Anil Singhvi strategy August 24: Important levels to track in Nifty, Nifty Bank today
Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi shares his strategy for today's session. Check out 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 sees a strong buy zone in the headline Nifty index at 19,365-19,425 levels on Thursday, August 24. For the Nifty Bank, he expects a strong buy zone at 44,000-44,200 levels.
Here's how Anil Singhvi sums up the market setup:
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Global: Positive
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FII: Positive
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DII: Neutral
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F&O: Neutral
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Sentiment: Positive
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Trend: Neutral
Singhvi sees a higher zone in the Nifty at 19,500-19,565 levels and a profit-booking zone at 19,600-19,650 levels. For the banking index, he sees a higher zone at 44,725-44,875 levels and a profit-booking zone at 44,925-45,075 levels.
ANIL SINGHVI MARKET STRATEGY
Singhvi expects positive moves on Wall Street, and a softening of US bonds and the dollar to support the domestic market amid a pause in persistent FII outflows. The Nifty Bank signalled a breakout on Wednesday in a sign of leadership on Dalal Street, he pointed out.
He expects strong support for the Nifty and the Nifty Bank at 19,250-19,325 and 43,600-43,800 levels, and the next targets at 19,600-19,800 and 44,800-45,000 respectively.
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FII index long positions at 45 per cent vs 43 per cent the previous day
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Nifty put-call ratio (PCR) at 1.05 vs 0.92
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Nifty Bank PCR at 1.27 vs 0.83
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Fear index India VIX unchanged at 11.73
For existing long positions:
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Nifty intraday stop loss at 19,350 and closing stop loss at 19,300
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Nifty Bank intraday stop loss at 44,200 and closing stop loss at 44,000
For existing short positions:
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Nifty intraday and closing stop loss at 19,550
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Nifty Bank intraday and closing stop loss at 44,625
For new positions in Nifty:
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Buy Nifty with a stop loss at 19,350 for targets of 19,500, 19,535, 19,565, 19,600, 19,625, 19,650 and 19,700
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For aggressive traders, the best range to sell Nifty is 19,565-19,650 with a strict stop loss at 19,725 for targets of 19,535, 19,500, 19,475, 19,445, 19,425 and 19,400
For new positions in Nifty Bank:
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Buy Nifty Bank with a stop loss at 44,200 for targets of 44,575, 44,625, 44,725, 44,775, 44,825, 44,875, 44,925 and 44,975
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For aggressive traders, the best range to sell Nifty Bank is 44,800-45,000 with a strict stop loss at 45,200 for targets of 44,725, 44,625, 44,575, 44,525, 44,475 and 44,400
Stocks in F&O ban:
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New in ban: Sun TV
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Already in ban: BHEL, Escorts, Metropolis, Delta Corp, GNFC, Hindustan Copper, Indiabulls Housing Finance, India Cements, Manappuram, PNB
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Out of ban: SAIL, ZEEL
Stock of the day:
Sell Coforge futures with a stop loss at Rs 5,000 for targets of Rs 4,715, Rs 4,670 and Rs 4,605
- Baring PE selling entire 26.63 per cent stake
- Don’t rush to buy even after the block deal
Vishnu Prakash R Punglia IPO review:
Singhvi recommends applying for the issue for big listing gains.
Positives:
- Experienced promoters
- Impressive growth record
- Strong growth outlook with a healthy order book
- Reasonable valuation leaves scope for good listing gains
Negatives:
- Highly competitive business with low entry barriers
- Focus only on Rajasthan-based irrigation projects
- Cash flow slightly negative for last two years
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08:49 AM IST