Anil Singhvi strategy October 18: 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 19,700-19,750 levels and a strong buy zone at 19,625-19,675 levels on Wednesday, October 18. For the Nifty Bank, he expects support at 44,125-44,250 levels and a stronger base at 43,950-44,050 levels.

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

• Global: Negative

• FII: Positive

• DII: Neutral

• F&O: Neutral

• Sentiment: Neutral

• Trend: Positive

Singhvi expects a higher zone for the Nifty50 at 19,840-19,900 levels and a strong sell zone at 19,950-20,000 levels. For the banking index, he sees a higher zone coming in at 44,500-44,575 levels and a strong sell zone at 44,675-44,750 levels.  

ANIL SINGHVI MARKET STRATEGY

Singhvi suggests buying at important support levels and profit-taking at the upper end of the trading range in a rather transactional domestic market, amid FII inflows but weak signals from crude oil, US bond yields and the dollar index.

He expects fresh buying to emerge once the Nifty and the Nifty Bank, which have strong support at 19,650-19,750 and 43,950-44,125 levels, cross the 19,850 and 44,800 levels on a closing basis. 

• FII index long positions at 29 per cent vs 27 per cent the previous day

• Nifty put-call ratio (PCR) at 1.08 vs 1.04

• Bank Nifty PCR at 0.75 vs 0.83

• Fear index India VIX down three per cent at 10.7 

For existing long positions:

• Nifty intraday stop loss at 19,700 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:

• The best range to sell Nifty is 19,840-19,900 with a stop loss at 20,000 for targets of 19,815, 19,775, 19,750, 19,725, 19,700 and 19,650

• The best range to buy Nifty is 19,650-19,750 with a stop loss at 19,600 for targets of 19,775, 19,800, 19,840 and 19,900

For new positions in Nifty Bank:

• The best range to sell Nifty Bank is 44,575-44,700 with a stop loss at 44,800 for targets of 44,500, 44,400, 44,350, 44,225, 44,125 and 44,050

• The best range to buy Nifty Bank is 44,050-44,200 with a stop loss at 43,950 for targets of 44,300, 44,350, 44,400, 44,500, 44,575 and 44,675

Stocks in ban:

• Out of ban: PNB, Sun TV
• Already in ban: GNFC, MCX, SAIL, Delta Corp, BHEL, India Cements, Balrampur Chini, Hindustan Copper, Manappuram Finance, Indiabulls Housing Finance
• New in ban: None

Result review:

Bajaj Finance 

Results in line with expectations
Strong growth momentum
NIM decline a big negative
Stock futures have support at Rs 7,930-8,000, a higher level at Rs 8,145-8,175

LTTS

• Results better than expectations on all fronts
• Big cut in growth guidance
• Stock futures have support at Rs 4,360-4,500, a higher level at Rs 4,700-4,750

Can Fin Homes

• Strong results on all parameters but asset quality a concern
• Big provisioning due to fraud case
• Stock futures have support at Rs 735-745, a higher level at Rs 800-815

Stocks of the day:

Sell Syngene futures with a stop loss at Rs 790 for targets of Rs 761 and Rs 755

• Strong revenue growth but weak operational performance
• Weak growth guidance

Sell ICICI Prudential futures with a stop loss at Rs 540 for targets of Rs 530, Rs 517 and Rs 507

• Weak results on all parameters
• New business premium and VNB margins much below expectations

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