Anil Singhvi strategy July 21: 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 19,800-19,850 levels and a strong buy zone at 19,700-19,750 levels on Friday, July 21. For the Nifty Bank, he expects support at 45,700-45,900 levels and a strong buy zone at 45,450-45,650 levels.

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

• Global: Positive

• FII: Positive

• DII: Neutral

• F&O: Neutral

• Sentiment: Positive

• Trend: Positive

The market wizard expects a higher zone in the Nifty at 19,975-20,000 levels and a "blue sky zone" above 20,025. For the banking index, he sees a higher zone at 46,175-46,250 levels and a blue sky zone above 46,300. 

ANIL SINGHVI MARKET STRATEGY

21st July Strategy : Results Review

#Infosys #Persistent #Mphasis #HUL #DalmiaBharat #StocksInFocus

Zee Business LIVE- https://t.co/x3DryGtSMu pic.twitter.com/aGhmD0erpm

— CA Anil Singhvi Zee Business (@AnilSinghvi_) July 21, 2023

Singhvi expects Infosys and other IT stocks to play spoilsport during the session. It will be crucial for Reliance Industries and banking stocks to support the Nifty, he says. 

He points out that only closing levels below 19,550 and 44,600 in the Nifty and the Nifty Bank should be considered a sign of weakness.

• FII index longs at 71 per cent vs 70 per cent the previous day
• Nifty put-call ratio (PCR) at 1.44 vs 1.34
• Nifty Bank PCR at 1.27 vs 1.12
• Fear index India VIX up 1.5 per cent at 11.79

For existing long positions:

• Nifty intraday and closing stop loss at 19,650

• Nifty Bank intraday stop loss at 45,900 and closing stop loss at 45,400

For existing short positions:

• Nifty intraday and closing stop loss at 20,025

• Nifty Bank intraday and closing stop loss at 46,300

For new positions in Nifty:

• Sell Nifty with a stop loss at 20,025 for targets of 19,900, 19,850, 19,825, 19,750, 19,725 and 19,700

• Buy Nifty in the 19,700-19,750 range with a stop loss at 19,650 for targets of 19,825, 19,850, 19,900 and 19,975

For new positions in Nifty Bank:

• Buy Nifty Bank in the 45,550-45,700 range with a stop loss at 45,400 for targets of 45,900, 46,000, 46,175 and 46,250

• Aggressive traders can sell Nifty Bank if it trades below 46,000, with a stop loss at 46,250 for targets of 45,900, 45,700, 45,650, 45,550, 45,450 and 45,400

Stocks in F&O ban:

• New In Ban: Balrampur Chini, PNB
• Out of ban: Polycab
• Already in ban: L&T Finance, RBL Bank, Delta Corp, Manappuram Finance, Indiabulls Housing Finance

Stock of the day: 

Buy United Spirits with a stop loss at Rs 965 for targets of Rs 990, Rs 1,010, Rs 1,020 and Rs 1,050

• Strong performance on all parameters
• Margins near 18 per cent highly impressive

Results review:

Infosys

• Shocking cut in guidance though results are best in industry
• Will trigger a sharp sell-off in the whole IT sector
• ADRs down more than eight per cent

Persistent

• Weak performance
• Revenue and margin below estimates
• A minimum fall of 3-5 per cent expected

Mphasis

• Weak performance on all parameters
• No growth for many quarters
• A big correction possible as the stock has already run up 14 per cent in five days

HUL

• Revenue, operating profit and margin below estimates
• Volume growth disappointing
• Commentary positive
• The stock may fall 1-2 per cent

Dalmia Bharat

• Weak operational performance
• Margin much below estimates
• Stock to trigger profit booking in all of the cement sector

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