Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi expects support for the headline Nifty50 index to emerge at 24,500-24,575 levels and a strong buy zone at 24,400-24,460 levels on Thursday, July 18, as Dalal Street returns to trade after a mid-week holiday. 

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For the Nifty Bank, he expects support to come in at 52,025-52,175 levels followed by a stronger support zone at 51,750-51,950 levels.

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

  • Global: Positive
  • FII: Neutral
  • DII: Neutral
  • F&O: Neutral
  • Sentiment: Positive
  • Trend: Positive
  • FII long positions at 81 per cent vs 80 per cent the previous day
  • Nifty put-call ratio (PCR) at 1.25 vs 1.33
  • Nifty Bank PCR at 0.94 vs 1.13
  • India VIX up 0.25 per cent at 14.22

He expects a higher zone for the headline index at 24,650-24,700 levels and a "blue-sky zone" above the 24,725 mark. 

For the banking index, he expects a higher zone at 52,625-52,775 levels and a profit-booking zone at 52,825-52,975 levels.

EDITOR’S TAKE 

  • Stunning rally in Dow; Wall Street in high spirits 
  • Fed rate cut prospects boost Dow
  • Nasdaq tumbles owing to profit-taking in IT stocks
  • Dalal Street at life high, very strong technically
  • Mixed trends from FIIs & DIIs
  • Continue with 'buy on dips' strategy till Budget
  • Till Budget:
    • Very strong support for Nifty at 24,150-24,325; 25,000 looks easy for Nifty before 2025
    • Consolidation to continue in Nifty Bank till it gives up 52,000 or crosses 53,000 on a closing basis
    • Midcap & smallcap stocks to continue to enjoy buying interest
    • Minor profit-taking possible at higher levels ahead of Budget
    • Wild swings may worsen
    • Investors most likely to undertake at least some profit-taking at decent levels​

ANIL SINGHVI MARKET STRATEGY   

For existing long positions:

  • Nifty intraday stop loss at 24,475 and closing stop loss at 24,400
  • Nifty Bank intraday stop loss at 51,950 and closing stop loss at 52,100

For existing short positions:

  • Nifty intraday stop loss at 24,725 and closing stop loss at 24,625
  • Nifty Bank intraday stop loss at 52,700 and closing stop loss at 52,900

For new positions in Nifty50: 

  • The best range to buy Nifty is 24,435-24,525 with a stop loss at 24,400 for targets of 24,585, 24,615, 24,650 and 24,700; above 24,725, one may hold their long positions with a trailing stop loss
  • Aggressive traders can sell Nifty for targets of 24,525, 24,500, 24,465, 24,440 and 24,400 with a strict stop loss at its life high only if it trades below 24,550 

For new positions in Nifty Bank: 

  • Aggressive traders buy Nifty Bank in the 52,025-52,175 range with a strict stop loss at 51,950 for targets of 52,275, 52,325, 52,400, 52,475, 52,575, 52,625, 52,675 and 52,750
  • Aggressive traders can sell Nifty Bank in the 52,625-52,775 range with a strict stop loss at 52,900 for targets of 52,525, 52,450, 52,375, 52,300, 52,250, 52,175 and 52,075

Stocks in F&O ban

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

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