Anil Singhvi strategy October 20: 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 19,465-19,525 levels and a strong buy zone at 19,335-19,435 levels on Friday, October 20. For the Nifty Bank, he expects support at 43,500-43,600 levels and a stronger base at 43,350-43,450 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 19,650-19,700 levels and a strong sell zone at 19,725-19,800 levels. For the banking index, he sees a higher zone coming in at 43,950-44,050 levels and a strong sell zone at 44,125-44,250 levels.  

ANIL SINGHVI MARKET STRATEGY

Singhvi points out that Dalal Street has negative signals from crude oil, US bond yields, and the dollar index amid persistent pressure owing to FII fund outflows. 

It is important for the Nifty50 and the Nifty Bank to take out the levels of 19,425 and 43,600 on a closing basis, respectively, he adds.  

• FII index long positions unchanged at 29 per cent as the previous day
• Nifty put-call ratio (PCR) at 1.02 vs 0.82
• Nifty Bank PCR at 0.74 vs 0.72
• Fear index India VIX down 0.5 per cent at 10.90

20th October 2023: आज की स्ट्रैटेजी

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— CA Anil Singhvi Zee Business (@AnilSinghvi_) October 20, 2023

For existing long positions:

• Nifty intraday and closing stop loss at 19,500

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

For existing short positions:

• Nifty intraday stop loss at 19,700 and closing stop loss at 19,825

• Nifty Bank intraday and closing stop loss at 44,100

For new positions in Nifty:

• Sell Nifty with a stop loss at 19,700 for targets of 19,575, 19,550, 19,525, 19,485, 19,465 and 19,435

• The best range to buy Nifty is 19,435-19,525 with a stop loss at 19,325 for targets of 19,575, 19,625, 19,650, 19,675 and 19,700

For new positions in Nifty Bank:

• Sell Nifty Bank with a stop loss at 44,100 for targets of 43,675, 43,575, 43,500, 43,450, 43,400 and 43,350

• Aggressive traders can buy Nifty Bank in the 43,400-43,600 range with a strict stop loss at 43,300 for targets of 43,750, 43,800, 43,850, 43,900, 43,950 and 44,050

Stocks in ban:

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

Results review:

HUL 

• Mixed results with a slightly weak bias
• Margins better than estimates
• Volume growth lower at 2 per cent
• Management cautious on competition and commodity prices
• Stock futures have support at Rs 2,490, Rs 2,500 and Rs 2,520 levels; a higher level at Rs 2,565

ITC

• Weak results on all parameters
• 5 per cent volume growth in cigarettes the only strong factor 
• Stock futures have support at Rs 430 and Rs 438 and higher levels at Rs 455 and Rs 460

Havells 

• Weak results on all parameters
• Watch out for management conference call at 11 am
• Stock futures have support at Rs 1,322 and Rs 1,332 and higher levels at Rs 1,366 and Rs 1,384

Voltas

• Mixed results
• Strong revenue growth but operationally week
• Stock futures have support at Rs 811 and Rs 818

Tata Communications 

• Weak results
• Concall at 2:30 pm
• Stock futures have support at Rs 1,720 and Rs 1,745; a higher level at Rs 1,810

Mphasis 

• Mixed results
• Revenue and profit lower than estimates
• Margins better than estimates

Stocks of the day:

Buy UBL futures with a stop loss at Rs 1,555 for targets of Rs 1,605 and Rs 1,623

• Results much better than estimates
• Strong volume growth at 7 per cent
• Stock has not performed in the last one year

Buy Jindal Stainless shares with a stop loss at Rs 440 for targets of Rs 470 and Rs 480

• Long-term target at Rs 540
• Strong results on all parameters
• Operational performance very strong

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