Anil Singhvi Market Strategy November 13: 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 23,675-23,800 levels and a stronger support zone at 23,500-23,625 levels on Wednesday, November 13. For the Nifty Bank, he expects support at 50,600-50,800 levels and a strong buy zone at 50,200-50,400 levels.

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

• Global: Negative

• FII: Negative

• DII: Positive

• F&O: Neutral

• Sentiment: Negative

• Trend: Neutral

• FII long positions at 24 per cent vs 25 per cent before Tuesday's session

• Nifty put-call ratio (PCR) at 0.72 vs 0.91

• Nifty Bank PCR at 0.59 vs 0.86

• Volatility index India VIX up 2 per cent at 14.59

The market wizard sees a higher zone for the headline index at 24,000-24,075 levels and a profit-booking zone at 24,140-24,240 levels.

For the banking index, he sees a higher zone at 51,475-51,675 levels and a strong sell zone at 51,800-52,000 levels.

What is Wall Street signaling?

• Dollar index at a six-month high at 106 levels 
• Bond yields near 4.5 per cent
• There is fear that inflation may worsen under Donald Trump administration
• 3 major economic data sets due in the next 3 days
• There is a possibility of some profit taking given the one-sided rally

Should market participants be concerned about Nifty50 closing below 24,000?

• A closing below the 24,000 mark is weak from a sentimental perspective
• Nifty50 has entered a very important support zone
• Strong support placed at 23,500-23,800 levels
• It is important for the index to hold 23,750 on a closing basis on Wednesday
• Nifty50 has closed above 23,750 for around 105 trading sessions
• 23,650 marks a 10 per cent fall from its life high
• Strong support at 50,200-50,600 for Nifty Bank 
• Situation may worsen only if the banking index gives up 50,450 on a closing basis

Is it a good time to invest in the market?

• Investors should deploy an instalment of their funds in the 23,500-23,800 range
• This investment should be restricted to 20-25 per cent of the funds available 

EDITOR'S TAKE

• Traders should avoid taking long positions unless the market crosses Tuesday's high on a closing basis
• Tough resistance at 24,250-24,375 for Nifty50 
• Traders should keep trimming their stuck positions on the upside

MARKET STRATEGY

For existing long positions:

• Nifty intraday stop loss at 23,800 and closing stop loss at 23,750

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

For existing short positions:

• Nifty intraday and closing stop loss at 24,275

• Nifty Bank intraday and closing stop loss at 51,575

For new positions in Nifty50:

• The best range to sell Nifty is 24,000-24,200 with a stop loss at 24,350 for targets of 23,900, 23,850, 23,800, 23,750, 23,675 and 23,625

• Aggressive traders can buy Nifty in the 23,625-23,750 range with a strict stop loss at 23,500 for targets of 23,875, 24,000, 24,075, 24,140, 24,200 and 24,240

For new positions in Nifty Bank:

• Aggressive traders can sell Nifty Bank in the 51,575-51,750 range with a strict stop loss at 52,000 for targets of 51,475, 51,350, 51,200, 51,150, 51,000 and 50,875

• The best range to buy Nifty Bank is 50,375-50,575 with a stop loss at 50,200 for targets of 50,850, 51,000, 51,150, 51,225, 51,300 and 51,475

Stocks in F&O ban​

• Already in ban: Hindustan Copper, Aarti Industries, Manappuram Finance, Granules India, AB Fashion
• New in ban: None
• Out of ban: None

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