Anil Singhvi Market Strategy June 19: Important levels to track in Nifty50, Nifty Bank today

Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi expects support for the headline Nifty50 index to emerge at 23,425-23,500 levels and a strong buy zone at 23,325-23,400 levels on Wednesday, June 19, a day after domestic equity benchmarks scaled their respective record closing highs. 

For the Nifty Bank, he expects support to come in at 50,100-50,250 levels and a strong buy zone at 49,900-50,000 levels.

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

• Global: Positive

• FII: Positive

• DII: Positive

• F&O: Neutral

• Sentiment: Positive

• Trend: Positive

• FII long positions at 49 per cent vs 47 per cent the previous day

• Nifty put-call ratio (PCR) at 1.26 vs 1.30

• Nifty Bank PCR at 1.22 vs 0.96

• Volatility index India VIX up one per cent at 12.97

He sees a higher zone for the headline index emerging at 23,575-23,625 levels and a "blue-sky zone" above 23,625 with the next big target at 23,800.

For the banking index, he expects a higher zone at 50,650-50,775 levels and a strong sell zone at 50,950-51,100 levels.

EDITOR’S TAKE 

• Strong global signals
• Good inflows by FIIs & DIIs
• Indices scaled record closing highs on Tuesday, market very strong technically
• Four straight days of record peaks
• Very strong support for Nifty50 placed at 23,200-23,400 levels
• Next big target for Nifty50 at 23,800-24,000 levels
• Next big target for Nifty Bank at 50,650-50,775 levels; index ready to reach 51,000 after that
• Strong buying to continue in midcap & smallcap stocks
• Investors should continue with ‘buy on dips’ strategy 
• Fertiliser, banking, pharma, manufacturing shares to be in demand
• Wait for buying defence and railway stocks that have rallied recently

What is risky?

• FOMO sentiment in the market
• Everyone wants to buy now that election results are out
• Several stocks with weak fundamentals are commanding high valuations
• Big block deals, QIPs, IPOs to leave market with less liquidity
• Nifty approaching targets to the tune of 23,800-24,000 

Big fund-raising plans

• 7 block deals worth Rs 17,000 crore so far this month
• 4 block deals amounting to Rs 22,000 crore on Wednesday
• A QIP worth Rs 1700 crore on Wednesday
• 3 companies have raised Rs 1,500 crore via IPOs 
• Large deals at Rs 45,000 crore so far this month  

ANIL SINGHVI MARKET STRATEGY   ​

For existing long positions:

• Nifty intraday and closing stop loss at 23,375

• Nifty Bank intraday stop loss at 50,000 and closing stop loss at 49,700

For existing short positions:

• Nifty intraday and closing stop loss at 23,625

• Nifty Bank intraday stop loss at 50,600 and closing stop loss at 50,500

For new positions in Nifty50: 

• The best range to buy Nifty is 23,475-23,575 with a stop loss at 23,375 for targets of 23625; above 23,625, one may hold their positions with a trailing stop loss for the next big target of 23,800

• Aggressive traders can sell Nifty in the 23,650-23,750 range with a strict stop loss at 23,800 for targets of 23,575, 23,550, 23,500, 23,475, 23,450 and 23,400

For new positions in Nifty Bank: 

• The best range to buy Nifty Bank is 50,000-50,250 with a stop loss at 49,850 for targets of 50,425, 50,500, 50,550, 50,650 and 50,775

• Aggressive traders can sell Nifty Bank in the 50,650-50,775 range with a strict stop loss at 50,850 for targets of 50,550, 50,450, 50,250, 50,175, 50,100 and 50,025

F&O ban update 

• New in ban: GNFC, Piramal Enterprises
• Out of ban: GMR Airports
• Already in ban: Balrampur Chini, Hindustan Copper, India Cements, SAIL, Sun TV

Stock of the Day

Buy RCF shares with a stop loss at Rs 170 for targets of Rs 181, Rs 183 and Rs 188

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