Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi expects support for the headline Nifty50 index to emerge at 24,340-24,440 levels and a strong buy zone at 24,140-24,200 levels on Wednesday, October 30. 

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For the Nifty Bank, he expects support at 51,800-52,000 levels and a strong buy zone at 51,525-51,700 levels.

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

  • Global: Positive
  • FII: Positive
  • DII: Neutral
  • F&O: Neutral
  • Sentiment: Neutral
  • Trend: Neutral
  • FII long positions unchanged at 40 per cent as the previous day
  • Nifty put-call ratio (PCR) at 1.02 vs 0.96
  • Nifty Bank PCR at 1.34 vs 0.78
  • India VIX up 1 per cent at 14.45

The market wizard sees a higher zone for the headline index at 24,500-24,600 levels and a strong sell zone at 24,650-24,775 levels.

For the banking index, he sees a higher zone at 52,425-52,575 levels and a profit-booking zone at 52,675-52,825 levels. 

MARKET STRATEGY

For existing long positions:

  • Nifty intraday stop loss at 24,325 and closing stop loss at 24,175  
  • Nifty Bank intraday and closing stop loss at 51,900

For existing short positions:

  • Nifty intraday and closing stop loss at 24,525
  • Nifty Bank intraday and closing stop loss at 52,550

For new positions in Nifty50:

  • Aggressive traders can buy Nifty in the 24,300-24,400 range with a strict stop loss at 24,250 for targets of 24,450, 24,480, 24,525, 24,575, 24,600 and 24,675
  • Aggressive traders can sell Nifty in the 24,575-24,675 range with a strict stop loss at 24,800 for targets of 24,525, 24,475, 24,450, 24,400, 24,350 and 24,300

For new positions in Nifty Bank:

  • Aggressive traders can buy Nifty Bank in the 51,800-52,000 range with a strict stop loss at 51,675 for targets of 52,100, 52,225, 52,350, 52,500, 52,575, 52,675 and 52,750
  • Aggressive traders can sell Nifty Bank in the 52,575-52,750 range with a strict stop loss at 52,850 for targets of 52,425, 52,350, 52,250, 52,100, 52,025, 51,900 and 51,800

Stocks in F&O ban

  • Out of ban: Escorts, Dixon Tech
  • Already in ban: PNB, IDFC Bank, L&T Finance, IndiaMart, RBL Bank, Manappuram Finance
  • New in ban: None

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