Anil Singhvi strategy October 19: 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 19,525-19,600 levels and a strong buy zone at 19,435-19,485 levels on Thursday, October 19. For the Nifty Bank, he expects support at 43,600-43,800 levels and a stronger base at 43,350-43,550 levels.

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

• Global: Negative

• FII: Negative

• DII: Positive

• F&O: Neutral

• Sentiment: Cautious

• Trend: Positive

Singhvi expects a higher zone for the Nifty50 at 19,675-19,750 levels and a strong sell zone at 19,800-19,850 levels. For the banking index, he sees a higher zone coming in at 44,000-44,125 levels and a strong sell zone at 44,225-44,400 levels.  

ANIL SINGHVI MARKET STRATEGY

Singhvi points out rapid profit-taking in the Nifty50 at the upper end of the 19,800-19,850 range amid negative signals from crude oil, US bond yields and the dollar index, and the re-emergence of foreign fund outflows. The banking index will remain in focus on Dalal Street. 

The market wizard believes that closing levels below 19,400 and 43,600 on the Nifty and the Nifty Bank will be a cause for concern. 

• FII index long positions unchanged at 29 per cent as the previous day
• Nifty put-call ratio (PCR) at 0.82 vs 1.08
• Nifty Bank PCR at 0.72 vs 0.75
• Fear index India VIX up 2.5 per cent at 10.97

For existing long positions:

• Nifty intraday and closing stop loss at 19,600

• Nifty Bank intraday and closing stop loss at 43,600

For existing short positions:

• Nifty intraday and closing stop loss at 19,850

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

For new positions in Nifty:

• Sell Nifty with a stop loss at 19,750 for targets of 19,625, 19,575, 19,550, 19,525, 19,485, 19,465 and 19,435

• The best range to buy Nifty is 19,465-19,550 with a stop loss at 19,400 for targets of 19,600, 19,635, 19,660, 19,700, 19,725 and 19,750

For new positions in Nifty Bank:

• The best range to sell Nifty Bank is 44,000-44,200 with a stop loss at 44,425 for targets of 43,900, 43,850, 43,800, 43,750, 43,675 and 43,600

• Aggressive traders can buy Nifty Bank near 43,600 with a strict stop loss at 43,500 for target of 43,675, 43,750, 43,800, 43,850, 43,900, 43,950 and 44,000

Stocks in ban:

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

Result review:

Wipro 

• Weak results but management confident of recovery in next two quarters
• Support range for stock futures at Rs 394-400; a higher range at Rs 419-424

ICICI Lombard

• Strong results
• Increased market share
• Management confident about strong growth
• Support near Rs 1,330; strong above Rs 1,382 

Persistent Systems

• Strong revenue growth
• Stable operational performance
• Support for stock Futures lies at Rs 5,580 and Rs 5,600; Rs 5,730 and Rs 5,785 higher levels 

Astral

• Mixed results
• Margins below estimate

Bandhan Bank

• Weak results
• Asset quality deteriorates; no hope for recovery
• Sell on rise with a stop loss at Rs 245 for targets of Rs 231, Rs 227 and Rs 223

Stock of the day:

Buy Bajaj Auto futures with a stop loss at Rs 5,100 for targets of Rs 5,200 and Rs 5,260

• Best operational performance
• Strong management commentary

Buy IndusInd Bank futures with a stop loss at Rs 1,407 for targets of Rs 1,430, Rs 1,444 and Rs 1,465

• Results in line with estimates 
• Guidance positive
• MSCI inclusion is the big trigger  

Buy LTIMindtree futures with a stop loss at Rs 5,100 for targets of Rs 5,245 and Rs 5,280

• Best results and strongest commentary in the entire IT sector

Sell Coforge futures with a stop loss at Rs 5,115 for targets of Rs 5,005, Rs 4,950, Rs 4,905 and Rs 4,875

• Weak operational performance
• Big miss on margins
• Management maintained revenue growth guidance
• Most expensive IT stock
• Promoters already exited

IRM Energy IPO preview:

#IPOAlert : कल खुला IRM एनर्जी IPO पहले दिन 1.8x भरा, प्राइस बैंड : ₹480-505/शेयर

कंपनी में क्या है खास?

IRM एनर्जी IPO में निवेशक क्या करें?

कहां पर लगाएं स्टॉपलॉस?

जानिए @AnilSinghvi_ की राय...#IRMEnergyIPO #irmenergy #StockMarket

: https://t.co/Io7LdaWii1 pic.twitter.com/ETkF791bXI

— Zee Business (@ZeeBusiness) October 19, 2023

Singhvi suggests applying for the IPO for small listing gains and from a long-term perspective. He has identified the following main points about the company: 

Positive

• Strong parentage
• Good financial track record
• Strong growth outlook

Negative 

• Long gestation period
• Big competition
• Valuations reasonable; not very expensive, not very attractive

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