Anil Singhvi Market Strategy July 10: 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 24,275-24,325 levels and a strong buy zone at 24,175-24,235 levels on Wednesday, July 10. 

For the Nifty Bank, he expects support to come in at 52,175-52,300 levels and a strong buy zone at 51,850-52,000 levels.

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

• Global: Positive

• FII: Positive

• DII: Positive

• F&O: Neutral

• Sentiment: Positive

• Trend: Positive

• FII long positions at 84 per cent

• Nifty put-call ratio (PCR) at 1.28 vs 1.18 the previous day

• Nifty Bank PCR at 0.69 vs 0.71

• India VIX up 3.4 per cent at 14.28

He sees a higher zone for the headline index at 24,475-24,525 levels and a "blue-sky zone" above 24,525. 

For the banking index, he expects a higher zone at 52,750-52,875 levels and a strong sell zone at 52,975-53,100 levels.

EDITOR’S TAKE | Strong support for Nifty50 at 24,200-24,325 

• Global signals strong
• Good inflows by FIIs and DIIs
• Nifty50 staged a decent breakout on Tuesday
• Buying to intensify once Nifty50 sustains levels above 24,500
• Keep buying on dips till Budget
• Strong support for Nifty50 exists at 24,200-24,325 levels
• Make-or-break session for Nifty Bank
• Pharma stocks to continue to be strong 
• Some profit-booking possible in metal stocks
• Buy midcap & smallcap stocks selectively

ANIL SINGHVI MARKET STRATEGY   ​

For existing long positions:

• Nifty intraday and closing stop loss at 24,275

• Nifty Bank intraday and closing stop loss at 52,150

For existing short positions:

• Nifty intraday stop loss at 24,525 and closing stop loss at 24,450

• Nifty Bank intraday stop loss at 52,825 and closing stop loss at 53,125

For new positions in Nifty50: 

• The best range to buy Nifty is 24,275-24,365 with a stop loss at 24,165 for targets of 24,400, 24,430 and 24,475; above 24,525, one may hold their long positions with a trailing stop loss

• Sell Nifty with a stop loss at 24,450 only if it trades below 24,275 

• Very aggressive traders can sell near 24,500 with a strict stop loss at 24,550

For new positions in Nifty Bank: 

• Aggressive traders can buy Nifty Bank in the 52,175-52,300 range with a strict stop loss at 51,950 for targets of 52,375, 52,425, 52,500, 52,575, 52,650, 52,725, 52,800 and 52,875

• The best range to sell Nifty Bank is 52,825-52,975 with a stop loss at 53,125 for targets of 52,750, 52,675, 52,600, 52,525, 52,425, 52,375, 52,300 and 52,250

Stocks in F&O ban

• New in ban: Balrampur Chini, IEX
• Out of ban: Hindustan Copper
• Already in ban: Chambal Fertilisers, Indus Towers, GNFC, Bandhan Bank, Piramal Enterprises, AB Fashion, India Cements

Stocks of the Day

Buy Supreme Industries shares with a stop loss at Rs 5,975 for targets of Rs 6,075, Rs 6,150 and Rs 6,200

• Jefferies has raised its target for the stock to Rs 6,700 from Rs 5,390

Buy GMDC shares with a stop loss at Rs 400 for targets of Rs 430, Rs 435, Rs 450 and Rs 475

• GERC approval to amendments to PPA will help in rare earth exploration
• Company recently announced Rs 3,000 crore capex for rare earth

Buy BEL futures with a stop loss at Rs 330 for targets of Rs 340, Rs 345 and Rs 354

• UP government announced Rs 25,000 crore defence corridor for exports
• BEL major beneficiary of PLI in telecom, defence and electronics
• Order book strong 
• Best Budget play

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