Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi sees support for the headline Nifty50 index emerging at 19,750-19,785 levels and a strong buy zone at 19,650-19,725 levels on Friday, November 24. For the Nifty Bank, he expects support to come in at 43,450-43,525 levels and a strong buy zone at 43,225-43,325 levels.

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

  • Global: Positive
  • FII: Positive
  • DII: Neutral
  • F&O: Neutral
  • Sentiment: Positive
  • Trend: Positive

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

Singhvi expects a higher zone for the Nifty50 at 19,825-19,875 levels and a profit-booking zone at 19,900-19,950 levels. For the banking index, he sees a higher zone emerging at 43,650-43,725 levels and a profit-booking zone at 43,775-43,875 levels.

ANIL SINGHVI MARKET STRATEGY 

The market wizard points out the emergence of mild FII inflows and positive signals from global markets. He believes that closing levels of 19,800 and 43,600 for the Nifty50 and the Nifty Bank on Friday will be a good sign on Dalal Street. 

Singhvi expects rangebound action in the market ahead of the long weekend, owing to the market holiday on Monday, with ample trading opportunities on both sides. He suggests trading in indices for small profits. 

  • FII index long positions at 21 per cent vs 23 per cent the previous day
  • Nifty put-call ratio (PCR) at 1.11 vs 1.07
  • Nifty Bank PCR at 0.92 vs 0.83
  • Volatility index India VIX down 4.63 per cent at 11.32

For existing long positions:

  • Nifty50 intraday stop loss at 19,700 and closing stop loss at 19,650
  • Nifty Bank intraday and closing stop loss at 43,400

For existing short positions:

  • Nifty intraday and closing stop loss at 19,900
  • Nifty Bank intraday and closing stop loss at 43,800

For new positions in Nifty:

  • The best range to buy Nifty is 19,700-19,765 with a stop loss at 19,650 for targets of 19,785, 19,805, 19,825, 19,875, 19,900 and 19,950
  • The best range to sell Nifty is 19,875-19,950 with a stop loss at 20,000 for targets of 19,840, 19,810, 19,785, 19,765, 19,735 and 19,710

For new positions in Nifty Bank:

  • The best two levels to buy Nifty Bank is 43,450 and 43,250 with a stop loss at 43,125 for targets of 43,500, 43,575, 43,625, 43,675, 43,725 and 43,775
  • Aggressive traders can buy Nifty Bank with a strict stop loss at 43,400 for targets of 43,625, 43,675, 43,725, 43,775, 43,875 and 43,975

    Sell Nifty Bank in the 43,700-43,875 range with a stop loss at 44,000 for targets of 43,625, 43,575, 43,525, 43,450, 43,325 and 43,225

F&O ban update

  • New in ban: Balrampur Chini, HPCL
  • Out of ban: BHEL, NMDC
  • Already in ban: Indiabulls Housing Finance, RBL Bank, India Cements, Manappuram Finance, Hindustan Copper, Zee Entertainment Enterprises, MCX

Stock of the day: 

Singhvi suggests investing in Cipla futures in the range of Rs 1,120-1,145. In case of a recovery, he sees higher levels of Rs 1,210 and Rs 1,215 emerging in Friday's trade.  

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