Anil Singhvi Market Strategy October 9: 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 Wednesday, October 9. 

For the Nifty Bank, he expects support at 50,475-50,575 levels and a strong buy zone at 50,000-50,200 levels.

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

• Global: Positive

• FII: Negative

• DII: Positive

• F&O: Neutral

• Sentiment: Cautious

• Trend: Neutral

• FII long positions at 43 per cent vs 47 per cent a day ago

• Nifty put-call ratio (PCR) at 0.74 vs 0.67

• Nifty Bank PCR at 0.70 vs 0.56

• Volatility index India VIX down 2.5 per cent at 14.71

The market wizard sees a higher zone for the headline index at 25,125-25,250 levels and a strong sell zone at 25,375-25,475 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. 

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MARKET STRATEGY 

For existing long positions:

• Nifty intraday stop loss at 24,900 and closing stop loss at 24,750

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

For existing short positions:

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

For new positions in Nifty50:

• The best range to buy Nifty is 24,800-24,925 with a stop loss at 24,700 for targets of 25,000, 25,035, 25,125, 25,150, 25,225 and 25,250

• Aggressive traders can sell Nifty in the 25,150-25,250 range with a strict stop loss at 25,300 for targets of 25,050, 25,000, 24,975, 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 50,200 for targets of 50,700, 50,850, 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 51,675-51,850 range with a strict stop loss at 52,000 for targets of 51,575, 51,475, 51,350, 51,175 and 51,025