Anil Singhvi Market Strategy July 11: 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 24,200-24,275 levels and a strong buy zone at 24,050-24,175 levels on Thursday, July 11. 

For the Nifty Bank, he expects support to come in at 51,850-52,000 levels and a strong buy zone at 51,650-51,775 levels.

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

• Global: Positive

• FII: Negative

• DII: Positive

• F&O: Neutral

• Sentiment: Positive

• Trend: Positive

• FII long positions at 80 per cent vs 84 per cent the previous day

• Nifty put-call ratio (PCR) at 0.97 vs 1.28

• Nifty Bank PCR at 0.79 vs 0.69

• India VIX up one per cent at 14.43

He sees a higher zone for the headline index at 24,375-24,450 levels and a "blue-sky zone" above 24,500. 

For the banking index, he expects a higher zone at 52,500-52,625 levels and a profit-booking zone at 52,675-52,825 levels.

Why did the market reverse intraday gains on Wednesday?

• Nifty50 achieved major targets near 24,500 
• No support from Nifty Bank
• Soaring VIX signalling wild swings
• FII index long positions extremely high
• NSE margin circular triggered selling

What do the bears think?

• Valuations expensive
• Several PSU stocks at 60-80 PE 
• Changes in margin rules to lead to lower positions in cash market stocks
• High retail participation in stocks with high valuations
• Anything negative in upcoming Budget to cause a big fall
• A correction important even if Budget is neutral
• Leaving a job and closing an FD to invest is highly risky

Why are the bulls confident?

• It is not only D-Street that is surging; Wall Street has also scaled a series of highs
• A large amount of money invested in MFs
• Some stocks highly expensive, others still available at fair valuations
• Most importantly, most large investors are under-invested

EDITOR’S TAKE 

• Global signals strong
• FII and DII flows fair given Wednesday's fall
• Both net bought in cash stocks but sold in F&O scrips
• Weak traedrs lightened their positions on Wednesday
• Seesaw moves expected to continue till Budget
• No one-sided rise or fall expected
• Buy at important support levels
• Keep booking profits at higher levels
• Strong support range for Nifty50 placed at 24,000-24,150 
• For Nifty Bank, strong support at 51,850-52,000 
• Pharma, metal, shipping stocks to remain strong

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 51,950

For existing short positions:

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

• Nifty Bank intraday stop loss at 52,550 and closing stop loss at 52,675

For new positions in Nifty50: 

• The best range to buy Nifty is 24,150-24,250 with a stop loss at 24,000 for targets of 24,300, 23,325, 24,360, 24,400 and 24,430

• Aggressive traders can sell Nifty in the 24,400-24,475 range with a strict stop loss at 24,525 for targets of 24,365, 24,330, 24,300, 24,275, 24,235, 24,200 and 24,150

For new positions in Nifty Bank: 

• Aggressive traders can buy Nifty Bank in the 51,850-52,000 range with a strict stop loss at 51,600 for targets of 52,075, 52,175, 52,250, 52,300, 52,375, 52,475, 52,600 and 52,675

• Aggressive traders can sell Nifty Bank in the 52,625-52,825 range with a strict stop loss at 53,000 for targets of 52,500, 52,425, 52,375, 52,300, 52,200, 52,175 and 52,075

Stocks in F&O ban

• New in ban: RBL Bank
• Already in ban: Balrampur Chini, IEX, Chambal Fertilisers, Indus Towers, GNFC, Bandhan Bank, Piramal Enterprises, AB Fashion, India Cements
• Out of ban: None

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