Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi expects support for the headline Nifty50 index to emerge at 24,300-24,425 levels and a strong buy zone at 24,050-24,175 levels on Wednesday, October 23. For the Nifty Bank, he expects support at 50,900-51,050 levels and a strong buy zone at 50,375-50,575 levels.

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

  • Global: Neutral
  • FII: Negative
  • DII: Positive
  • F&O: Neutral
  • Sentiment: Negative
  • Trend: Neutral
  • FII long positions at 32 per cent vs 33 per cent before the previous session
  • Nifty put-call ratio (PCR) at 0.73 vs 0.81
  • Nifty Bank PCR at 0.59 vs 0.87
  • Volatility index India VIX up 4 per cent at 14.27

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The market wizard sees a higher zone for the headline index at 24,575-24,675 levels and a strong sell zone at 24,725-24,850 levels. For the banking index, he sees a higher zone emerging at 51,475-51,575 levels and a profit-booking zone at 51,700-51,900 levels. 

MARKET STRATEGY

For existing long positions:

  • Nifty intraday and closing stop loss at 24,400
  • Nifty Bank intraday and closing stop loss at 50,900

For existing short positions:

  • Nifty intraday stop loss at 24,600 and closing stop loss at 24,800
  • Nifty Bank intraday stop loss at 51,575 and closing stop loss at 52,000

For new positions in Nifty50:

  • Aggressive traders can sell Nifty in the 24,575-24,750 range with a strict stop loss at 24,850 for targets of 24,475, 24,450, 24,400, 24,350, 24,300 and 24,200
  • The best range to buy Nifty is 24,050-24,200 with a stop loss at 23,900 for targets of 24,300, 24,400, 24,450, 24,475, 24,525 and 24,575

For new positions in Nifty Bank:

  • The best range to buy Nifty Bank is 50,375-50,575 with a stop loss at 50,200 for targets of 50,900, 51,000, 51,125, 51,175 and 51,250
  • Aggressive traders can buy Nifty Bank in the 50,900-51,050 range with a strict stop loss at 50,800 for targets of 51,175, 51,275, 51,475, 51,575, 51,700 and 51,800
  • The best range to sell Nifty Bank is 51,575-51,800 with a stop loss at 52,000 for targets of 51,475, 51,275, 51,175, 51,050, 51,000 and 50,900

Stocks in F&O ban

  • Out of ban: SAIL, Granules India, IDFC First Bank, Hindustan Copper
  • Already in ban: IndiaMart, RBL Bank, Manappuram Finance, Piramal Enterprises, Aarti Industries, Birlasoft, L&T Finance, Bandhan Bank, IEX, Chambal Fertilisers, PNB, GNFC
  • New in ban: None

RESULTS REVIEWS

Bajaj Finance 

  • Results actually not that bad
  • Higher provisioning of Rs 9800 crore concerning
  • Don’t short at lower levels
  • Short covering expected from lows
  • Bajaj Finance futures have support at Rs 6,465 and Rs 6,420 and likely to test higher levels of Rs 6,785 and Rs 6,885

Can Fin Homes 

  • Results strong on all parameters
  • AUM growth after 9 quarters
  • Buy Can Fin Homes futures for targets of Rs 860 and Rs 870 with a stop loss at Rs 820 

M&M Financial Services

  • Results weak, guidance weaker
  • Big EPS cuts
  • Loan growth at nine-quarter low
  • Sell M&M Financial futures for targets of Rs 276 and Rs 273 with a stop loss at Rs :290 

Max Financial 

  • Results strong 
  • VNB margin continues to be strong
  • Max Financial futures have support at Rs 1,155 and likely to test a higher level of Rs 1,200

Indus Towers 

  • Results in line with expectations
  • EBITDA strong due to one-off adjustments

ICICI Pru 

  • Results mixed

Coforge 

  • Results mixed 
  • Growth strong but margin below estimates

Persistent Systems 

  • Results strong

Zomato 

  • Overall good results
  • Food delivery business slightly slow
  • Blinkit very strong
  • Overall operational performance strong 

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