Anil Singhvi Market Strategy September 6: 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 25,000-25,075 levels and a strong buy zone at 24,875-24,975 levels on Friday, September 6. 

For the Nifty Bank, he expects support to come in at 51,150-51,250 levels and a stronger support zone at 50,850-51,000 levels.

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

• Global: Negative
• FII: Negative
• DII: Positive
• F&O: Neutral
• Sentiment: Positive
• Trend: Positive
• FII long positions flat at 68 per cent as the previous day
• Nifty put-call ratio (PCR) at 1.33 vs 1.08
• Nifty Bank PCR at 0.91 vs 1.05
• India VIX down 1 per cent at 14.21

The market wizard sees a higher zone at 25,200-25,275 and a "blue-sky zone" above 25,350 for the headline index. 

For the banking index, he sees a higher zone coming in at 51,625-51,750 levels and a profit-booking zone at 51,875-51,950 levels. 

Are Wall Street investors confused?

• US stocks appear to be in mood to consolidated after a one-way rally
• All eyes on upcoming FOMC meeting before a big move
• Participants disappointed by weaker-than-expected private sector jobs
• Private sector job growth at the lowest levels in three and a half years 
• August jobs report awaited
• Services PMI reading better than expectations
• Bond yield down at 3.7 per cent 
• Crude oil pries continue to be at nine-month lows

Will Indian shares rise or fall after staging rangebound moves?

• Some consolidation is natural given the one-way rally in the recent past
• Wait for key indices to cross crucial 
• Nifty50 closing below 25,000 will be the first sign of weakness
• Index closing above 25,300 will signal strength
• Nifty Bank closing below 51,000 will be the first sign of weakness; a close above 51,750 will signal strength
• A breakout from the current range will be dictated by global markets
• Until then, align yourself with the trend

Will the party continue in midcap and smallcap stocks?

• No sign of weakness for now but avoid deciding to buy in a hurry
• Money-making possible but slowly, step by step, and with more difficulties than before
• Book 10-20 per cent profits in quality stocks

MARKET STRATEGY 

For existing long positions:

• Nifty intraday and closing stop loss at 24,950
• Nifty Bank intraday stop loss at 51,200 and closing stop loss at 51,000

For existing short positions:

• Nifty intraday and closing stop loss at 25,300
• Nifty Bank intraday and closing stop loss at 51,750

For new positions in Nifty50:

• Sell Nifty with a stop loss at 25,300 for targets of 25,085, 25,050, 25,000, 24,975, 24,950 and 24,875
• The best range for aggressive traders to buy Nifty is 24,975-25,075 with a strict stop loss at 24,875 for targets of 25,125, 25,150, 25,200, 25,235 and 25,275

For new positions in Nifty Bank: 

• The best range for aggressive traders to buy Nifty Bank is 51,150-51,300; they may keep a strict stop loss at 51,000 for targets of 51,400, 51,475, 51,575, 51,625, 51,675 and 51,750
• Aggressive traders can sell Nifty Bank in the 51,625-51,750 range with a strict stop loss at 51,800 for targets of 51,500, 51,400, 51,350, 51,300, 51,250 and 51,150