Anil Singhvi strategy August 2: Important levels to track in Nifty, Nifty Bank today

Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi sees support for the Nifty index coming in at 19,600-19,650 levels and strong support at 19,500-19,565 levels on Wednesday, August 2. For the Nifty Bank, he expects support at 45,250-45,350 levels and strong support at 45,000-45,125 levels.

Here's how Anil Singhvi sums up the market setup:

• Global: Positive

• FII: Negative

• DII: Positive

• F&O: Neutral

• Sentiment: Neutral

• Trend: Positive

Singhvi sees a higher zone in the Nifty coming in at 19,750-19,800 levels and a strong sell zone at 19,825-19,875 levels. For the banking index, he sees a higher zone at 45,700-45,800 levels and a strong sell zone at 45,850-45,925 levels.

ANIL SINGHVI MARKET STRATEGY

2nd August Strategy: आज की स्ट्रैटेजी#FirstTrade #MarketStrategy #TradingTips #Nifty #banknifty

Zee Business LIVE- https://t.co/RDSLR8s12P pic.twitter.com/wfFQ1pIp0i

— CA Anil Singhvi Zee Business (@AnilSinghvi_) August 2, 2023

Singhvi expects pressure in the market at higher levels owing to global signals and FII outflows. He suggests trimming down long positions if the Nifty and the Nifty Bank close below 19,550 and 45,000 respectively. 

• FII index longs unchanged at 51 per cent

• Nifty put-call ratio (PCR) at 0.92 vs 1.00

• Nifty Bank PCR at 0.84 vs 0.93

• Fear index India VIX down one per cent at 10.28

For existing long positions:

• Nifty intraday and closing stop loss at 19,550

• Nifty Bank intraday stop loss at 45,200 and closing stop loss at 45,400

For existing short positions:

• Nifty intraday and closing stop loss at 19,850

• Nifty Bank intraday and closing stop loss at 45,800

For new positions in Nifty:

• Sell Nifty with a stop loss at 19,850 for targets of 19,700, 19,650, 19,600, 19,565, 19,525 and 19,500

• Best levels to buy Nifty are in the 19,500-19,600 range with a stop loss at 19,400 for targets of 19,650, 19,700, 19,725, 19,750, 19,775 and 19,800

For new positions in Nifty Bank:

• Sell Nifty Bank with a stop loss at 45,800 for targets of 45,475, 45,400, 45,350, 45,250, 45,125, 45,075 and 45,000

• Best levels to buy Nifty Bank are in the 45,000-45,125 range with a stop loss at 44,900 for targets of 45,225, 45,300, 45,350, 45,400, 45,450, 45,550 and 45,600

Stocks in F&O ban:

• New in ban: Hindustan Copper

• Already in ban: Piramal Enterprises, Indiabulls Housing Finance

• Out of ban: None

Stock of the day: 

Sell Cholamandalam Investment futures with a stop loss at Rs 1,145 for targets of Rs 1,120, 1,100 and Rs 1,080

• Results in line with estimates
• Higher cost of funds a concern otherwise numbers good
• Strong AUM growth
• Improvement in asset quality 
• Investors can hold​

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