Anil Singhvi Market Strategy October 14: 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 Monday, October 14. 

For the Nifty Bank, he expects support at 50,900-51,000 levels and a strong buy zone at 50,475-50,575 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 unchanged at 36 per cent as the previous session

• Nifty put-call ratio (PCR) at 0.84 vs 0.93

• Nifty Bank PCR at 0.71 vs 1.04

• Volatility index India VIX down 2 per cent at 13.25

The market wizard sees a higher zone for the headline index at 25,030-25,130 levels and a strong sell zone at 25,230-25,330 levels. 

For the banking index, he sees a higher zone at 51,375-51,525 levels and a profit-booking zone at 51,675-51,850 levels. 

EDITOR'S TAKE

• Use a listless opening as an opportunity to buy
• Add positions at important support levels and book profits at higher levels
• It is time to focus on stocks and stay away from index
• Buy in metal, PSU, banking and midcap pharma spaces
• There will be plenty of opportunities in midcap and smallcap stocks
• Focus on stocks of companies posting results
• Moves above 25,250 and 51,850 will be followed by strong moves in Nifty and Nifty Bank

What's driving a rally on Wall Street?

• Strong bank results
• Easing wholesale inflation
• Strong trend continues

What does continuous selling by FIIs mean?

• There are signs of slowing FII outflows
• On Friday, FII outflows in the cash segment were the smallest in 10 sessions
• Buying emerged in index futures after 9 sessions
• A good short covering move in stock futures
• Rapid buying by DIIs is supporting the market

When will investors exit the 'sell on rise' mode?

• It is possible this week
• Wall Street is looking strong
• FII outflow pressure decreasing
• No escalation in the Israel-Iran conflict
• Crude oil is stable at $78 per barrel
• No announcement by China on Saturday
• US stock strength combined with the return of FII inflows will trigger a rally on Dalal Street
• Early signs today
• Closing levels above 25,150 and 51,550 will lead to the strengthening of buying momentum in Nifty50 and Nifty Bank

What's the earnings season like so far?

• A weak start
• A weak performance by DMart followed lower-than-expected TCS earnings
• No major expectations from the Q2 FY25 season anyway
• Investors should only be cautious about any big accident on the results front
• Even slight outperformance will trigger a rally

MARKET STRATEGY 

For existing long positions:

• Nifty intraday and closing stop loss at 24,900

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

For existing short positions:

• Nifty intraday and closing stop loss at 25,150

• Nifty Bank intraday and closing stop loss at 51,575

For new positions in Nifty50:

• Buy Nifty with a stop loss at 24,900 for targets of 25,015, 25,040, 25,130, 25,225, 25,250 and 25,300

• 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, 25,015, 24,975, 24,950, 24,925 and 24,850

For new positions in Nifty Bank: 

• Aggressive traders can buy Nifty Bank with a strict stop loss at 50,850 for targets of 51,350, 51,475, 51,550, 51,675, 51,775 and 51,850

• Aggressive traders can sell Nifty Bank in the 51,575-51,775 range with a strict stop loss at 51,900 for targets of 51,475, 51,350, 51,175, 51,050, 51,000 and 50,900