Anil Singhvi strategy August 30: 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 support for the headline Nifty index coming in at 19,325-19,365 levels and a strong buy zone at 19,235-19,300 levels on Wednesday, August 30. For the Nifty Bank, he expects support at 44,350-44,425 levels and 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: Neutral
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Trend: Neutral
Singhvi sees a higher zone in the Nifty at 19,425-19,465 levels and a strong sell zone at 19,500-19,575 levels. For the banking index, he sees a higher zone at 44,675-44,825 levels and a profit-booking zone at 44,925-45,075 levels.
ANIL SINGHVI MARKET STRATEGY
Singhvi believes the market is gearing up for a breakout from its current trading range, as predicted earlier, amid positive signals from Wall Street, the dollar index and bond yields. He suggests traders adopt a 'buy on dips' strategy.
One can expect a breakout if the Nifty and the Nifty Bank take out 19,550 and 45,000 levels on a closing basis, and further weakness in the market if they close below 19,200 and 43,850 levels respectively, he says.
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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 0.97 vs 0.99
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Nifty Bank PCR at 0.91 vs 1.06
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Fear index India VIX down 1.5 per cent at 12.23
For existing long positions:
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Nifty intraday stop loss at 19,300 and closing stop loss at 19,250
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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 stop loss at 19,400 and closing stop loss at 19,500
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Nifty Bank intraday and closing stop loss at 44,725
For new positions in Nifty:
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Buy Nifty with a stop loss at 19,300 for targets of 19,400, 19,425, 19,465, 19,500, 19,535 and 19,575
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Aggressive traders can sell Nifty in the 19,465-19,575 range with a strict stop loss at 19,650 for targets of 19,425, 19,400, 19,365, 19,340 and 19,300
For new positions in Nifty Bank:
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Buy Nifty Bank with a stop loss at 44,350 for targets of 44,625, 44,675, 44,725, 44,775, 44,825, 44,875, 44,925 and 45,000
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Aggressive traders can sell Nifty Bank in the 44,825-44,975 range with a strict stop loss at 45,100 for targets of 44,775, 44,725, 44,675, 44,625, 44,575, 44,525 and 44,425
Stocks in F&O ban:
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Out of ban: India Cements, BHEL
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Already in ban: Indiabulls Housing Finance, Escorts, GMR Airports, Hindustan Copper, Manappuram Finance, RBL Bank, Sun TV
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New in ban: None
Stocks of the day:
The best range to buy BHEL futures is Rs 109-111 with a stop loss at 107 for targets of Rs 116, Rs 118 and Rs 120
- Defence and capital goods stocks in focus
Buy Zomato shares after a likely block deal with a stop loss at Rs 90 for targets of Rs 98 and Rs 100
- Targets for investors: Rs 115 and Rs 120
Rishabh Instruments IPO preview:
Singhvi recommends applying for the issue for small listing gains and for the long term. He identified the following key points about the primary market-bound company:
Positive:
- Experienced and clean promoters
- Strong financial growth record
- Strong anchor book
- Reasonable valuations
Negative:
- Plants in Polland and China
- Almost 70 per cent revenue from exports
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09:03 AM IST