Anil Singhvi Market Strategy October 17: 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. Learn more about 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 24,850-24,925 levels and a strong buy zone at 24,700-24,800 levels on Thursday, October 17.
For the Nifty Bank, he expects support at 51,525-51,675 levels and a stronger support zone at 51,350-51,475 levels.
Here's how the market guru sums up the trade setup this morning:
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Global: Positive
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FII: Negative
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DII: Positive
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F&O: Neutral
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Sentiment: Neutral
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Trend: Neutral
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FII long positions at 33 per cent vs 35 per cent the previous day
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Nifty put-call ratio (PCR) at 0.74 vs 0.77
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Nifty Bank PCR at 1.00 vs 0.92
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Volatility index India VIX unchanged at 13.05
The market wizard sees a higher zone for the headline index at 25,050-25,125 levels and a profit-booking zone at 25,150-25,250 levels.
For the banking index, he sees a higher zone at 52,025-52,150 levels and a profit-booking zone at 52,200-52,350 levels.
MARKET STRATEGY
For existing long positions:
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Nifty intraday and closing stop loss at 24,875
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Nifty Bank intraday and closing stop loss at 51,450
For existing short positions:
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Nifty intraday and closing stop loss at 25,150
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Nifty Bank intraday and closing stop loss at 52,100
For new positions in Nifty50:
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The best range to buy Nifty is 24,800-24,925 with a stop loss at 24,700 for targets of 24,975, 25,000, 25,050, 25,125, 25,150 and 25,200
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The best range to sell Nifty is 25,125-25,225 with a stop loss at 25,300 for targets of 25,050, 25,000, 24,975, 24,925, 24,850 and 24,800
For new positions in Nifty Bank:
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The best range to buy Nifty Bank is 51,425-51,575 with a stop loss at 51,300 for targets of 51,675, 51,800, 51,900, 52,000, 52,075 and 52,175
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Aggressive traders can sell Nifty Bank in the 52,075-52,275 range with a strict stop loss at 52,400 for targets of 52,000, 51,900, 51,800, 51,700, 51,575 and 51,525
Stocks in F&O ban
- Already in ban: L&T Finance, Bandhan Bank, IEX, NALCO, Tata Chemicals, Chambal Fertilisers, SAIL, IDFC First Bank, PNB, GNFC, Granules Indai, Manappuram Finance, Hindustan Copper, RBL Bank
- New in ban: None
- Out of ban: None
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