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: 

  • Global: Positive
  • FII: Negative
  • DII: Positive
  • F&O: Neutral
  • Sentiment: Negative
  • Trend: Neutral
  • FII long positions at 25 per cent vs 26 per cent 
  • Nifty put-call ratio (PCR) at 0.90 vs 0.97
  • Nifty Bank PCR at 0.79 vs 0.92
  • Volatility index India VIX up 0.5 per cent at 14.94

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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:

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

For existing short positions:

  • Nifty intraday and closing stop loss at 24,500
  • Nifty Bank intraday and closing stop loss at 52,225

For new positions in Nifty50:

  • 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
  • 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:

  • 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
  • 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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