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 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 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
Stocks in F&O ban
- New in ban: Biocon, Bandhan Bank, Chambal Fertilisers
- Already in ban: Balrampur Chini, Hindustan Copper, AB Fashion, RBL Bank
- Out of ban: None
Stocks of the Day
- DAM Capital has initiated coverage on the stock with a 'buy' rating and a target of Rs 304
Buy Protean eGov Technologies shares for 1-3-year targets of Rs 2,500, Rs 3,000 and Rs 4,000
- Investors may make an SIP at every 10 per cent fall
Sell SBI futures for targets of Rs 816, Rs 810 and Rs 801 with a stop loss at Rs 830
- Goldman Sachs has double-downgraded SBI to 'sell' from 'neutral' and lowered its target price for the stock from Rs 841 to Rs 742
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