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 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:

• Global: Positive
• FII: Positive
• DII: Negative
• F&O: Neutral
• Sentiment: Positive
• Trend: Positive
• FII long positions at 82 per cent vs 67 per cent the previous day
• Nifty put-call ratio (PCR) at 1.49 vs 1.31
• Nifty Bank PCR at 0.97 vs 1.06
• 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:

• Nifty intraday and closing stop loss at 23,800
• Nifty Bank intraday and closing stop loss at 52,300

For existing short positions:

• Nifty intraday and closing stop loss at 24,125
• Nifty Bank intraday stop loss at 53,250 and closing stop loss at 53,000

For new positions in Nifty50: 

• 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
• A slide below 23,800 will be the first sign of weakness in Nifty50   

For new positions in Nifty Bank: 

• 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
• 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

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