Anil Singhvi Market Strategy November 22: 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 23,200-23,265 levels and a strong buy zone at 22,975-23,125 levels on Friday, November 22. For the Nifty Bank, he expects support at 50,000-50,175 levels and a stronger support zone at 49,750-49,950 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: Negative

• FII long position at 25 per cent vs 26 per cent before the previous session

• Nifty put-call ratio (PCR) at 0.94 vs 0.83

• Nifty Bank PCR unchanged at 0.91

• Volatility index India VIX up one per cent at 15.86

The market wizard sees a higher zone for the headline index at 23,450-23,550 levels and a profit-booking zone at 23,600-23,675 levels.

For the banking index, he sees a higher zone at 50,650-50,800 levels and a profit-booking zone at 50,975-51,175 levels.

How did Wall Street fare overnight?

• Strong moves for two straight days
• Dollar index at a two-year high at 107
• Headlines on Russian escalation pushing gold rates higher
• Crude oil at two-week high of $74 per barrel
• Coffee rates at 13-year high
• Natural gas rates at 2024's higher levels, up 22 per cent this week 

Uncertainties facing Dalal Street

• How much will FIIs sell and for how long?
• What will Donald Trump do, and when and how? 
• What's the future of Adani group stocks?
• When and which bad news will come, and from where?
• Where will the market bottom out for now?

What should market participants do?

• Focus on stocks of companies trusted to stage strong financial performances
• Be ready to buy three stocks whenever a sustained recovery looks possible: L&T, Trent, M&M

What to expect in Adani group stocks?

• Negative news from Kenya 
• Group may find difficulties in expanding capacity and raising funds
• In the cash segment, sell-off may continue in Adani group stocks on Friday
• Trading or investing in these stocks highly risky at this point
• Best to adopt a 'wait and watch' approach amid wild swings in stock prices

ANIL SINGHVI MARKET STRATEGY

For existing long positions:

• Nifty intraday and closing stop loss at 23,250
• Nifty Bank intraday and closing stop loss at 50,000

For existing short positions:

• Nifty intraday and closing stop loss at 23,550
• Nifty Bank intraday and closing stop loss at 50,700

For new positions in Nifty50:

• The best range to buy Nifty is 23,100-23,250 with a stop loss at 22,950 for targets of 23,350, 23,450, 23,500, 23,525, 23,550 and 23,600
• Aggressive traders can sell Nifty in the 23,500-23,600 range with a strict stop loss at 23,700 for targets of 23,450, 23,350, 23,300, 23,265, 23,225 and 23,125

For new positions in Nifty Bank:

• The best range to buy Nifty Bank is 49,800-50,000 with a stop loss at 49,650 for targets of 50,075, 50,175, 50,375, 50,425, 50,550 and 50,650
• Aggressive traders can buy Nifty Bank with a strict stop loss at 50,000 for targets of 50,550, 50,650, 50,800, 50,875, 50,975 and 51,175
• Aggressive traders can sell Nifty Bank in the 50,800-50,975 range with a strict stop loss at 51,200 for targets of 50,650, 50,450, 50,375, 50,175, 50,075, 49,950 and 49,900

Stocks in F&O ban:

• New in ban: NALCO, Adani Enterprises
• Already in ban: IGL, GNFC, Aarti Industries, Hindustan Copper, Granules India, AB Fashion
• Out of ban: None

Stocks of the Day

Sell Adani Ports futures for targets of Rs 1,090, Rs 1,065 and Rs 1,030 with a stop loss at Rs 1,160 

• The Kenya government cancelled a port and power contract granted to the Adani group

Buy Info Edge shares for targets of Rs 7,585, Rs 7,640 and Rs 7,685 with a stop loss at Rs 7,440 

• Stock trading at good levels after correction
• Goldman Sachs has upgraded to 'buy' from 'sell' and revised its target to Rs 8,600 from Rs 5,700

Catch all the latest stock market updates here. For all other news related to business, market, tech and auto, visit Zeebiz.com.