Anil Singhvi Market Strategy November 8: Important levels to track in Nifty50, Nifty Bank today
Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi shares his strategy for today's 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 24,000-24,140 levels and a strong buy zone at 23,800-23,850 levels on Friday, November 8. For the Nifty Bank, he expects support at 51,475-51,675 levels and a strong buy zone at 51,100-51,250 levels.
Here's how the market guru sums up the trade setup this morning:
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Global: Positive
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FII: Negative
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DII: Positive
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F&O: Neutral
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Sentiment: Negative
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Trend: Neutral
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FII long positions at 25 per cent vs 26 per cent
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Nifty put-call ratio (PCR) at 0.90 vs 0.97
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Nifty Bank PCR at 0.79 vs 0.92
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Volatility index India VIX up 0.5 per cent at 14.94
The market wizard sees a higher zone for the headline index at 24,275-24,375 levels and a strong sell zone at 24,400-24,500 levels.
For the banking index, he sees a higher zone at 52,200-52,350 levels and a profit-booking zone at 52,475-52,575 levels.
EDITOR'S TAKE
- Last strong support for Nifty50 lies at 23,800-24,000 levels
- Tought resistance placed at 24,400-24,500
- Strong support for Nifty Bank at 51,100-51,350, tough resistance at 52,350-52,500
- SBI results today will give direction to Nifty Bank
- Keep trimming positions at higher levels
- Those looking to buy now should only focus on midcap and smallcap stocks
MARKET STRATEGY
For existing long positions:
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Nifty intraday and closing stop loss at 23,975
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Nifty Bank intraday and closing stop loss at 51,675
For existing short positions:
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Nifty intraday and closing stop loss at 24,500
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Nifty Bank intraday and closing stop loss at 52,225
For new positions in Nifty50:
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The best range to sell Nifty is the 24,300-24,400 range with a stop loss at 24,500 for targets of 24,200, 24,175, 24,135, 24,075, 24,000 and 23,850
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The best range to buy Nifty is 23,850-24,000 with a stop loss at 23,750 for targets of 24,075, 24,135, 24,175, 24,200, 24,275, 24,300
For new positions in Nifty Bank:
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Aggressive traders sell Nifty Bank in the 52,325-52,475 range with a strict stop loss at 52,600 for targets of 52,200, 52,000, 51,925, 51,825, 51,750 and 51,675
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Aggressive traders can buy Nifty Bank in the 51,500-51,675 range with a strict stop loss at 51,350 for targets of 51,750, 51,900, 52,000, 52,175, 52,325 and 52,475
Stocks in F&O ban
- New in ban: Granules, AB Fashion
- Out of ban: None
- Already in ban: None
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09:16 AM IST