suggests on these 2 largecap, 1 midcap scrips - Buy, Sell or Hold?
09:40 AM IST