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 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: 

• Global: Positive
• FII: Negative
• DII: Positive
• F&O: Neutral
• Sentiment: Neutral
• Trend: Neutral
• FII long positions at 33 per cent vs 35 per cent the previous day
• Nifty put-call ratio (PCR) at 0.74 vs 0.77
• Nifty Bank PCR at 1.00 vs 0.92
• 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:

• Nifty intraday and closing stop loss at 24,875
• Nifty Bank intraday and closing stop loss at 51,450

For existing short positions:

• Nifty intraday and closing stop loss at 25,150
• Nifty Bank intraday and closing stop loss at 52,100

For new positions in Nifty50:

• 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
• 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: 

• 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
• 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