Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi expects support for the headline Nifty50 index to emerge at 24,575-24,675 levels and a strong buy zone at 24,425-24,550 levels on Tuesday, October 22. For the Nifty Bank, he expects support at 51,700-51,850 levels and a stronger support zone at 51,475-51,575 levels.

Here's how the market guru sums up the trade setup this morning: 

  • Global: Negative
  • FII: Negative
  • DII: Positive
  • F&O: Neutral
  • Sentiment: Negative
  • Trend: Neutral
  • FII long positions at 33 per cent vs 34 per cent ahead of the previous session
  • Nifty put-call ratio (PCR) at 0.81 vs 0.93
  • Nifty Bank PCR at 0.87 vs 1.20
  • Volatility index India VIX up 5.5 per cent at 13.76

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The market wizard sees a higher zone for the headline index at 24,850-24,950 levels and a strong sell zone at 24,975-25,050 levels. For the banking index, he sees a higher zone emerging at 52,200-52,350 and a profit-booking zone at 52,425-52,575 levels. 

MARKET STRATEGY

For existing long positions:

Nifty intraday and closing stop loss at 24,650

Nifty Bank intraday and closing stop loss at 51,700

For existing short positions:

  • Nifty intraday and closing stop loss at 25,050
  • Nifty Bank intraday and closing stop loss at 52,250

For new positions in Nifty50:

  • Aggressive traders can buy Nifty in the 24,575-24,675 range with a strict stop loss at 24,475 for targets of 24,775, 24,800, 24,850, 24,900, 24,950 and 24,975
  • Aggressive traders can sell Nifty in the 24,850-24,975 range with a strict stop loss at 25,075 for targets of 24,800, 24,775, 24,750, 24,700, 24,675 and 24,575

For new positions in Nifty Bank:

  • The best range to buy Nifty Bank is 51,525-51,700 with a stop loss at 51,425 for targets of 51,850, 51,975, 52,075, 52,175, 52,350, 52,425 and 52,500
  • The best range to sell Nifty Bank is 52,425-52,575 with a stop loss at 52,700 for targets of 52,200, 52,100, 52,025, 51,950, 51,850 and 51,700

Stocks in F&O ban 

  • New in ban: IndiaMart, RBL Bank, Manappuram Finance, Piramal Enterprises
  • Out of ban: Tata Chemicals, NALCO
  • Already in ban: Aarti Industries, Birlasoft, L&T Finance, Bandhan Bank, IEX, Chambal Fertilisers, PNB, GNFC, Hindustan Copper, SAIL, Granules India, IDFC First Bank

RESULTS REVIEWS

City Union Bank 

  • Overall good results
  • Improvement in asset quality 
  • Steady growth in deposits and advances
  • Buy City Union Bank futures for targets of Rs 154 and Rs 157 with a stop loss at Rs 148 

Epack Durable

  • The company has entered an agreement with Hisense International
  • It expects revenue of Rs 8,500 crore in 5 years
  • Buy Epack Durable shares for targets of Rs 400, Rs 406 and Rs 410 with a stop loss at Rs 382 

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