Anil Singhvi Market Strategy July 8: 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 24,175-24,235 levels and a strong buy zone at 24,050-24,150 levels on Monday, July 8. 

For the Nifty Bank, he expects support to come in at 52,175-52,300 levels and a stronger support zone at 51,850-52,000 levels.

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

• Global: Positive

• FII: Positive

• DII: Negative

• F&O: Neutral

• Sentiment: Positive

• Trend: Positive

• FII long positions unchanged at 84 per cent vs Friday

• Nifty put-call ratio (PCR) at 1.20 vs 1.27

• Nifty Bank PCR at 0.78 vs 1.12

• India VIX down one per cent at 12.70

He sees a higher zone for the headline index at 24,360-24,400 levels and a "blue-sky zone" above 24,425. 

For the banking index, he expects a higher zone at 52,800-52,975 levels and a strong sell zone at 53,025-53,175 levels.

What to do till Budget?

• No sign of a big fall till Budget
• Expect Budget to be good for the market
• Keep buying on dips till Budget
• Buy in cash segment stocks

Where to expect buying till Budget?

• Rural and housing stocks to be in focus
• Buy in FMCG, IT, telecom, chemical, fertiliser stocks

EDITOR’S TAKE 

• Strong global signals
• Mixed FII data; slightly positive
• Nifty50 scaled a record closing high on Friday; technically very strong
• Buy on dips to key support levels
• Very strong support for Nifty50 at 24,000-24,150 levels
• Buying to gather steam once Nifty holds 24,500
• Buying in Nifty Bank not exciting yet
• Nifty50 suitable for buying, Nifty Bank for selling for now
• IndusInd, BoB, AU Small Finance Bank Q1 updates weak
• IT, FMCG, pharma stocks to remain strong
• Midcap & smallcap stocks to clock strong gains

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 stop loss at 52,250 and closing stop loss at 52,150

For existing short positions:

• Nifty intraday stop loss at 24,425 and closing stop loss at 24,325

• Nifty Bank intraday stop loss at 52,825 and closing stop loss at 53,125

For new positions in Nifty50: 

• The best range to buy Nifty is 24,075-24,200 with a stop loss at 23,950 for targets of 24,235, 24,275, 24,300, 24,325, 24,360 and 24,400

• Aggressive traders can sell Nifty in the 24,400-24,500 range with a strict stop loss at 24,550 for targets of 24,365, 24,325, 24,300, 24,235, 24,200 and 24,175

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 51,800 for targets of 52,300, 52,375, 52,475, 52,600, 52,675 and 52,750

• The best range to sell Nifty Bank is 52,800-52,975 with a stop loss at 53,150 for targets of 52,675, 52,600, 52,500, 52,375, 52,300, 52,250, 52,175 and 52,025

Stocks in F&O ban

• New in ban: GNFC
• Already in ban: Bandhan Bank, Piramal Enterprises, AB Fashion, Hindustan Copper, India Cements
• Out of ban: None

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