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 shares his strategy for todays session on Dalal Street. Learn more about his take on key support and resistance levels for the Nifty and the Nifty Bank, and how he views the market.
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
Stocks in F&O ban
- Out of ban: Bandhan bank, Birlasoft, Tata Chemicals
- Already in ban: Chambal Fertilisers, SAIL, IDFC First Bank, PNB, GNFC, Granules India, Manappuram Finance, Hindustan Copper, RBL Bank
- New in ban: None
Catch all the latest stock market updates here. For all other news related to business, market, tech and auto, visit Zeebiz.com.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.