Anil Singhvi Market Strategy September 23: Important levels to track in Nifty50, Nifty Bank today
Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi shares his strategy for today's 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 25,775-25,850 levels and a strong buy zone at 25,600-25,700 levels on Monday, September 23.
For the Nifty Bank, he expects support to come in at 53,350-53,500 levels and a strong buy zone at 53,050-53,175 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: Positive
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DII: Negative
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F&O: Cautious
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Sentiment: Positive
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Trend: Positive
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FII long positions at 76 per cent vs 68 per cent in the previous session
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Nifty put-call ratio (PCR) at 1.50 vs 1.26
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Nifty Bank PCR at 1.34 vs 0.93
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INDIA VIX up 2.5 per cent at 12.79
The market wizard sees a higher zone for the headline index at 25,950-26,000 and the upmove to extend to 26,200-26,250 once past 26,050.
For the banking index, he sees a higher zone at 54,000-54,075 levels and a "blue-sky zone" above the 54,125 mark.
ALSO READ: Fed surprises economists with better-than-expected 50 bps rate cut; what next?
Explanation for significant buying by FIIs
- FII buying occurs in three categories:
- Hedge funds undertaking short-term trading
- Long-only funds that invest for long term
- Passive index funds following gauges like MSCI & FTSE
- The mood of hedge funds keeps changing
- Long-only funds are the most important among the three
- Big inflows to come from ETF funds with the higher weightage of Indian markets
- The markets will benefit from rate cuts in the US
Will buying gather steam going forward?
- Signs of a pickup in strength
- Strong support from global markets
- FII inflows returning
- FOMO buying with the Fed meeting out of the way
- Friday's activity was high
- It is better if the upmove is slow so that there is a minimum risk of corrections
- The next big target for Nifty50 stands at 26,000
- Once that hurdle is out of the way, Nifty50 can go all the way to 26,200-26,250 levels
MARKET STRATEGY
For existing long positions:
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Nifty intraday stop loss at 25,750 and closing stop loss at 25,350
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Nifty Bank intraday stop loss at 53,450 and closing stop loss at 53,000
For existing short positions:
- Nifty intraday and closing stop loss at 25,850
- Nifty Bank intraday stop loss at 54,100 and closing stop loss at 53,800
For new positions in Nifty50:
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Buy Nifty with a stop loss at 25,750 for targets of 25,850, 25,950 and 26,000; above 26,025, one may hold on to their long positions with a trailing stop loss
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No signal to short Nifty as of now; aggressive traders can sell only of the index breaks below 25,600 or sell near 26,000 with a strict stop loss at 26,050
For new positions in Nifty Bank:
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Bank Nifty with a stop loss at 53,450 for targets of 53,950 and 54,050; above 54,100, one may hold their long positions with a trailing stop loss
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Aggressive traders can sell Nifty Bank only if it breaks below 53,000 with a strict stop loss at 53,350
Stocks in F&O ban
- Out of ban: Birlasoft
- Already in ban: Chambal Fertilisers, NALCO, SAIL, OFSS, Biocon, PNB, LIC Housing Finance, GNFC, Granules India, Aarti Industries, RBL Bank
- New in ban: None
Stocks of the Day
Buy Glenmark futures with a stop loss at Rs 1,600 for targets of Rs 1,634, Rs 1,644, Rs 1,655 and Rs 1,675
- The Aurangabad unit has cleared the FDA test with zero observations
Buy BHEL futures with a stop loss at Rs 263 for targets of Rs 271 and Rs 274
- The company has received a Rs 6,100 crore order from NTPC for a power project
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09:13 AM IST