Anil Singhvi Market Strategy June 12: 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 23,175-23,225 levels and a strong buy zone at 23,000-23,100 levels on Wednesday, June 12.
For the Nifty Bank, he expects support to come in at 49,400-49,525 levels and a strong buy zone at 49,150-49,350 levels.
Here's how Anil Singhvi sums up the market setup:
- Global: Positive
- FII: Neutral
- DII: Positive
- F&O: Neutral
- Sentiment: Positive
- Trend: Positive
- FII long positions at 37 per cent vs 34 per cent the previous day
- Nifty put-call ratio (PCR) at 1.02 vs 0.97
- Nifty Bank PCR at 0.81 vs 0.74
- India VIX down 10 per cent at 14.77
He sees a higher zone for the headline index at 23,290-23,390 levels and a "blue-sky zone" above 23,425 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 50,250-50,450 levels.
EDITOR’S TAKE
- Strong global signals; S&P, Nasdaq scale fresh records
- Outcome of Fed meeting on Wednesday night (India time) to provide market direction
- Good buying by FIIs and DIIs
- Strong buying in midcap and smallcap shares has supported sentiment
- Some consolidation expected before fresh buying
- One should buy at important support levels and book profit at resistance levels
- Select cash stocks to continue to attract buying interest on Wednesday
ANIL SINGHVI MARKET STRATEGY
For existing long positions:
- Nifty intraday stop loss at 23,150 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 stop loss at 23,425 and closing stop loss at 23,300
- Nifty Bank intraday and closing stop loss at 50,000
For new positions in Nifty50:
- The best range to buy Nifty is 23,100-23,200 with a stop loss at 23,000 for targets of 23,250, 23,290, 23,325, 23,375 and 23,400; above 23,425, one may hold their positions with a trailing stop loss
- Aggressive traders can sell Nifty in the 23,325-23,400 range with a strict stop loss at 23,500 for targets of 23,275, 23,225, 23,175, 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 49,625, 49,700, 49,775, 49,950 and 50,075
- The best range to sell Nifty Bank is 49,950-50,100 with a stop loss at 50,300 for targets of 49,800, 49,700, 49,625, 49,525, 49,400 and 49,350
F&O ban update
- New in ban: Hindustan Copper, GMR Airports
- Already in ban: India Cements, Balrampur Chini, SAIL, Zee Entertainment Enterprises
- Out of ban: None
Stock of the Day
- Buy BPCL futures with a stop loss at Rs 600 for targets of Rs 622, Rs 630 and Rs 642
- Trading at attractive valuations
- Company to invest Rs 50,000 crore for a new refinery plant
- June 22 ex-date for 1:1 bonus
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