Anil Singhvi Market Strategy October 7: 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 24,750-24,850 levels and a stronger support zone at 24,600-24,700 levels on Monday, October 7. For the Nifty Bank, he expects support to come in 51,000-51,200 levels and a stronger buy zone at 50,750-50,850 levels.

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

• Global: Positive

• FII: Negative

• DII: Positive

• F&O: Neutral

• Sentiment: Negative

• Trend: Neutral

• FII long positions at 58 per cent vs 66 per cent before the previous session

• Nifty put-call ratio (PCR) at 0.69 vs 0.88

• Nifty Bank PCR at 0.59 vs 0.70

• India VIX up by 7 per cent at 14.13

The market wizard sees a higher zone for the headline index at 25,125-25,225 levels and a profit-booking zone at 25,250-25,350 levels. For the banking index, he expects a higher zone at 51,675-51,850 levels and a profit-booking zone at 52,075-52,275 levels. 

ALSO READ: Market veteran Ajay Bagga explains 5 things hurting D-Street sentiment

MARKET STRATEGY 

For existing long positions:

• Nifty intraday and closing stop loss at 25,925
• Nifty Bank intraday and closing stop loss at 51,300

For existing short positions:

• Nifty intraday and closing stop loss at 25,250
• Nifty Bank intraday and closing stop loss at 51,850

For new positions in Nifty50:

• The best range to buy Nifty is 24,750-24,925 with a stop loss at 24,700 for targets of 25,000, 25,050, 25,125, 25,150, 25,225 and 25,250

• Aggressive traders can sell Nifty in the 25,225-25,335 range with a strict stop loss at 25,500 for targets of 25,150, 25,050, 25,000, 24,975, 24,925, 24,850 and 24,750

For new positions in Nifty Bank:

• Aggressive traders can buy Nifty Bank in the 50,850-51,000 range with a strict stop loss at 50,700 for targets of 51,200, 51,350, 51,450, 51,500, 51,675, 51,775 and 51,850

• Aggressive traders can sell Nifty Bank in the 52,075-52,275 range with a strict stop loss at 52,400 for targets of 51,950, 51,850, 51,675, 51,575, 51,475 and 51,350