Anil Singhvi Market Strategy September 10: 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 24,750-24,800 levels on Tuesday, September 10. 

For the Nifty Bank, he expects support to come in at 50,800-50,925 levels and a strong buy zone at 50,375-50,575 levels.

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

• Global: Positive
• FII: Neutral
• DII: Positive
• F&O: Neutral
• Sentiment: Neutral
• Trend: Positive
• FII long positions at 64 per cent vs 65 per cent the previous day
• Nifty put-call ratio (PCR) at 0.96 vs 0.92
• Nifty Bank PCR at 0.87 vs 0.6
• Volatility index India VIX down 6.5 per cent at 14.24

The market wizard sees a higher zone at 25,000-25,075 and a strong sell zone at 25,125-25,225 levels for the headline index. For the banking index, he sees a higher zone at 51,350-51,475 levels and a strong sell zone at 51,575-51,750 levels.

What drove Monday's rally on Dalal Street?

• Indian markets are not weak due to domestic reasons
• Global cues behind correction
• Hopes of a global recovery drive gains on D-Street
• Domestic funds have remained net purchasers for 5 sessions in a row
• Crude oil prices hovering at one-and-a-half-year lows
• Typically, the markets remain strong around the Ganpati festival

Can you expect big moves in midcap & smallcap stocks?

• Buying expected to emerge but slowly
• One shouldn't expect a one-way rally in these segments
• Midcap & smallcap stocks are unlikely to outperform their largecap counterparts
• As long as global uncertainties persist, a bigger focus will remain on largecap stocks than midcap & smallcap stocks
• Big moves can be expected once stability returns

EDITOR'S TAKE

• Traders to get ample opportunities on both sides
• One may book profits at higher levels
• A strong zone for Nifty50 is placed at 24,750-24,850 levels with a higher range at 25,150-25,275 levels
• Tuesday's session will be a make-or-break day for Nifty Bank
• One can expect stronger moves once Nifty Bank sustains above 51,750 
• Be selective while picking midcap & smallcap stocks for buying 

MARKET STRATEGY 

For existing long positions:

• Nifty intraday and closing stop loss at 24,850
• Nifty Bank intraday stop loss at 50,900 and closing stop loss at 50,575

For existing short positions:

• Nifty intraday stop loss at 25,100 and closing stop loss at 25,200
• Nifty Bank intraday and closing stop loss at 51,500

For new positions in Nifty50:

• Buy Nifty in the 24,750-24,850 range with a stop loss at 24,700 for targets of 24,925, 25,000, 25,050, 25,075, 25,125 and 25,150
• Aggressive traders can sell Nifty in the 25,050-25,150 range with a stop loss at 25,250 for targets of 25,000, 24,950, 24,875, 24,850, 24,800 and 24,750

For new positions in Nifty Bank: 

• Aggressive traders can buy Nifty Bank in the 50,700-50,850 range with a strict stop loss at 50,575 for targets of 50,925, 51,000, 51,100, 51,175, 51,250 and 51,350
• Aggressive traders can sell Nifty Bank in the 51,375-51,575 range with a strict stop loss at 51,750 for targets of 51,300, 51,200, 51,125, 51,025, 50,950 and 50,800