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

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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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