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 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 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
Stocks in F&O ban
- New in ban: SAIL
- Already in ban: IDFC First Bank, PNB, GNFC, Granules India, Manappuram Finance, Birlasoft, Hindustan Copper, RBL Bank, Bandhan Bank
- Out of ban: None
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