Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi expects support for the headline Nifty50 index to emerge at 23,350-23,450 levels and a stronger support zone at 23,200-23,300 levels on Thursday, November 21. For the Nifty Bank, he expects support at 50,300-50,450 levels and a stronger support zone at 49,900-50,100 levels.

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

  • Global: Positive
  • FII: Neutral
  • DII: Positive
  • F&O: Neutral
  • Sentiment: Negative
  • Trend: Negative
  • FII long positions at 26 per cent vs 24 per cent before the previous session 
  • Nifty put-call ratio (PCR) at 0.83 vs 0.85
  • Nifty Bank PCR at 0.91 vs 0.95
  • Volatility index India VIX up three per cent at 15.66

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The market wizard sees a higher zone for the headline index at 23,600-23,675 levels and a profit-booking zone at 23,775-23,875 levels.

For the banking index, he sees a higher zone at 50,975-51,175 levels and a profit-booking zone at 51,300-51,475 levels.

What to make of the latest headlines on Adani group from the US? 

  • A big setback for Adani group in US court
  • Not mere accusations but verdict
  • Adani group shares can hurt market sentiment today, big sell-off on the cards

Positive signals for Dalal Street

  • No news of fresh escalations in Ukraine-Russia war
  • Wall Street indices stable for two sessions in a row; some positive moves also
  • FIIs have carried out short-covering to the tune of Rs 7,000 crore in stock and index futures after long
  • Nifty Bank closing above highs for two sessions
  • Domestic fund inflows at Rs 2800 crore

Negative signals for Dalal Street

  • US court verdict against Adani group in matter related to alleged bribery
  • FII outflows at Rs 3,400 crore in cash segment
  • Difficult for market to sustain higher levels
  • Bad news rattles investor confidence
  • Nifty50 unable to close above previous high 

ANIL SINGHVI MARKET STRATEGY

For existing long positions:

Nifty intraday stop loss at 23,350 and closing stop loss at 23,450

Nifty Bank intraday stop loss at 50,350 and closing stop loss at 50,050

For existing short positions:

Nifty intraday and closing stop loss at 23,700

Nifty Bank intraday and closing stop loss at 51,000

For new positions in Nifty50:

The best range to buy Nifty is 23,350-23,450 with a stop loss at 23,300 for targets of 23,500, 23,550, 23,600, 23,675, 23,700 and 23,775

Aggressive traders can sell Nifty in the 23,675-23,775 range with a strict stop loss at 23,850 for targets of 23,600, 23,550, 23,525, 23,475, 23,450 and 23,350

For new positions in Nifty Bank:

The best range to buy Nifty Bank is 50,175-50,350 with a stop loss at 49,900 for targets of 50,550, 50,625, 50,800, 50,975, 51,100 and 51,175

Aggressive traders can sell Nifty Bank in the 50,975-51,175 range with a strict stop loss at 51,350 for targets of 50,800, 50,625, 50,550, 50,450, 50,375, 50,175 and 50,075

Stocks in F&O ban:

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

How to trade Adani group stocks

The market wizard has a 'sell' call each on four Adani group stocks: 

  • Sell Adani Enterprises futures with a stop loss at Rs 2,880 for targets of Rs 2,600, Rs 2,550 and Rs 2,300
  • Sell Adani Port futures with a stop loss at Rs 1,310 for targets of Rs 1,200, Rs 1,170 and Rs 1,155
  • Sell ACC futures with a stop loss at Rs 2,230 for targets of Rs 2,100, Rs 2,040 and Rs 2,000
  • Sell Ambuja futures with a stop loss at Rs 570 for targets of Rs 525 and Rs 510

Stocks of the Day

Buy Indus Tower futures for targets of Rs 334, Rs 337 and Rs 342 with a stop loss at Rs 321 

Buy Bharti Airtel futures for targets of Rs 1,539, Rs 1,555 and Rs 1,575

Here is a summary of key developments concerning the country's telecom space: 

  • Supreme Court has provided a major relief to the telecom sector, rejecting a 2014 Bombay High Court order 
  • The top court has permitted telecom operators to avail tax credit for duty paid on infrastructure
  • What the order means is that telecom service providers can now claim input tax credit on sectoral infrastructure such as components and shelter
  • Bharti Airtel, Vodafone Idea, Indus Towers likely to benefit from this development

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