Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi expects support for the headline Nifty50 index to emerge in the 24,075-24,140 and 23,800-24,000 bands and a stronger support zone at 23,500-23,625 levels on Wednesday, November 6. For the Nifty Bank, he expects support at 51,675-51,825 and 51,250-51,450 levels and a stronger support zone at 50,800-51,000 levels for the day.

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

  • Global: Positive
  • FII: Negative
  • DII: Positive
  • F&O: Neutral
  • Sentiment: Cautious
  • Trend: Neutral
  • FII long positions at 27 per cent vs 24 per cent before the previous session
  • Nifty put-call ratio (PCR) at 0.94 vs 0.85
  • Nifty Bank PCR at 1.04 vs 0.71
  • Volatility index India VIX down 3.5 per cent at 16.12

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The market wizard sees a higher zone for the headline index at 24,300-24,375 and 24,400-24,500 levels, and a profit-booking zone at 24,575-24,700 levels.

For the banking index, he sees a higher zone at 52,350-52,575 and 52,675-52,825 levels, and a profit-booking zone at 52,925-53,225 levels.

MARKET STRATEGY

For existing long positions:

  • Nifty intraday and closing stop loss at 23,975
  • Nifty Bank intraday stop loss at 51,900 and closing stop loss at 51,675

For existing short positions:

  • Nifty intraday stop loss at 24,400 and closing stop loss at 24,500
  • Nifty Bank intraday and closing stop loss at 52,350

For new positions in Nifty50:

  • The best range to buy Nifty is 23,850-24,000 with a stop loss at 23,775 for targets of 24,075, 24,140, 24,175, 24,200, 24,225 and 24,275
  • Aggressive traders can buy Nifty with a strict stop loss at 24,000 for targets of 24,300, 24,340, 24,375, 24,400, 24,475 and 24,500

For new positions in Nifty Bank:

  • The best range to buy Nifty Bank is 51,475-51,675 with a stop loss at 51,200 for targets of 51,825, 51,900, 52,000, 52,100, 52,200 and 52,275
  • Aggressive traders can buy Nifty Bank with a strict stop loss at 51,900 for targets of 52,325, 52,575, 52,675, 52,750, 52,825, 52,950 and 53,100
  • The best range to sell Nifty Bank is 52,875-53,100 with a stop loss at 53,350 for targets of 52,575, 52,350, 52,200, 52,100, 52,000, 51,900 and 51,825

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