Anil Singhvi Market Strategy August 30: 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 24,950-25,050 levels and a strong buy zone at 24,800-24,875 levels on Friday, August 30.
For the Nifty Bank, he expects support to come in at 50,925-51,025 levels and a buy zone at 50,700-50,850 levels.
Here's how the market guru sums up the trade setup this morning:
- Global: Positive
- FII: Positive
- DII: Positive
- F&O: Neutral
- Sentiment: Positive
- Trend: Positive
- FII long positions at 70 per cent vs 62 per cent the previous day
- Nifty put-call ratio (PCR) at 1.42 vs 1.21
- Nifty Bank PCR at 0.83 vs 0.89
- Volatility index India VIX unchanged at 13.79
The market wizard sees a "blue-sky zone" above 25,225 for the headline index.
For the banking index, he sees a higher zone coming in at 51,275-51,375 levels and a profit-booking zone at 51,500-51,650 levels.
Is there a sign of weakness on Wall Street?
- GDP data strong, growth at 3 per cent
- GDP growth rate double compared to the previous quarter, better than expected
- Dow Jones has registered three record closing highs this week
- Barring Nvidia, Nasdaq stocks looking strong
- No sign of weakness in sight
MARKET STRATEGY
For existing long positions:
- Nifty intraday and closing stop loss at 24,950
- Nifty Bank intraday and closing stop loss at 50,900
For existing short positions:
- Nifty intraday and closing stop loss at 25,225
- Nifty Bank intraday and closing stop loss at 51,500
For new positions in Nifty50:
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The best range to buy Nifty at 24,975-25,075 with a stop loss at 24,900 for targets of 25,125, 25,150 and 25,200; above 25,225, Nifty in the blue sky zone
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Aggressive traders can sell Nifty with a strict stop loss at 25,075 if it breaks below 24,950; they can aim at targets of 24,875, 24,825, 24,800, 24,775, 24,735 and 24,700
For new positions in Nifty Bank:
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The best range to buy Nifty Bank is 50,850-51,000 with a stop loss at 50,700 for targets of 51,075, 51,150, 51,275, 51,325, 51,375 and 51,475
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Aggressive traders can sell Nifty Bank in the 51,375-51,500 range with a strict stop loss at 51,650 for targets of 51,275, 51,150, 51,075, 51,025, 50,950 and 50,850
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New in ban: None
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Already in ban: None
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Out of ban: Bandhan Bank, Granules India, India Cements, Hindustan Copper
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09:49 AM IST