Anil Singhvi Market Strategy June 10: 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 23,100-23,200 levels and a strong buy zone at 23,000-23,025 levels on Monday, June 10.

For the Nifty Bank, he expects support to come in at 49,525-49,675 levels and a strong buy zone at 49,275-49,400 levels.

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

• Global: Neutral

• FII: Positive

• DII: Neutral

• F&O: Neutral

• Sentiment: Positive

• Trend: Positive

• FII long positions at 30 per cent vs 17 per cent in the previous session

• Nifty put-call ratio (PCR) at 1.15 vs 1.03

• Nifty Bank PCR at 0.80 vs 0.71

• Volatility index India VIX unchanged at 16.88

He sees a higher zone for the headline index coming in at 23,325-23,350 levels and a "blue-sky zone" above 23,350 with the next target near 23,500.

For the banking index, he expects a higher zone at 49,950-50,075 levels and a profit-booking zone at 50,500-50,675 levels.

Names of Cabinet ministers announced; how will it impact the market?

• Cabinet members are in line with expectations
• Total count of 71 fine
• The maximum number of Cabinet ministers was 79 during the UPA regime
• Last Cabinet had 78 Cabinet ministers
• All eyes on allocation of departments 
• Finance, defence, railway, IT, industry ministries to be tracked closely on Dalal Street

EDITOR’S TAKE 

• FIIs inflows to boost confidence in the market
• The market to find support at lower levels
• One must adopt a 'buy on dips' strategy at important support levels
• Buying in midcap and smallcap stocks to gather steam
• 24,000 target for Nifty50 infact in 2024 
• Next big trigger for the market will be allocation of departments among Cabinet ministers

ANIL SINGHVI MARKET STRATEGY   ​

For existing long positions:

• Nifty intraday and closing stop loss at 23,000

• Nifty Bank intraday stop loss at 49,500 and closing stop loss at 49,275

For existing short positions:

• Nifty intraday and closing stop loss at 23,350

• Nifty Bank intraday and closing stop loss at 50,125

For new positions in Nifty50: 

• The best range to buy Nifty is 23,075-23,200 with a stop loss at 22,950 for targets of 23,250, 23,300 and 23,325; above 23,350, one may hold their long positions with a trailing  stop loss

• Aggressive traders can sell Nifty with a strict stop loss at 23,500 for targets of 23,250, 23,200, 23,125, 23,075 and 23,025

For new positions in Nifty Bank: 

• The best range to buy Nifty Bank is 49,300-49,500 with a stop loss at 49,000 for targets of 49,600, 49,675, 49,800, 49,950 and 50,075

• The best range to sell Nifty Bank is 50,500-50,650 with a stop loss at 50,800 for targets of 50,100, 50,000, 49,825, 49,700 and 49,525

F&O ban update 

• New in ban: Balrampur Chini, SAIL
• Already in ban: Zee Entertainment Enterprises
• Out of ban: None

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