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 shares his strategy for todays 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 24,000-24,050 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
Catch all the latest stock market updates here. For all other news related to business, market, tech and auto, visit Zeebiz.com.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.