Anil Singhvi Market Strategy July 2: 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: Zee Business Managing Editor Anil Singhvi expects support for the headline Nifty50 index to emerge at 24,000-24,075 levels and a strong buy zone at 23,900-23,975 levels on Tuesday, July 2. For the Nifty Bank, he expects support to come in at 52,175-52,375 levels and a strong buy zone at 51,800-51,950 levels.
Here's how Anil Singhvi sums up the market setup:
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Global: Positive
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FII: Neutral
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DII: Positive
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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 unchanged at 83 per cent as the previous day
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Nifty put-call ratio (PCR) at 1.21 vs 1.17
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Nifty Bank PCR at 0.91 vs 0.71
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Volatility index India VIX unchanged at 13.83
He sees a higher zone for the headline index emerging at 24,175-24,225 levels and a "blue-sky zone" above 24,225 with the next big targets in the 24,400-24,600 range. For the banking index, he expects a higher zone at 52,750-52,875 levels and a strong sell zone at 52,975-53,175 levels.
EDITOR’S TAKE
- Three positive and negative signals each
- Global signals good
- Strong buying by domestic funds
- Market at life high very strong technically
- Mild selling by FIIs
- Crude oil above $87 per barrel, at a two-month high
- FII index long positions extremely high at 83 per cent
- Keep buying at key support levels
- Nifty may log a fresh high on Tuesday
- First sign of weakness will be a close below 23,950 for Nifty and below 52,000 for Nifty Bank
- Buying to gather steam in cash segment stocks
- Buy IT stocks on dips till TCS earnings announcement
- PSU and FMCG stocks may strengthen
ANIL SINGHVI MARKET STRATEGY
For existing long positions:
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Nifty intraday and closing stop loss at 23,950
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Nifty Bank intraday and closing stop loss at 52,150
For existing short positions:
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Nifty intraday stop loss at 24,225 and closing stop loss at 24,150
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Nifty Bank intraday stop loss at 53,050 and closing stop loss at 52,900
For new positions in Nifty50:
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The best range to buy Nifty is 23,975-24,075 levels with a stop loss at 23,900 for targets of 24,150, 24,175 and 24,200; above 24,225, one may hold their long positions with a trailing stop loss
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Sell Nifty only if it trades below 23,950 with a strict stop loss at the life high level
For new positions in Nifty Bank:
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The best range to buy Nifty Bank is 52,175-52,375 with a stop loss at 52,000 for targets of 52,575, 52,650, 52,750, 52,800, 52,875 and 52,975
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Aggressive traders can sell Nifty Bank in the 52,875-53,025 range with a strict stop loss at 53,200 for targets of 52,800, 52,750, 52,650, 52,600, 52,375 and 52,250
Stocks in F&O ban
- Already in ban: India Cements, Indus Towers
- New in ban: None
- Out of ban: None
Stocks of the Day
Buy Patanjali Foods shares with a stop loss at Rs 1,680 for targets of Rs 1,740, Rs 1,755 and Rs 1,765
- The company has acquired the non-food business from promoters for Rs 1,100 crore
- It has acquired haircare, skincare, dental care and home care businesses
- It is a good move to bring all the brands under the listed flagship company
- The deal has taken place at extremely cheap valuations
- Great news for existing Patanjali shareholders
- This business can be valued at around Rs 10,000-15,000 crore, but sold only at Rs 1,100 crore considering the stock in hand and the value of plants effectively business transferred at zero value
- Investors must hold for two years
- Big targets at Rs 2,500, Rs 3,000 and Rs 3,600
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09:15 AM IST