Anil Singhvi Market Strategy July 24: A day after Budget, important levels to track in Nifty50, Nifty Bank

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.

Here is what Zee Business Managing Editor Anil Singhvi makes of the market today.

Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi expects support for the headline Nifty50 index to emerge at 24,250-24,365 levels and a strong buy zone at 24,075-24,200 levels on Wednesday, July 24, a day after the finance minister unveiled the Narendra Modi government's first Budget after returning to power for a third straight term. For the Nifty Bank, he expects support to come in at 51,350-51,500 levels followed by a stronger support zone at 51,000-51,150 levels.

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

Global: Negative
FII: Negative
DII: Positive
F&O: Neutral
Sentiment: Neutral
Trend: Positive
FII long positions at 74 per cent vs 79 per cent the previous day
Nifty put-call ratio (PCR) at 0.87 vs 1.02
Nifty Bank PCR at 0.56 vs 0.72
India VIX down 17.5 per cent at 12.75

He expects a higher zone for the headline index at 24,575-24,650 levels and a strong sell zone at 24,800-24,850 levels.

For the banking index, he expects a higher zone at 51,950-52,175 and a strong sell zone at 52,275-52,425 levels.

What is positive in Budget 2024?

Fiscal deficit target below 5 per cent
Focus on creating employment opportunities for the youth
Income tax relief for small taxpayers to boost consumption

What is negative in Budget 2024?

Capital gains tax & STT hikes
Gold & property to offer higher tax benefits
Buying gold more attractive
No big mention of Viksit Bharat vision in five-year roadmap

Budget & Market

Both big events - election results & Budget - below expectations
Market passed stress tests with full marks
Reduced weakness and that too in shorter timeframe
Recovery stronger than fall
Market has witnessed the power of money
Most people & funds under-invested, sitting on huge amounts of cash
Everyone wants to invest after Budget
How can a big fall even materialise in such a situation?
As long as retail flows are strong, market won't suffer a big fall

Post-Budget view on Dalal Street

No change in long-term view
Opportunities to make lesser money slowly
Index management will continue; some sectors to get a boost, others to face profit-booking
Index to be supported by FMCG, IT, pharma stocks
Metal and banking shares to remain weak
In PSU basket, expensive stocks to weaken; oil & gas stocks, at attractive valuations, to continue to attract buying interest
Nifty50 to spend time in the 24,000-25,000 range for now
Strong support for index at 24,000-24,200
Profit-booking expected at 24,800-25,000
Nifty Bank to stay neutral to negative till ICICI Bank & Axis Bank announce their results
FII index long positions continue to be high at 74 per cent
Market at risk of big FII outflows
Liquidity to reduce in case of big block deals and IPOs

ANIL SINGHVI MARKET STRATEGY

For existing long positions:

Nifty intraday and closing stop loss at 24,300
Nifty Bank intraday and closing stop loss at 51,300

For existing short positions:

Nifty intraday and closing stop loss at 24,600
Nifty Bank intraday stop loss at 52,050 and closing stop loss at 52,300

For new positions in Nifty50:

Aggressive traders can buy Nifty in the 24,250-24,365 range with a strict stop loss at 24,150 for targets of 24,400, 24,425, 24,475, 24,500, 24,525 and 24,575
Aggressive traders can sell Nifty with a strict stop loss at 24,600 for targets of 24,435, 24,400, 24,350, 24,325, 24,300, 24,250, 24,200 and 24,150

For new positions in Nifty Bank:

Aggressive traders can sell Nifty Bank with a strict stop loss at 52,050 for targets of 51,500, 51,400, 51,350, 51,275, 51,150 and 51,000
Aggressive traders can buy Nifty Bank in the 51,000-51,150 range with a strict stop loss at 50,900 for targets of 51,275, 51,350, 51,400, 51,500, 51,750, 51,850 and 51,950

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