Anil Singhvi Market Strategy August 28: 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. 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 24,875-24,975 levels and a strong buy zone at 24,775-24,825 levels on Wednesday, August 28.
For the Nifty Bank, he expects support to come in at 50,950-51,100 levels and a strong buy zone at 50,700-50,850 levels.
Here's how the market guru sums up the trade setup this morning:
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Global: Neutral
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FII: Positive
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DII: Neutral
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F&O: Neutral
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Sentiment: Positive
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Trend: Positive
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FIIs Long position 58% Vs 55%
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Nifty PCR at 1.22 vs 1.31
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Bank Nifty PCR at 0.86 vs 0.79
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INDIA VIX down by 1.2% at 13.63
The market wizard sees a higher zone coming in at 25,050-25,100 level and a "blue-sky zone" above 25,125 for the Nifty50.
For the banking index, he expects a higher zone at 51,400-51,500 and a profit-booking zone at 51,575-51,650 levels.
What do global signals suggest?
- Consumer confidence at 6-month high
- Dow at record levels for two straight sessions
- Strong moves across metals
- Crude oil steady near $79/barrel
What are FII and DII flow trends like?
- DIIs hit a pause after 16 straight days of net buying
- FIIs net buyers for four days in a row
- On Tuesday, net buying in cash, stock & index futures amounted to Rs 8,000 crore
Dalal Street ready for a fresh high?
- In a way, the market is already at a life high; a formal high likely today
- Tuesday marked Nifty's record closing high as index rose for 9 sessions in a row; FMCG, IT, pharma indices scaled peaks
- Smallcap index also clocked a high
- The pace of the rally looks promising
- There is a perfect environment for a life high
- Global markets strong; decent buying by FIIs and DIIs
- Market technically strong
Is there anything that can obstruct the rally?
- Nifty50 & Nifty Bank may see seesaw moves till monthly F&O expiry
- Some correction possible given Nifty50's 9-day winning run
- Traders can take profits near life highs
- Typically, RIL witnesses profit-taking after AGM
How to trade Nifty Bank on the F&O expiry day?
- An expiry above 51,350 may lead to higher levels
- Strong support expected at 50,800-51,000
- Expiry expected to be above 51,000
- Nifty50 remains stronger than Nifty Bank
MARKET STRATEGY
For existing long positions:
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Nifty intraday stop loss at 24,950 and closing stop loss at 24,800
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Nifty Bank intraday stop loss at 50,900 and closing stop loss at 50,800
For existing short positions:
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Nifty intraday stop loss at 25,125 and closing stop loss at 25,050
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Nifty Bank intraday stop loss at 51,500 and closing stop loss at 51,350
For new positions in Nifty50:
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The best range to buy Nifty is 24,850-24,950 with a stop loss at 24,750 for targets of 25,000, 25,040 and 25,075; above 25,125, one may hold on to their positions with a trailing stop loss
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Sell Nifty in intraday trade if it breaks below 24,950; keep a strict stop loss at 25,025 for targets of 24,875, 24,825, 24,800, 24,775 and 24,735
For new positions in Nifty Bank:
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The best range to buy Nifty Bank is 50,925-51,075 with a stop loss at 50,800 for targets of 51,150, 51,250, 51,325, 51,400, 51,475 and 51,575
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Aggressive traders can sell Nifty Bank in the 51,475-51,625 range with a strict stop loss at 51,700 for targets of 51,350, 51,275, 51,150, 51,075, 51,050 and 50,925
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New in ban: Hindustan Copper
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Already in ban: Birlasoft, India Cements, Balrampur Chini
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Out of ban: Aarti Industries, AB Fashion, Chambal Fertilisers, IEX, RBL Bank
Stocks of the Day
- Jefferies has double-upgraded Zydus Life and raised its target from Rs 1,210 to Rs 1,450
- Metals looking very strong
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02:34 PM IST