Anil Singhvi Market Strategy July 15: Important levels to track in Nifty50, Nifty Bank today
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.
![Anil Singhvi Market Strategy July 15: Important levels to track in Nifty50, Nifty Bank today](https://cdn.zeebiz.com/sites/default/files/2024/07/15/304759-anil-singhvi-2.jpg?im=FitAndFill=(1200,900))
Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi expects support for the headline Nifty50 index to emerge at 24,400-24,460 levels and a strong buy zone at 24,250-24,350 levels on Monday, July 15.
For the Nifty Bank, he expects support to come in at 51,950-52,075 levels and a stronger support zone at 51,650-51,850 levels.
Here's how Anil Singhvi sums up the market setup:
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Global: Positive
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FII: Positive
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DII: Negative
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F&O: Neutral
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Sentiment: Positive
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Trend: Positive
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FII long positions at 79 per cent vs 78 per cent the previous day
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Nifty put-call ratio (PCR) at 1.28 vs 1.29
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Nifty Bank PCR at 0.86 vs 0.89
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India VIX down two per cent at 13.73
He sees a higher zone for the headline index at 24,575-24,625 levels and a "blue-sky zone" above the 24,625 mark.
For the banking index, he expects a higher zone at 52,525-52,675 levels and a strong sell zone at 52,750-52,875 levels.
Three aces of buying today
- Strong rally on Wall Street
- Robust FII inflows
- Good growth in direct tax collection
Why is profit-taking possible?
- FII index long positions at 79 per cent, too high ahead of a big event like Budget
- One-sided rally of 3,000 points after election results
- Several funds and investors may want to book profits now
- Typically, the market changes direction after Budget
EDITOR’S TAKE
- Dow giving strong buying signals
- Nasdaq, S&P witnessing strong buying after a day's pause
- Net buying of Rs 12,000 crore by FIIs in cash, stock, index futures
- Direct tax collections up 20 per cent between April and July 11
- Market technically strong at life highs
- Retail investors parking funds heavily in mutual funds
- Most investors remain underinvested; everyone experiencing FOMO
- Strong support for Nifty at 24,150-24,325 levels
- Index at 25,000 before 2025 looks very easy now
- Stick to 'buy on dips' strategy
- Buying to continue in midcap & smallcap stocks
- Inflation at four-month high
- Book profits at higher levels
ANIL SINGHVI MARKET STRATEGY
For existing long positions:
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Nifty intraday stop loss at 24,400 and closing stop loss at 24,275
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Nifty Bank intraday stop loss at 51,950 and closing stop loss at 52,100
For existing short positions:
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Nifty intraday stop loss at 24,625 and closing stop loss at 24,525
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Nifty Bank intraday and closing stop loss at 52,850
For new positions in Nifty50:
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The best range to buy Nifty is 24,360-24,460 with a stop loss at 24,250 for targets of 24,500, 24,575 and 24,625; above 24,625, one may hold on to their long positions with a trailing stop loss
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Sell Nifty only if it trades below 24,300
For new positions in Nifty Bank:
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Aggressive traders can buy Nifty Bank in the 51,850-52,000 range with a strict stop loss at 51,750 for targets of 52,175, 52,275, 52,400, 52,475, 52,575, 52,675 and 52,800
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Aggressive traders can sell Nifty Bank in the 52,675-52,825 range with a strict stop loss at 53,000 for targets of 52,575, 52,500, 52,425, 52,300, 52,175 and 52,075
Stocks in F&O ban
- New in ban: GMR Airports
- Already in ban: RBL Bank, Balrampur Chini, IEX, Bandhan Bank, Chambal Fertilisers, Indus Towers, GNFC, Piramal Enterprises, AB Fashion, India Cements
- Out of ban: None
Results reviews
HCL Tech
- Results better than estimates
- Good but not great
- Stock rose three per cent on Friday
- Futures have support in the Rs 1,500-1,520 range and higher levels at Rs 1,580, Rs 1,595 and Rs 1,605
IREDA
- Operational performance strong but good results already priced in
- IREDA's performance suggests REC & PFC will also report good results
Stock of the Day
Buy Aurobindo Pharma shares with a stop loss at Rs 1,315 for targets of Rs 1,345, Rs 1,358 and Rs 1,370
- Company to consider buyback on July 18
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