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

Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi sees support for the headline Nifty index emerging at 18,925-19,000 levels and a strong buy zone at 18,835-18,900 levels on Thursday, November 2. For the Nifty Bank, he expects support at 42,500-42,600 levels and a strong buy zone at 42,275-42,400 levels.

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

• Global: Positive

• FII: Negative

• DII: Positive

• F&O: Positive

• Sentiment: Neutral

• Trend: Neutral

Singhvi expects a higher zone for the Nifty50 at 19,050-19,125 levels and a profit-booking zone at 19,150-19,225 levels. For the banking index, he sees a higher zone coming in at 43,025-43,150 levels and a strong sell zone at 43,350-43,550 levels.  

ANIL SINGHVI MARKET STRATEGY

Singhvi expects strength to return in banking stocks and sees buying in midcap and smallcap stocks gaining further momentum, amid signs of a short-term top in bond yields, the dollar index as well as crude oil rates. He also points out that there are signs of short covering by FIIs.

The market wizard suggests buying at the first support levels in case of a big gap-up opening on Dalal Street. He expects strong support for the Nifty and the Nifty Bank coming in at 18,850-18,950 and 42,300-42,500 levels, and believes that a recovery may extend all the way to 19,250-19,350 and 43,725-43,875 levels, respectively. 

• FII index long positions at 15 per cent vs 13 per cent the previous day

• Nifty put-call ratio (PCR) at 0.82 vs 0.91

• Nifty Bank PCR at 0.91 vs 0.84

• Fear index India VIX up 1.88 per cent at 12.05

For existing long positions:

• Nifty intraday and closing stop loss at 18,925

• Nifty Bank intraday and closing stop loss at 42,575

For existing short positions:

• Nifty intraday and closing stop loss at 19,150

• Nifty Bank intraday and closing stop loss at 43,050

For new positions in Nifty:

• Buy Nifty with a stop loss at 18,925 for targets of 19,050, 19,090, 19,125, 19,150, 19,225 and 19,275

• The best range to sell Nifty is 19,150-19,225 with a stop loss at 19,300 for targets of 19,100, 19,075, 19,050, 19,025, 19,000 and 18,975

For new positions in Nifty Bank:

• Buy Nifty Bank with a stop loss at 42,550 for targets of 42,850, 43,025, 43,125, 43,350, 43,400 and 43,550

• The best range to sell Nifty Bank is 43,350-43,550 with a stop loss at 43,625 for targets of 43,150, 43,050, 42,850, 42,725 and 42,600

F&O ban update

• New in ban: GNFC
• Out of ban: None
• Already in ban: None

Stocks of the day:

Buy Godrej Consumer futures with a stop loss at Rs 962 for targets of Rs 988, Rs 999 and Rs 1,010

• Best results in the FMCG sector
• Strong margins
• Management confident of future growth

Buy JK Tyre shares with a stop loss at Rs 303 for targets of Rs 314, Rs 318 and Rs 321

• Strong performance on all parameters
• Net debt reduced by Rs 500 crore

Player of the day:
Sell Tata Steel futures with a stop loss at Rs 118 for targets of Rs 112, Rs 109 and Rs 107

• Weak performance on all parameters
• Revenue and margins below expectation

Results review:

Hero MotoCorp

• Good results
• Margins better than estimates
• Futures have support at Rs 3,000; higher levels at Rs 3,155 and Rs 3,220

Britannia

• Revenue and volume growth below expectations
• A big positive surprise in margins
• Stock can surprise on the positive side due to short covering
• Buy with stop loss at Rs 4,375 for targets of Rs 4,480 and Rs 4,530

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