Anil Singhvi Market Strategy July 12: Important levels to track in Nifty50, Nifty Bank today
Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi shares his strategy for todays 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 24,150-24,200 levels and a strong buy zone at 24,000-24,125 levels on Friday, July 12, a day after Tata Consultancy Services (TCS) kicked off a new earnings season for India Inc.
For the Nifty Bank, he expects support to come in at 51,850-52,000 levels and a stronger support zone at 51,650-51,750 levels.
Here's how Anil Singhvi sums up the market setup:
- Global: Neutral
- FII: Negative
- DII: Positive
- F&O: Neutral
- Sentiment: Positive
- Trend: Positive
- FII long positions at 78 per cent vs 80 per cent the previous day
- Nifty put-call ratio (PCR) at 1.29 vs 0.97
- Nifty Bank PCR at 0.89 vs 0.79
- India VIX down three per cent at 14.00
He sees a higher zone for the headline index at 24,350-24,400 levels and a strong sell zone at 24,425-24,475 levels.
For the banking index, he expects a higher zone at 52,500-52,650 levels and a strong sell zone at 52,700-52,875 levels.
ANIL SINGHVI MARKET STRATEGY
For existing long positions:
- Nifty intraday stop loss at 24,125 and closing stop loss at 24,275
- Nifty Bank intraday and closing stop loss at 52,000
For existing short positions:
- Nifty intraday stop loss at 24,500 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 24,075-24,200 with a stop loss at 24,000 for targets of 24,275, 24,300, 24,325, 24,360, 24,400 and 24,430
- Aggressive traders can sell Nifty in the 24,350-24,450 range with a strict stop loss at 24,525 for targets of 24,300, 24,275, 24,235, 24,200, 24,175 and 24,150
For new positions in Nifty Bank:
- Aggressive traders can buy Nifty Bank in the 51,950-52,075 range with a strict stop loss at 51,750 for targets of 52,175, 52,250, 52,300, 52,375, 52,475, 52,575, 52,650 and 52,725
- Aggressive traders can sell Nifty Bank in the 52,575-52,725 range with a strict stop loss at 52,875 for targets of 52,500, 52,425, 52,300, 52,175, 52,075, 52,000, 51,850 and 51,775
Stocks in F&O ban
- Already in ban: RBL Bank, Balrampur Chini, IEX, Chambal Fertilisers, Indus Towers, GNFC, Bandhan Bank, Piramal Enterprises, AB Fashion, India Cements
- New in ban: None
- Out of ban: None
Results review
Buy TCS futures with a stop loss at Rs 3,890 for targets of Rs 3,960, Rs 3,995 and Rs 4,040
- Very strong results on all parameters
- Strong growth in all business verticals
Stock of the Day
Buy LTIMindtree futures with a stop loss at Rs 5,380 for targets of Rs 5,485 and Rs 5,520
- Strong results from TCS are a positive trigger for IT stocks
- Expect good results from LTIMindtree
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