Anil Singhvi Market Strategy June 28: Important levels to track in Nifty50, Nifty Bank today
Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi shares his strategy for today's 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 23,800-23,900 levels and a strong buy zone at 23,665-23,750 levels on Friday, June 28, the first trading session of the July F&O series.
For the Nifty Bank, he expects support to come in at 52,375-52,600 levels and a strong buy zone at 51,850-52,000 levels.
Here's how Anil Singhvi sums up the market setup:
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Global: Positive
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FII: Positive
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DII: Negative
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F&O: Neutral
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Sentiment: Positive
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Trend: Positive
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FII long positions at 82 per cent vs 67 per cent the previous day
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Nifty put-call ratio (PCR) at 1.49 vs 1.31
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Nifty Bank PCR at 0.97 vs 1.06
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Volatility index India VIX up one per cent at 14.15
He sees a "blue-sky zone" emerging for the headline index above 24,125 with the next big targets in the range of 24,400-24,500.
For the banking index, he expects a higher zone at 52,975-53,175 levels and a blue-sky zone above 53,250 with the next big targets of 53,500 and 54,000.
EDITOR'S TAKE
- Good global signals
- Strong buying by FIIs on monthly F&O expiry day
- July series is generally good for the market
- Market quite strong technically at life highs
- Nifty50 support range has shifted upwards
- There is a chance that Nifty50 & Nifty Bank may lose some of their momentum post-F&O expiry
- Buy on dips at important support levels
- One needs to be cautious about just one thing: FII positions extremely high at 82 per cent
- Market may pause at higher levels owing to profit-taking
- Telecom shares to see buying interest due to rise in tariffs
- IT stocks ready for strong moves ahead of quarterly results
- Midcap & smallcap stocks may stage strong action
Telecom stocks to be impacted by tariff increases
- Tariff raise was anticipated for long
- Jio hike larger than expected
- Bharti Airtel & Vodafone Idea can also raise tariffs soon
- Tariff increases by profitable companies extremely positive
- Tariff increases in most popular plans a sign of strength
- Companies to register surges in cash flows
- Profitability to increase with stronger balance sheets
- Some profit-booking can occur in case of a big gap-up opening
- Long-term investors should hold on to their positions
- It is important to stay invested in telecom stocks for 1-2 years
- 50 per cent upside expected from current levels
ANIL SINGHVI MARKET STRATEGY
For existing long positions:
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Nifty intraday and closing stop loss at 23,800
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Nifty Bank intraday and closing stop loss at 52,300
For existing short positions:
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Nifty intraday and closing stop loss at 24,125
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Nifty Bank intraday stop loss at 53,250 and closing stop loss at 53,000
For new positions in Nifty50:
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The best range to buy Nifty is 23,800-23,900 with a stop loss at 23,650 for targets of 23,975, 24,050 and 24,085; above 24,125 one may hold their positions with a trailing stop loss
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A slide below 23,800 will be the first sign of weakness in Nifty50
For new positions in Nifty Bank:
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Aggressive traders can buy Nifty Bank in the 52,375-52,600 range with a strict stop loss at 52,300 for targets of 52,725, 52,800, 52,875, 52,975 and 53,175
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Aggressive traders can sell Nifty Bank in the 52,975-53,175 range with a strict stop loss at 53,250 for targets of 52,875, 52,800, 52,750, 52,650, 52,600 and 52,375
Stocks in F&O ban
- Out of ban: India Cements, PNB, SAIL, GNFC, Indus Towers
- New in ban: None
- Already in ban: None
Stocks of the Day
Buy Indus Towers shares in the cash segment with a stop loss at Rs 355 for targets of Rs 372, Rs 383 and Rs 388
- Tariff hike positive for telecom sector
- Stock out of F&O ban
Buy Vodafone Idea shares in the cash segment with a stop loss at Rs 18 for targets of Rs 20 and Rs 21
- Tariff hike positive for telecom sector
What to expect in July F&O series?
- Nifty has finished June series 1,555 points (about seven per cent) higher
- Rollovers strong at 76.2 per cent
- Generally, July series brings gains on Dalal Street
- July series has remained positive eight times in last 10 years
- Only one thing to be cautious about: FII index long positions very high, at 82 per cent vs 13 per cent a month ago
- FIIs likely to trim their positions at higher levels, which may trigger profit-booking
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09:03 AM IST