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 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:

• Global: Positive

• FII: Neutral

• DII: Positive

• F&O: Neutral

• Sentiment: Positive

• Trend: Positive

• FII long positions unchanged at 83 per cent as the previous day

• Nifty put-call ratio (PCR) at 1.21 vs 1.17

• Nifty Bank PCR at 0.91 vs 0.71

• 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:

• Nifty intraday and closing stop loss at 23,950

• Nifty Bank intraday and closing stop loss at 52,150

For existing short positions:

• Nifty intraday stop loss at 24,225 and closing stop loss at 24,150

• Nifty Bank intraday stop loss at 53,050 and closing stop loss at 52,900

For new positions in Nifty50: 

• 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

• 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: 

• 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

• 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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