Anil Singhvi Market Strategy June 11: Important levels to track in Nifty50, Nifty Bank today
Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi shares his strategy for today's 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 23,075-23,175 levels and a strong buy zone at 22,925-23,025 levels on Tuesday, June 11.
For the Nifty Bank, he expects support to come in at 49,500-49,625 levels and a strong buy zone at 49,275-49,400 levels.
Here's how Anil Singhvi sums up the market setup:
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Global: Positive
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FII: Positive
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DII: Positive
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F&O: Neutral
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Sentiment: Positive
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Trend: Positive
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FII long positions at 34 per cent vs 30 per cent the previous day
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Nifty put-call ratio (PCR) at 0.97 vs 1.15
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Nifty Bank PCR at 0.74 vs 0.80
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India VIX down three per cent at 16.40
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 and their departments announced; how will it impact the market?
- List of ministers a sign of the government's strength
- No change in the portfolios of ministers holding major departments
- Alliance leaders could not bargain
- Signs of continuity in previous government's policies
- Hopes of strong buying interest in PSUs
- Development positive for defence, railway, IT, banking sectors
EDITOR’S TAKE
- Depaartment allocation very positive for Dalal Strete
- Strong buying by FIIs and DIIs
- Global markets strong
- Record inflows into mutual funds in May
- Market technically very strong at life highs
- ‘Buy on dips’ strategy advisable
- Rapid buying action expected in midcap & smallcap shares
- Strong support zone for Nifty50 at 22,800-23,000, for Nifty Bank at 49,075-49,500
ANIL SINGHVI MARKET STRATEGY
For existing long positions:
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Nifty intraday stop loss at 23,150 and closing stop loss at 23,000
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Nifty Bank intraday stop loss at 49,500 and closing stop loss at 49,275
For existing short positions:
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Nifty intraday stop loss at 23,425 and closing stop loss at 23,300
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Nifty Bank intraday stop loss at 50,300 and closing stop loss at 50,000
For new positions in Nifty50:
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The best range to buy Nifty is 23,075-23,175 with a stop loss at 22,950 for targets of 23,225, 23,250, 23,300, 23,325 and 23,400; one may hold their positions above 23,425 with a trailing stop loss
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Aggressive traders can sell Nifty in the 23,325-23,400 range with a strict stop loss at 23,500 for targets of 23,250, 23,225, 23,175, 23,125, 23,075 and 23,025
For new positions in Nifty Bank:
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The best range to buy Nifty Bank is 49,300-49,500 with a stop loss at 49,000 for targets of 49,625, 49,675, 49,775, 49,950, 50,075 and 50,250
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The best range to sell Nifty Bank is 50,075-50,250 with a stop loss at 50,500 for targets of 50,000, 49,950, 49,800, 49,675, 49,625 and 49,525
F&O ban update
- New in ban: India Cements
- Already in ban: Balrampur Chini, SAIL, Zee Entertainment Enterprises
- Out of ban: None
Stocks of the Day
Buy ONGC futures with a stop loss at Rs 255 for targets of Rs 263 and Rs 268
- Stock trading at attractive valuations, down almost 10 per cent from recent highs
- Jefferies has maintained 'buy' rating with Rs 390 target
Buy BEL futures with a stop loss at Rs 280 for targets of Rs 288, Rs 292 and Rs 298
- The return of Rajnath Singh as Defence Minister is positive for the sector
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08:50 AM IST