Anil Singhvi Market Strategy July 18: 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 24,500-24,575 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.
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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