Anil Singhvi strategy October 23: 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 19,465-19,515 levels and a strong buy zone at 19,335-19,435 levels on Monday, October 23. 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: Neutral

• DII: Neutral

• F&O: Neutral

• Sentiment: Cautious

• Trend: Positive

Singhvi expects a higher zone for the Nifty50 at 19600-19675 levels and a strong sell zone at 19,700-19,775 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 strong domestic but weak global signals amid an oversold Wall Street and easing FII outflows. He believes that traders need to hold on to their positions in today's session as well as on the monthly F&O expiry on Thursday. 

There have been a host of good quarterly results over the weekend, he highlights. 

Singhvi expects the domestic market to remain stable during the period between the onset of the new monthly derivatives series and Diwali, with strong support for the Nifty and the Nifty Bank at 19,350-19,450 and 43,500-43,600 levels, respectively. 

• FII index long positions at 26 per cent vs 29 per cent the previous day
• Nifty put-call ratio (PCR) at 0.90 vs 1.02
• Nifty Bank PCR light at 0.73 vs 0.74
• Fear index India VIX down one per cent at 10.82

23rd October 2023: आज की स्ट्रैटेजी

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— CA Anil Singhvi Zee Business (@AnilSinghvi_) October 23, 2023

For existing long positions:

• Nifty intraday stop loss at 19,475 and closing stop loss at 19,425

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

For existing short positions:

• Nifty intraday and closing stop loss at 19,700

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

For new positions in Nifty:

• Buy Nifty in the 19,435-19,515 range with a stop loss at 19,325 for targets of 19,550, 19,600, 19,625, 19,665, 19,700 and 19,725

• The best range to sell Nifty is 19,665-19,750 with a stop loss at 19,850 for targets of 19,635, 19,600, 19,575, 19,550 and 19,515

For new positions in Nifty Bank:

• The best range to buy Nifty Bank is 43,500-43,600 with a stop loss at 43,350 for targets of 43,725, 43,875, 43,950, 44,000, 44,050, 44,125 and 44,200

• Aggressive traders sell Nifty Bank in the 44,000-44,200 range with a strict stop loss at 44,425 for targets of 44,125, 44,050, 44,000, 43,900, 43,775, 43,725 and 43,600

Stocks in ban:

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

Results review:

Kotak Mahindra Bank:

• Results in line with estimates but the new management's performance to be watched out for
• Jefferies lowered price target from Rs 2,400 to Rs 1,940
• Stock futures have support at Rs 1,695 and Rs 1,740; a higher level at Rs 1,795

L&T Finance:

• Results better than estimates but stock already near 52-week high
• A higher level for futures at Rs 144
• A fresh breakout only if it closes above Rs 145

RBL Bank:

• Strong quarter
• Best asset quality and return ratio in 16 quarters
• Stock futures have support at Rs 238 and Rs 240; higher levels at Rs 248 and Rs 250

Balkrishna Industries:

• Mixed results
• Management commentary cautious
• Wait for clarity till conference call at 11 am
• Stock futures have support at Rs 2,420 and Rs 2,480; higher levels at Rs 2,570 and Rs 2,585

Stocks of the day:

Buy CreditAccess Grameen shares with a stop loss at Rs 1,375 for targets of Rs 1,410, Rs 1,430 and Rs 1,445

• Strong operational performance
• RoA at 5.6 per cent and RoE at 25 per cent amazing
• Next six months to be better

Buy ICICI Bank futures with a stop loss at Rs 918 for targets of Rs 941, Rs 949 and Rs 955

• Results better than estimates on all parameters
• RoA at life-time high; RoE at a nine-year high
• Best asset quality in nine years

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