Anil Singhvi Market Strategy August 16: Important levels to track in Nifty50, Nifty Bank today

Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi expects support for the headline Nifty50 index to emerge at 24,100-24,150 levels and a strong buy zone at 23,900-24,000 levels on Friday, August 16. 

For the Nifty Bank, he expects support to come in at 49,650-49,725 levels and a buy zone at 49,350-49,500 levels.

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

• Global: Positive

• FII: Negative

• DII: Positive

• F&O: Neutral

• Sentiment: Positive

• Trend: Neutral

• FII long positions at 47 per cent vs 48 per cent the previous day

• Nifty put-call ratio (PCR) at 1.14 vs 0.78

• Nifty Bank PCR at 0.75 vs 0.60

• Volatility index India VIX down 4.5 per cent at 15.44

He sees a higher zone for the headline index coming in at 24,300-24,400 levels followed by a profit-booking zone at 24,425-24,500. 

For the Nifty Bank, he expects a higher zone at 50,150-50,275 and a profit-booking zone at 50,375-50,550 levels.

What drove Wall Street stocks higher?

• US retail inflation below 3.0 per cent for the first time since March 2021
• Strong July retail sales data
• Concerns about a recession easing; Zee Business reported earlier that such concerns were overblown
• Rate cuts will be quicker and bigger than anticipated earlier
• No bad news coming from the ongoing Israel-Iran conflict
• Healthy correction appears to have completed after strong upsurge
• All global markets have staged rebounds from lower levels

EDITOR'S TAKE

• Strong buying expected mirroring global moves
• Positions in Nifty50 and Nifty Bank light after weekly expiry
• Domestic funds continue to buy into equities, although FII outflows continue for three straight days
• FII index long positions down at 47 per cent a good sign
• Oversold shares likely to stage strong moves today
• IT and metal stocks expected to surge today
• PSU, defence and banking stocks likely to see recoveries
• Downtrend to complete once Nifty50 and Nifty Bank close above 24,375 and 50,600 levels respectively
• Investors should keep picking quality stocks till August 23 from now on
• Market expected to see a surge in September
• Investors may go long on midcap and smallcap stocks 

ANIL SINGHVI MARKET STRATEGY   

For existing long positions:

• Nifty intraday and closing stop loss at 24,075
• Nifty Bank intraday and closing stop loss at 49,650

For existing short positions:

• Nifty intraday stop loss at 24,225 and closing stop loss at 24,375
• Nifty Bank intraday stop loss at 50,000 and closing stop loss at 50,600

For new positions in Nifty50: 

• Buy Nifty with a stop loss at 24,075 for targets of 24,200, 24,300, 24,335, 24,365, 24,400 and 24,475
• The best range to sell Nifty is 24,350-24,475 with a stop loss at 24,500 for targets of 24,310, 24,210, 24,185, 24,150, 24,125 and 24,100

For new positions in Nifty Bank: 

• Buy Nifty Bank with a stop loss at 49,600 for targets of 50,000, 50,150, 50,275, 50,375, 50,475, 50,550, 50,650 and 50,725
• Aggressive traders can sell Nifty Bank in the 50,375-50,550 range with a strict stop loss at 50,700 for targets of 50,275, 50,175, 50,075, 50,000, 49,900 and 49,825

Stocks in F&O ban

• New in ban: Piramal Enterprises, GNFC, NMDC
• Already In ban: Aarti Industries, Chambal Fertilisers, Sun TV, SAIL, Biocon, Granules, Bandhan Bank, PNB, AB Fashion, LIC Housing Finance, Manappuram Finance, AB Capital, IndiaMART, Birlasoft, RBL Bank and India Cements
• Out of ban: None

Results Reviews

Glenmark

• Results in line with estimates
• Stock has already rallied
• 'Buy on dips' strategy advised
• Support for futures at Rs 1,455 and a higher level at Rs 1,525

Capacite Infra

• Buy Capacite Infra shares with a stop loss at Rs 330 for targets of Rs 348, Rs 355 and Rs 360
• Results extraordinary strong 
• Operational performance strong 
• Valuations attractive 

Stock of the Day

Buy Hindalco futures with a stop loss at Rs 613 for targets of Rs 635 and Rs 644

• Aluminium has bounced back strongly in global markets
• Aluminium up for six days in a row

Buy ICICI Bank futures with a stop loss at Rs 1,155 for targets of Rs 1,180, Rs 1,190 and Rs 1,200

• A recovery on the cards for banking stocks

Buy NMDC shares with a stop loss at Rs 207 for targets of Rs 214, Rs 217 and Rs 224

• A strong bounceback expected in metal and mining stocks

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