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 shares his strategy for todays session on Dalal Street. 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 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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