Anil Singhvi Market Strategy August 23: 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 24,700-24,775 levels and a strong buy zone at 24,600-24,700 levels on Friday, August 23. For the Nifty Bank, he expects support to come in at 50,725-50,800 levels and a stronger support zone at 50,400-50,600 levels.

He sees a higher zone for the headline index coming in at 24,850-24,900 levels and a strong sell zone at 24,950-25,000 levels. For the Nifty Bank, he expects a higher zone at 51,075-51,175 levels and a profit-booking zone at 51,250-51,350 levels.

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

• Global: Negative
• FII: Neutral
• DII: Positive
• F&O: Neutral
• Sentiment: Positive
• Trend: Positive
• FII long positions flat at 52 per cent as the previous day
• Nifty put-call ratio (PCR) at 1.4 vs 1.24
• Nifty Bank PCR at 0.94 vs 0.92
• Volatility index India VIX down 2.5 per cent at 13

ANIL SINGHVI MARKET STRATEGY   

For existing long positions:

• Nifty intraday and closing stop loss at 24,600
• Nifty Bank intraday stop loss at 50,700 and closing stop loss at 50,350

For existing short positions:

• Nifty intraday and closing stop loss at 24,900
• Nifty Bank intraday and closing stop loss at 51,100

For new positions in Nifty50: 

• The best range to buy Nifty is 24,600-24,700 with a stop loss at 24,525 for targets of 24,735, 24,775, 24,800, 24,835 and 24,865
• Aggressive traders can sell Nifty with a strict stop loss at 24,900 for targets of 24,735, 24,700, 24,650, 24,600, 24,575 and 24,550

For new positions in Nifty Bank: 

• The best range to buy Nifty Bank is 50,550-50,725 with a stop loss at 50,375 for targets of 50,800, 50,875, 50,975, 51,075, 51,175 and 51,250
• Aggressive traders can sell Nifty Bank with a strict stop loss at 51,200 for targets of 50,875, 50,800, 50,725, 50,600, 50,525, 50,400 and 50,300

How important is today's Jackson Hole meeting?

• Fed Chairman's speech will be very important
• A big signal possible before the September policy
• All eyes on when, how much and how fast will the reductions in key interest rates be
• Profit-taking in US stocks following a one-way rally
• There has been some healthy correction on Wall Street
• No cause for concern

EDITOR’S TAKE

• Will the upmove on Dalal Street hit a pause? The market has staged a one-way rise for six sessions in a row
• Nifty50 has staged a 1,000-point recovery from its low of 23,900
• While some profit booking is important, but there won't be too much downside
• Any fall or weakness on Dalal Street will provide investment opportunities
• Participants should wait for a good entry level
• A change to enter the 24,600-24,700 range will be great
• One may also book profits near 25,000
• One can expect some resistance in Nifty Bank given its current trend of a strong day followed by a weak day and so on
• Strong support for Nifty Bank at 50,300-50,500
• Buying to gather steam after the index crosses 51,350 on a closing basis 

Stocks in F&O ban 

• New in ban: Chambal Fertilisers, IEX, RBL Bank
• Out of ban: Balrampur Chini
• Already in ban: Birlasoft, Hindustan Copper, Piramal Enterprises, GNFC, Aarti Industries, Sun TV, Granules India, AB Fashion, LIC Housing Finance, India Cements, NALCO

Stocks of the Day

Buy Ambuja Cement futures; strong support at Rs 595-610 and a higher range at Rs 650-660 

• A fantastic opportunity to buy at the buyback price
• Block deal size half of the expected level
• The stock has outperformed so far
• It has formed a strong support zone

Buy TVS Motors futures for targets of Rs 2,740 and Rs 2,755 with a stop loss at Rs 2,670 

• The auto maker has launched a new Jupiter two-wheeler
• It is expected to boost volume and market share
• UBS has raised its target for the stock to Rs 3,200 from Rs 3,000 

Buy Go Digit shares for targets of Rs 366 and Rs 370 with a stop loss at Rs 356

• Jefferies has initiated coverage with a target of Rs 420

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