Anil Singhvi Market Strategy December 23: Important levels to track in Nifty50, Nifty Bank today
Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi shares his strategy for today's session on Dalal Street. Learn more about his views on key support and resistance levels for the Nifty and the Nifty Bank, and what he makes of the market now.
Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi expects support to emerge at 23,450-23,550 levels and a stronger support zone at 23,250-23,350 levels for the headline Nifty50 index on Monday, December 23. For the Nifty Bank, he expects support at 50,175-50,375 levels and a strong buy zone at 49,800-50,075 levels.
Here's how the market guru sums up the trade setup this morning:
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Global: Positive
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FII: Negative
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DII: Positive
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F&O: Neutral
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Sentiment: Negative
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Trend: Neutral
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FII long positions at 31 per cent vs 33 per cent before the previous session
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Nifty put-call ratio (PCR) at 0.80 vs 0.91
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Nifty PCR unchanged at 0.52
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Volatility index India VIX up four per cent at 15.07
The market wizard sees a higher zone for the headline index at 23,775-23,875 levels and a strong sell zone at 23,950-24,050 levels. For the banking index, he sees a higher zone at 51,100-51,275 levels and a profit-booking zone at 51,475-51,625 levels.
ANIL SINGHVI MARKET STRATEGY
For existing long positions:
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Nifty intraday and closing stop loss at 23,500
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Nifty Bank intraday and closing stop loss at 50,450
For existing short positions:
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Nifty intraday stop loss at 23,700 and closing stop loss at 24,075
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Nifty Bank intraday stop loss at 51,000 and closing stop loss at 51,650
For new positions in Nifty50:
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Buy Nifty with a stop loss at 23,500 for targets of 23,675, 23,775, 23,850, 23,950, 24,000 and 24,050
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Aggressive traders can sell Nifty in the 23,875-24,000 range with a strict stop loss at 24,100 for targets of 23,800, 23,675, 23,625, 23,575 and 23,550
For new positions in Nifty Bank:
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Buy Nifty Bank with a stop loss at 50,500 for targets of 50,975, 51,150, 51,250, 51,475, 51,575, 51,625 and 51,775
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Aggressive traders can sell Nifty Bank in the 51,500-51,775 range with a strict stop loss at 52,000 for targets of 51,275, 51,150, 51,000, 50,775, 50,625 and 50,550
Will FIIs stop selling and start buying soon?
- On Friday, FIIs pulled out a net Rs 5,900 crore from Indian shares across the cash, stock and index futures segments`
- Recent FII trends trend has dealt a blow to market
- One can expect short-covering the market till the monthly F&O expiry
- Even some buying by FIIs on Monday will trigger a strong upmove in the market
Should you adopt a 'sell on rise' strategy?
- Traders should trim their positions on rise
- Light positions will enable them to understand new positions clearly
- Maintain light overnight positions for now
- Investors were advised to keep taking positions till Friday
- They can look for buying opportunities till the first week of January now
- A surge is expected from the second week of the month till Budget
- Banking, metal, midcap and smallcap stocks expected to see strong buying interest during a recovery
Important closing levels to track
- Resistance appears to be in the 24,050-24,200 and 51,575-51,800 ranges for Nifty and Nifty Bank respectively
- A closing above 24,075 will signal the end of weakness for Nifty50
- Similarly, a close above 51,650 will signal the end of weakness for the banking index
- Closing levels above 24,200 and 52,150 will lead to further buying in Nifty and Nifty Bank respectively
- Very strong support at 23,275-23,450 and 49,800-50,075 respectively
- It is important for the market to form a double-bottom pattern at its November 21 lows
Stocks in F&O Ban
- New in ban: RBL Bank
- Out of ban: NMDC, PVR
- Already in ban: Bandhan Bank, Manappuram Finance, SAIL, Hindustan Copper, Granules India
Stocks of the Day
Buy JSW Infra shares for targets of Rs 313 and Rs 318 with a stop loss at Rs 304
- Infra stocks offer good investment opportunity before Budget
- Pre-Budget buying expected after good correction
Buy Zomato futures for targets of Rs 285, Rs 288 and Rs 291 with a stop loss at Rs 274
Buy Swiggy shares in the cash segment for targets of Rs 605, Rs 610 and Rs 620 with a stop loss at Rs 585
- No GST imposed on food delivery platforms in council meeting
Buy Aurobindo Pharma futures for targets of Rs 1,255, Rs 1,268 and Rs 1,275 with a stop loss at Rs 1,230
- The company's UK subsidiary has received approval for a cancer drug
Buy JSW Steel futures for targets of Rs 942, Rs 935 and Rs 952 with a stop loss at Rs 912
Buy JSPL futures for targets of Rs 919, Rs 925 and Rs 935 with a stop loss at Rs 899
- A duty hike is likely amid a surge in steel imports; DGTR has notified anti-dumping investigation
Sell Dalmia Bharat futures for targets of Rs 1,770 and Rs 1,745 with a stop loss at Rs 1,825
- Chief technology officer Rajeev Bansal has resigned
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10:13 AM IST