Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi sees support for the headline Nifty index emerging at 19,300-19,335 levels and a strong buy zone at 19,200-19,275 levels on Wednesday, November 8. For the Nifty Bank, he expects support at 43,525-43,625 levels and a strong buy zone at 43,275-43,425 levels.

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

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

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Singhvi expects a higher zone for the Nifty50 at 19,435-19,485 levels and a strong sell zone at 19,500-19,575 levels. For the banking index, he sees a higher zone coming in at 43,875-44,000 levels and a profit-booking zone at 44,050-44,200 levels.  

ANIL SINGHVI MARKET STRATEGY

Singhvi suggests buying near the first support levels in case of a lacklustre start to the day on Dalal Street, amid strong signals from global and domestic markets, and easing crude oil prices. He recommends buying on dips till Diwali, and sees strong opportunities emerging in the midcap and smallcap segments. 

The market wizard expects strong support for the Nifty and the Nifty Bank coming in at 19,225-19,325 and 43,425-43,625 levels, and sees a recovery extending all the way to 19,465-19,550 and 43,950-44,200 levels, respectively. He also expects strong buying to emerge once the indices cross the hurdles of 19,500 and 44,000, respectively. 

  • FII index long positions unchanged at 20 per cent as the previous day
  • Nifty put-call ratio (PCR) at 1.07 vs 1.14
  • Nifty Bank PCR at 1.20 vs 1.10
  • INDIA VIX up 0.78 per cent at 11.19

For existing long positions:

  • Nifty intraday and closing stop loss at 19,300
  • Nifty Bank intraday stop loss at 43,500 and closing stop loss at 43,300

For existing short positions:

  • Nifty intraday and closing stop loss at 19,500
  • Nifty Bank intraday and closing stop loss at 44,000

For new positions in Nifty:

  • The best range to buy Nifty is 19,300-19,335 with a stop loss at 19,200 for targets of 19,385, 19,410, 19,435, 19,465, 19,485, 19,515 and 19,550
  • The best range to sell Nifty is 19,485-19,550 with a stop loss at 19,600 for targets of 19,465, 19,435, 19,415, 19,385, 19,365, 19,340 and 19,315

For new positions in Nifty Bank:

  • The best range to buy Nifty Bank is 43,425-43,625 with a stop loss at 43,250 for targets of 43,725, 43,825, 43,875, 43,950, 44,000, 44,050 and 44,200
  • The best range to sell Nifty Bank is 43,950-44,050 with a strict stop loss at 44,200 for targets of 43,875, 43,825, 43,750, 43,650, 43,550 and 43,425

F&O ban update

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

Stocks of the day: 

Buy Apollo Tyres futures with a stop loss at Rs 380 for targets of Rs 392 and Rs 398

  • Strong operational performance
  • EBITDA and margins better than estimates
  • Fall in crude oil prices supportive
  • Huge operating cash flow generation

Buy Balrampur Chini futures with a stop loss at Rs 422 for targets of Rs 443 and Rs 447

  • Results better than estimates
  • Sugar volumes and realisations strong

Buy Prestige Estates shares with a stop loss at Rs 780 for targets of Rs 808, Rs 816 and Rs 828

  • Best results
  • Highest ever quarterly sales
  • Realisations up 29 per cent
  • Strong growth guidance for FY24

Buy Yatharth Hospital shares with a stop loss at Rs 370 for targets of Rs 380, Rs 386 and Rs 390

  • Strong results on all parameters
  • Company debt-free with net cash of Rs 311 crore

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