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 shares his strategy for todays session on Dalal Street. Learn more about 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 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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