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 shares his strategy for todays session on Dalal Street. Check out 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 24,750-24,800 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:
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Global: Positive
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FII: Neutral
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DII: Positive
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F&O: Neutral
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Sentiment: Neutral
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Trend: Positive
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FII long positions at 64 per cent vs 65 per cent the previous day
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Nifty put-call ratio (PCR) at 0.96 vs 0.92
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Nifty Bank PCR at 0.87 vs 0.6
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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:
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Nifty intraday and closing stop loss at 24,850
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Nifty Bank intraday stop loss at 50,900 and closing stop loss at 50,575
For existing short positions:
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Nifty intraday stop loss at 25,100 and closing stop loss at 25,200
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Nifty Bank intraday and closing stop loss at 51,500
For new positions in Nifty50:
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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
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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:
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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
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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
Stocks in F&O ban
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Already in ban: Balrampur Chini, Hindustan Copper, AB Fashion, RBL Bank, Biocon, Bandhan Bank, Chambal Fertilisers
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New in ban: None
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Out of ban: None
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