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 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 24,175-24,235 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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