Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi expects support for the headline Nifty50 index to emerge at 23,225-23,300 levels and a strong buy zone at 23,100-23,200 levels on Thursday, June 13.

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For the Nifty Bank, he expects support to come in at 49,525-49,700 levels and a strong buy zone at 49,275-49,400 levels.

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

  • Global: Positive
  • FII: Positive
  • DII: Neutral
  • F&O: Neutral
  • Sentiment: Positive
  • Trend: Positive
  • FII long positions at 41 per cent vs 37 per cent the previous day
  • Nifty put-call ratio (PCR) unchanged at 1.02
  • Nifty Bank PCR at 0.92 vs 0.81
  • India VIX down 2.5 per cent at 14.39

He sees a higher zone for the headline index at 23,425-23,500 levels and a "blue-sky zone" above 23,525 with the next targets and 23,600 and 23,800 levels.

For the banking index, he expects a higher zone at 50,075-50,225 levels and a profit-booking zone at 50,475-50,650 levels.

EDITOR’S TAKE 

  • Signals from Fed policy review not great
  • However, limited impact on Wall Street
  • Domestic consumer inflation at one-year low
  • Easing inflation and weak industrial output growth may lead RBI into thinking about rate cuts
  • Mild buying by FIIs and DIIs
  • Nifty very strong after registering intraday and closing highs
  • Sentiment strong owing to strong buying interest in midcap and smallcap shares
  • Buy at key support levels
  • Book profit at resitance levels
  • Buying expected to continue in cash stocks on Thursday

ANIL SINGHVI MARKET STRATEGY   ​

For existing long positions:

  • Nifty intraday and closing stop loss at 23,175
  • Nifty Bank intraday stop loss at 49,500 and closing stop loss at 49,275

For existing short positions:

  • Nifty intraday stop loss at 23,525 and closing stop loss at 23,350
  • Nifty Bank intraday stop loss at 50,250 and closing stop loss at 50,000

For new positions in Nifty50: 

  • The best range to buy Nifty is 23,200-23,300 with a stop loss at 23,100 for targets of 23,390, 23,425 and 23,475; one may hold their positions above 23,525 with a trailing stop loss
  • Aggressive traders can sell Nifty either near 23,500 or below 23,200 with a strict stop loss placed 100 points away 

For new positions in Nifty Bank: 

  • The best range to buy Nifty Bank is 49,625-49,800 wiht a stop loss at 49,500 for targets of 49,900, 49,975, 50,075, 50,225, 50,475 and 50,650
  • Aggressive traders can sell Nifty Bank in the 50,475-50,650 range with a strict stop loss at 50,750 for targets of 50,250, 50,100, 50,025, 49,900, 49,800 and 49,700

F&O ban update 

  • Already in ban: Hindustan Copper, GMR Airports, India Cements, Balrampur Chini, SAIL
  • Out of ban: Zee Entertainment Enterprises 
  • New in ban: None

Stocks of the Day

Buy Ambuja Cement futures with a stop loss at Rs 662 for targets of Rs 676, Rs 682 and Rs 690

  • Ambuja looking for a big acquisition in the southern part of the country
  • Stock in a strong uptrend

Buy Mankind Pharma shares with a stop loss at Rs 2,200 for targets of Rs 2,275, Rs 2,300 and Rs 2,345

  • Pharma stocks in a strong uptrend
  • Motilal Oswal Financial Services has assigned a strong target of Rs 2,650

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