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. 

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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

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