Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi sees support for the headline Nifty index emerging at 19,650-19,700 levels and a strong buy zone at 19,550-19,625 levels on Tuesday, October 17. For the Nifty Bank, he expects support at 44,050-44,125 levels and a strong buy zone at 43,800-43,950 levels.

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

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

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Singhvi expects a higher zone for the Nifty50 at 19,800-19,840 and a profit-booking zone at 19,900-19,950 levels. For the banking index, he sees a higher zone emerging at 44,400-44,525 levels and a profit-booking zone at 44,575-44,700 levels.  

ANIL SINGHVI MARKET STRATEGY

Singhvi points out that the domestic market is in a transactional mode and expected to reach the upper end of its recent trading range amid positive signals from global markets and FII outflows becoming less severe. 

He expects fresh buying to emerge after the Nifty and the Nifty Bank cross 19,850 and 44,800 levels on a closing basis, and pegs strong support at 19,550-19,650 and 43,800-44,000 levels, respectively.

  • FII index long positions unchanged at 27 per cent vs the previous day
  • Nifty put-call ratio (PCR) at 1.04 vs 1.14
  • Nifty Bank PCR at 0.83 vs 0.81
  • Fear index India VIX up four per cent at 11.07

For existing long positions:

  • Nifty intraday and closing stop loss at 19,625
  • Nifty Bank intraday and closing stop loss at 44,000

For existing short positions:

  • Nifty intraday and closing stop loss at 19,850
  • Nifty Bank intraday and closing stop loss at 44,750

For new positions in Nifty:

  • Buy Nifty with a stop loss at 19,625 for targets of 19,775, 19,800, 19,835, 19,900 and 19,950
  • Aggressive traders can sell Nifty in the 19,800-19,900 range with a strict stop loss at 20,000 for targets of 19,775, 19,750, 19,725, 19,700 and 19,650

For new positions in Nifty Bank:

  • Buy Nifty Bank with a stop loss at 44,000 for targets of 44,350, 44,400, 44,500, 44,575, 44,625 and 44,700
  • Aggressive traders can sell Nifty Bank in the 44,500-44,700 range with a strict stop loss at 44,800 for targets of 44,400, 44,350, 44,300, 44,225, 44,125 and 44,050

Stocks in ban:

  • New in ban: GNFC, MCX
  • Out of ban: L&T Finance
  • Already in ban: SAIL, Delta Corp, Sun TV, BHEL, India Cements, Balrampur Chini, Hindustan Copper, PNB, Manappuram Finance, Indiabulls Housing Finance

Result review:

HDFC Bank posts a mixed bag of Q2 results 

  • Profit better than estimates due to other income and lower tax
  • Adjusted NIMs little less than estimates at 3.4 per cent
  • Asset quality not up to the mark
  • Futures have support at Rs 1,480-1,510; a higher level expected at Rs 1,550-1,565
  • Sell at the higher range and buy at lower levels

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