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

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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

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