Anil Singhvi Market Strategy July 5: 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 24,125-24,200 levels and a strong buy zone at 24,000-24,075 levels on Friday, July 5. For the Nifty Bank, he expects support to come in at 52,500-52,650 levels and a stronger support zone at 52,175-52,375 levels.
Here's how Anil Singhvi sums up the market setup:
- Global: Neutral
- FII: Positive
- DII: Negative
- F&O: Neutral
- Sentiment: Positive
- Trend: Positive
- FII long positions unchanged at 84 per cent as the previous day
- Nifty put-call ratio (PCR) at 1.27 vs 1.24
- Nifty Bank PCR at 1.12 vs 1.15
- Volatility index India VIX down 2.5 per cent at 12.86
He sees a higher zone for the headline index at 24,300-24,400 levels and a "blue-sky zone" above 24,425.
For the banking index, he expects a higher zone at 53,175-53,350 levels and a blue-sky zone above 53,400.
High alert in banks
- HDFC Bank quarterly update weak
- Slowing deposit growth a big problem
- Deposits at commercial banks have shrunken by Rs 3.5 lakh crore in 2.5 months
- Term deposit more expensive for banks
- Watch out for Q1 deposit growth data in quarterly updates
- Net interest margins (NIMs) to be most important
- Avoid fresh buying in banking stocks, especially private bank stocks
- Book some profits in stocks of banks with good profitability
What to do with HDFC Bank shares?
- Investors who have purchased the stock two quarters ago can book profits
- Investors with a 6-12-month perspective can book profits
- Investors with a view of 1-3 years can hold on to their positions
EDITOR’S TAKE
- Global signals mixed
- Strong net buying by FIIs but DII outflow pressure worsening
- Weak quarterly update by HDFC Bank
- Banking stocks to remain under pressure
- Nifty Bank to put pressure on Nifty50
- Wait for either a fresh high or significant support for new buying
- Defensive stocks expected to see buying interest
- IT, pharma, FMCG stocks to stay strong
ANIL SINGHVI MARKET STRATEGY
For existing long positions:
- Nifty intraday stop loss at 24,150 and closing stop loss at 24,000
- Nifty Bank intraday and closing stop loss at 52,800
For existing short positions:
- Nifty intraday stop loss at 24,425 and closing stop loss at 24,325
- Nifty Bank intraday stop loss at 53,400 and closing stop loss at 53,125
For new positions in Nifty50:
- The best range to buy Nifty is 24,050-24,200 with a stop loss at 23,950 for targets of 24,235, 24,275, 24,300 and 24,375
- Aggressive traders can sell Nifty with a strict stop loss at 24,425 for targets of 24,235, 24,200, 24,150, 24,125, 24,050 and 24,000
For new positions in Nifty Bank:
- Sell Nifty Bank with a stop loss at 53,400 for targets of 52,800, 52,750, 52,650, 52,600, 52,500, 52,375, 52,250 and 52,175
- Buy Nifty Bank in the 52,000-52,250 range with a stop loss at 51,900 for targets of 52,375, 52,475, 52,600, 52,650, 52,750 and 52,800
- Aggressive traders can buy Nifty Bank in the 52,375-52,500 range with a strict stop loss at 52,150 for targets of 52,600, 52,650, 52,750, 52,800, 52,875 and 52,975
Stocks in F&O ban
- New in ban: Bandhan Bank, Piramal Enterprises, AB Fashion
- Already in ban: Hindustan Copper, India Cements
- Out of ban: None
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