Anil Singhvi Market Strategy November 7: 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 24,300-24,400 levels and a stronger support zone at 24,175-24,275 levels on Thursday, November 7. For the Nifty Bank, he expects support at 51,825-52,000 levels and a stronger support zone at 50,575-51,775 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: Neutral

• Trend: Neutral

• FII long positions at 26 per cent vs 27 per cent before the previous session

• Nifty put-call ratio (PCR) at 0.97 vs 0.94

• Nifty Bank PCR at 0.92 vs 1.04

• Volatility index India VIX down 8 per cent at 14.87

The market wizard sees a higher zone for the headline index at 24,525-24,600 levels and a profit-booking zone at 24,575-24,700 levels.

For the banking index, he sees a higher zone at 52,475-52,575 levels and a profit-booking zone at 52,750-52,925 levels.

MARKET STRATEGY

For existing long positions:

• Nifty intraday stop loss at 24,300 and closing stop loss at 24,200

• Nifty Bank intraday stop loss at 52,000 and closing stop loss at 51,800​

For existing short positions:

• Nifty intraday and closing stop loss at 24,550

• Nifty Bank intraday and closing stop loss at 52,600

For new positions in Nifty50:

• The best range to buy Nifty is 24,200-24,340 with a stop loss at 24,075 for targets of 24,400, 24,435, 24,465, 24,500, 24,525 and 24,600

• Aggressive traders can sell Nifty in the 24,465-24,525 range with a strict stop loss at 24,575 for targets of 24,400, 24,340, 24,300, 24,225, 24,200 and 24,135

For new positions in Nifty Bank:

• The best range to buy Nifty Bank is 51,675-51,825 with a stop loss at 51,475 for targets of 52,000, 52,100, 52,200, 52,325, 52,475 and 52,575

• Aggressive traders can sell Nifty Bank in the 52,475-52,575 range with a strict stop loss at 52,650 for targets of 52,325, 52,200, 52,100, 52,000, 51,825 and 51,675

No stocks in F&O ban​

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