Anil Singhvi Market Strategy October 10: 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 24,850-24,950 levels and a strong buy zone at 24,700-24,800 levels on Thursday, October 10. 

For the Nifty Bank, he expects support at 50,700-50,900 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: Positive

• FII: Negative

• DII: Positive

• F&O: Neutral

• Sentiment: Neutral

• Trend: Neutral

• FII long positions much lower at 38 per cent vs 43 per cent a day ago

• Nifty PCR at 0.72 vs 0.74

• Nifty Bank PCR at 0.91 vs 0.70

• India VIX down 3 per cent at 14.12

The market wizard sees a higher zone for the headline index at 25,135-25,235 levels and a profit-booking zone at 25,300-25,375 levels. 

For the banking index, he sees a higher zone at 51,350-51,475 levels and a profit-booking zone at 51,675-51,850 levels. 

MARKET STRATEGY 

For existing long positions:

• Nifty intraday stop loss at 24,900 and closing stop loss at 24,775

• Nifty Bank intraday stop loss at 50,850 and closing stop loss at 50,450

For existing short positions:

• Nifty intraday stop loss at 25,150 and closing stop loss at 25,250
• Nifty Bank intraday stop loss at 51,200 and closing stop loss at 51,500

For new positions in Nifty50:

• Buy Nifty with a stop loss at 24,900 for targets of 25,050, 25,130, 25,230, 25,300, 25,335 and 25,375

• Aggressive traders can sell Nifty in the 25,130-25,230 range with a strict stop loss at 25,300 for targets of 25,050, 25,000, 24,950, 24,925, 24,850 and 24,800

For new positions in Nifty Bank: 

• The best range to buy Nifty Bank is 50,375-50,575 with a stop loss at 50,300 for targets of 50,700, 50,900, 51,000, 51,175 and 51,350

• Aggressive traders can buy Nifty Bank with a strict stop loss at 50,800 for targets of 51,175, 51,350, 51,475, 51,675, 51,775 and 51,850

• Aggressive traders can sell Nifty Bank in the 51,475-51,675 range with a strict stop loss at 51,900 for targets of 51,350, 51,175, 51,025, 50,900, 50,700 and 50,475