Anil Singhvi Market Strategy July 3: 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 24,000-24,050 levels and a strong buy zone at 23,900-23,975 levels on Wednesday, July 3. For the Nifty Bank, he expects support to come in at 51,850-52,000 levels and a strong buy zone at 51,650-51,775 levels.

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

• Global: Positive

• FII: Negative

• DII: Neutral

• F&O: Neutral

• Sentiment: Positive

• Trend: Positive

• FII long positions at 82 per cent vs 83 per cent the previous day

• Nifty put-call ratio (PCR) at 1.15 vs 1.21

• Nifty Bank PCR at 0.75 vs 0.91

• Volatility index India VIX down 1.5 per cent at 13.64

He sees a higher zone for the headline index emerging at 24,175-24,225 levels and a "blue-sky zone" above 24,250 with the next big targets at 24,400-24,600 levels. For the banking index, he expects a higher zone at 52,600-52,750 levels and a strong sell zone at 52,800-52,975 levels.

EDITOR’S TAKE 

• Very strong global signals
• Nifty, Nifty Bank to strengthen from strong buying in HDFC Bank
• Market to be ready for fresh highs again after some correction
• Maintain 'buy on dips' strategy
• Midcap, smallcap stocks to continue to see buying interest
• PSU and banking stocks to strengthen further
• A fall below 23,950 and 52,000 will be the first sign of weakness in Nifty50 and Nifty Bank respectively

Three key things to be cautious about at higher levels

• FII outflows in cash and futures segments
• FII index long positions extremely high at 82 per cent
• Crude oil at two-month high

ANIL SINGHVI MARKET STRATEGY   ​

For existing long positions:

• Nifty intraday and closing stop loss at 23,950

• Nifty Bank intraday stop loss at 51,950 and closing stop loss at 52,150

For existing short positions:

• Nifty intraday stop loss at 24,250 and closing stop loss at 24,150

• Nifty Bank intraday stop loss at 52,550 and closing stop loss at 52,900

For new positions in Nifty50: 

• The best range to buy Nifty is 24,000-24,125 with a stop loss at 23,900 for targets of 24,175 and 24,225; above 24,250, hold your long positions with a trailing stop loss

• Sell Nifty only if it trades below 23,950 with a strict stop loss at 24,150   

For new positions in Nifty Bank: 

• Aggressive traders can buy Nifty Bank in the 52,000-52,175 range with a strict stop loss at 51,900 for targets of 52,350, 52,600, 52,750, 52,800, 52,875 and 52,975

• The best range to sell Nifty Bank is 52,750-52,875 with a strict stop loss at 53,050 for targets of 52,650, 52,600, 52,500, 52,375, 52,250 and 52,175

Stocks in F&O ban

• Already in ban: India Cements, Indus Towers
• New in ban: None
• Out of ban: None

Stock of the Day

Buy HDFC Bank futures with a stop loss at Rs 1,712 for targets of Rs 1,760, Rs 1,785 and Rs 1,800

• Weightage to increase in MSCI index
• Buying will come after the rise in weightage
• Stock expected to get $3 billion inflows

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