Anil Singhvi Market Strategy July 23: Important levels to track in Nifty50, Nifty Bank today as India awaits Nirmala Sitharaman's 7th Budget

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.

Here is what Zee Business Managing Editor Anil Singhvi makes of the market today.

Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi expects strong support for the headline Nifty50 index to emerge at 24,350-24,435 and higher levels at 24,585-24,660 till 11 am on Tuesday, July 23, when Finance Minister Nirmala Sitharaman is scheduled to make history by presenting her seventh Union Budget in a row.

For the Nifty Bank, he expects strong support at 51,750-51,875 levels and a higher range at 52,425-52,575 levels in the same timeframe.

EDITOR'S TAKE | How market guru Anil Singhvi views Dalal Street today

Monday's relative recovery, following previous session's sharp fall, has boosted investor confidence on Dalal Street
Nifty's close above 24,500 is a sign of strength
FIIs have emerged net buyers of Rs 10,500 crore in cash & stock futures
Most investors have light positions ahead of Union Budget
Even slightly positive announcements in today's Budget can trigger a surge on Dalal Street
Brace for a big fall in case higher taxes are announced
Make a list of your favourite stocks with clear entry levels
Be brave and use opportunities to buy
Favourite sectors to bet on Budget theme: life insurance, logistics & FMCG
Buy in case of a good Budget; buy at key support levels in case of a bad Budget
Profit-booking expected in 24,800-25,000 range in case of a strong move
Nifty closing below 24,300 to be a negative signal for market
A close above 24,800 to lead to further buying
Nifty Bank closing below 52,000 to lead to more weakness
Strong moves expected if Nifty50 closes above 53,100

What to expect in today's Budget?

Budget 2024 expected to be slightly populist
Those earning low incomes and service class individuals can expect some relief
Emphasis likely on reducing fiscal deficit
Focus expected to shift from industry & rural themes to individual taxpayers
Government likely to increase allocations for its favourite sectors
Budget to contain economic reforms but fewer
Focus likely on job creation, with special emphasis to increase skilled labour roles
A mixed bag of announcements likely for Dalal Street
No increase expected in STT, LTCG, STCG taxes

Key things to watch out for

Some relief for income tax assessees falling in the slab of Rs 8-10 lakh annual income under the new regime
Insurance-related benefit likely to be increased under Section 80C of the Income Tax Act
Among Section 80C benefits, a reduction or removal of GST on life insurance premium likely
Rural demand to remain in focus
Government to continue to push for Housing for All
A boost likely for logistics space
PLI schemes to continue without major changes
Solar power to take centrestage in power sector announcements
No possibility of bringing petroleum & gas under the ambit of GST yet

10 big sectors & several shares to focus on

Budget likely to bring positive triggers for life insurers: LIC, HDFC Life, ICICI Pru, SBI Life to benefit
Solar power companies likely to get a boost: Borosil Renewable, Tata Power to benefit
No major announcements likely for fertiliser space: Profit-taking expected in Chambal Fertilisers, Coromandel, RCF, NFL
Focus on railway connectivity & logistics likely: Concor, Aegis Logistics, TVS Supply Chain to benefit
No big announcements likely for metal space
An increase in line with expectations likely in defence sector capex
Dixon and Amber to benefit from PLI schemes
Paint, electrical wire, cable manufacturers to benefit from government's Housing for All push; Asian Paints, Berger Paints, Havells, Polycab to benefit
Cement and capital goods businesses to benefit from infrastructure drive: L&T, IRB Infra, NCC, UltraTech
SEZ rules may be eased: A positive trigger for Jai Corp, RIIL, Adani Port

Important levels to track in Nifty50 & Nifty Bank

In case today's Budget contains tepid announcements and turns out to be a non-event:
- Support range for Nifty50 at 24,250-24,350; a higher range at 24,650-24,800
- For banking index, support range at 51,750-51,850 and a higher range at 52,675-52,825
In case of a mild upmove in the market:
- Strong support for Nifty50 at 24,000-24,200 followed by a higher range at 24,850-25,000 levels