Anil Singhvi Market Strategy June 26: 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 23,625-23,665 levels and a strong buy zone at 23,465-23,565 levels on Wednesday, June 26. 

For the Nifty Bank, he expects support to come in at 51,850-52,050 levels and a strong buy zone at 51,650-51,775 levels.

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

• Global: Neutral
• FII: Positive
• DII: Neutral
• F&O: Neutral
• Sentiment: Positive
• Trend: Positive
• FII long positions at 61 per cent vs 59 per cent the previous day
• Nifty put-call ratio (PCR) at 1.38 vs 1.14
• Nifty Bank PCR at 1.61 vs 1.23
• Volatility index India VIX up two per cent at 14.31

He sees a higher zone for the headline index emerging at 23,775-23,825 levels and a "blue-sky zone" above 23,825 with the next big target near the 24,000 mark. 

For the banking index, he expects a blue-sky zone above 52,800 with the next big target near 53,000 and 53,500 levels. 

EDITOR'S TAKE

• Mixed global signals
• Strong buying by FIIs in cash, index and stock futures
• FII inflows to support Dalal Street in case of a weak opening
• Crude oil prices easing somewhat
• Nifty, Nifty Bank staged strong breakouts on Tuesday
• Market to gather steam after some consolidation
• Buy on dips
• Two important things to watch out for:
  • Nifty PCR near overbought territory
  • Support far off after Tuesday's breakout

ANIL SINGHVI MARKET STRATEGY   ​

For existing long positions:

• Nifty intraday and closing stop loss at 23,500
• Nifty Bank intraday stop loss at 51,950 and closing stop loss at 51,650

For existing short positions:

• Nifty intraday and closing stop loss at 23,825
• Nifty Bank intraday and closing stop loss at 52,800

For new positions in Nifty50: 

• The best range to buy Nifty is 23,565-23,665 with a stop loss at 23,450 for targets of 23,725, 23,750 and 23,800; above 23,825, one may hold their long positions with a trailing stop loss
• No visible sell signal in Nifty till it breaks below 23,350

For new positions in Nifty Bank: 

• The best range to buy Nifty Bank is 51,900-52,050 with a stop loss at 51,650 for targets of 52,450, 52,600 and 52,725; above 52,800, one may hold their long positions with a trailing stop loss
• No visible sell signal in Nifty Bank till it breaks below 51,100

Stocks in F&O ban

• Out of ban: Piramal Enterprises, Chambal Fertilisers, Balrampur Chini, Granules
• Already in ban: PNB, SAIL, GNFC, Indus Towers
• New in ban: None

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