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.

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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

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  • Trading at attractive valuations
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  • June 22 ex-date for 1:1 bonus

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