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. 

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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:

  • 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
  • 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: 

  • 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
  • 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 
No stocks in F&O ban
  • New in ban: None
  • Already in ban: None
  • Out of ban: Bandhan Bank, Granules India, India Cements, Hindustan Copper

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