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

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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. 

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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

Stocks in F&O ban

  • New in ban: GNFC
  • Already in ban: Granules India, Manappuram Finance, Birlasoft, Hindustan Copper, RBL Bank, Bandhan Bank
  • Out of ban: None

Stocks of the Day

Buy ITC futures with a stop loss at Rs 500 for targets of Rs 520 and Rs 530

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Buy Federal Bank futures with a stop loss at Rs 191 for targets of Rs 199 and Rs 204

  • Strong quarterly update

Buy Metropolis futures with a stop loss at Rs 2,208 for targets of Rs 2,275 and Rs 2,295

  • Strong quarterly update

Sell IndusInd Bank futures with a stop loss at Rs 1,420 for targets of Rs 1,380, Rs 1,365 and Rs 1,358

  • Weak quarterly update

Buy Jio Financial Services shares with a stop loss at Rs 332 for targets of Rs 345, Rs 350 and Rs 360

  • Sebi gives the nod to Jio Financial to set up a mutual fund business with Blackrock 

Buy Heidelberg Cement shares with a stop loss at Rs 215 for targets of Rs 222, Rs 226 and Rs 230

  • Media reports suggest that Adani group may be interested in buying stake in Heidelberg

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