Anil Singhvi Market Strategy June 18: 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 23,350-23,400 levels and a strong buy zone at 23,250-23,325 levels on Tuesday, June 18, as Dalal Street returns to trade after a long weekend owing to the Bakra Eid holiday on Monday.
For the Nifty Bank, he expects support to come in at 49,800-49,900 levels and a strong buy zone at 49,525-49,700 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 48 per cent vs 46 per cent the previous day
- Nifty put-call ratio (PCR) at 1.30 vs 1.20
- Nifty Bank PCR at 0.96 vs 0.82
- Volatility index India VIX down five per cent at 12.82
He sees a "blue-sky zone" zone for the headline index at 23,525 followed by the next big targets at 23,600 and 23,800.
For the banking index, he expects a higher zone at 50,175-50,250 and a profit-booking zone at 50,475-50,650 levels.
EDITOR’S TAKE
- Very strong global signals
- Strong FII and DII inflows
- Market very strong technically following lifetime highs on Friday
- Direct tax collection data strong
- Strong support for Nifty at 23,200-23,400, next big target at 23,800-24,000
- Next big target for Nifty Bank at 50,500-50,650
- Banking index ready to reach 51,000 straightaway after these targets
- Strong buying likely to continue in midcap & smallcap stocks
- One should continue with a 'buy on dips' strategy
- Strong action expected in banking, FMCG, defence, railway shares
- Weakness expected in metal stocks
ANIL SINGHVI MARKET STRATEGY
For existing long positions:
- Nifty intraday and closing stop loss at 23,300
- Nifty Bank intraday and closing stop loss at 49,675
For existing short positions:
- Nifty intraday and closing stop loss at 23,525
- Nifty Bank intraday and closing stop loss at 50,250
For new positions in Nifty50:
- Buy Nifty with a stop loss at 23,400 for targets of 23,525 and 23,600; next big target at 23,800
- Sell Nifty only if it breaks below 23,250
For new positions in Nifty Bank:
- Buy Nifty Bank for targets of 50,100, 50,175, 50,225, 50,475 and 50,650 with a stop loss at 49,700
- Sell Nifty Bank in the 50,475-50,650 range with a stop loss at 50,750 for targets of 50,250, 50,175, 50,100, 50,000 and 49,925
F&O ban update
- New in ban: Balrampur Chini
- Already in ban: Hindustan Copper, GMR Airports, India Cements, SAIL, Sun TV
- Out of ban: None
Stocks of the Day
Buy HAL futures with a stop loss at Rs 5,150 for targets of Rs 5,270, Rs 5,325 and Rs 5,390
- The company has received a proposal from the Defence Ministry for 156 light combat helicopters worth Rs 45,000 crore
Buy RVNL shares with a stop loss at Rs 386 for targets of Rs 395, Rs 399 and Rs 407
- Railway stocks looking very strong
- Declared L1 bidder from East Coast Railway for Rs 160-crore project
Sell Vedanta futures with a stop loss at Rs 454 for targets of Rs 441, Rs 435 and Rs 430
- Metals weak globally for a third consecutive day
- Copper and aluminium at a two-month low
Buy HBL Power shares with a stop loss at Rs 472 for targets of Rs 483, Rs 487 and Rs 495
- Prospects for stocks related to railway security system looking strong
ixigo listing: What should investors do?
- ixigo shares expected to list in the Rs 120-130 range vs their issue price of Rs 93
- We suggested applying for a good listing gain and for the long term
- Short-term Investors can keep a stop loss at Rs 110
- Long-term investors must hold
- Those who didn’t get allotment can buy only if the price comes in the Rs 100-110 range
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