Anil Singhvi strategy October 26: 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 18,975-19,025  levels and a strong base at 18,825-18,900 levels on Thursday, October 26. For the Nifty Bank, he expects support at Bank Nifty 42,450-42,600 levels and a strong base at 42,200-42,375 levels.

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

• Global: Negative

• FII: Negative

• DII: Positive

• F&O: Neutral

• Sentiment: Negative

• Trend: Neutral

Singhvi expects a higher zone for the Nifty50 at 19,125-19,200 levels and a strong sell zone at 19,250-19,350 levels. For the banking index, he sees a higher zone coming in at 43,000-43,150 levels and a strong sell zone at 43,400-43,550 levels.  

ANIL SINGHVI MARKET STRATEGY

Singhvi is of the view that it is important for the Nifty to hold 18,950 on a closing basis amid weak global signals. He suggests investing some more money in the 18,800-19,000.

The market wizard points out that it is important for traders to hold their positions till the monthly F&O expiry.

The Nifty and the nifty Bank will face difficulty in crossing the 19,250-19,350 and 43,600-43,800 levels during a recovery, respectively, he adds. 

• FII index long positions unchanged at 26 per cent as the previous close
• Nifty put-call ratio (PCR) at 0.67 vs 0.70
• Nifty Bank PCR unchanged at 0.51
• Fear index India VIX up four per cent at 11.31

For existing long positions:

• Nifty intraday and closing stop loss at 18,950

• Nifty Bank intraday and closing stop loss at 42,700

For existing short positions:

• Nifty intraday and closing stop loss at 19,350

• Nifty Bank intraday and closing stop loss at 43,400

For new positions in Nifty:

• The best range to sell Nifty is 19,250-19,350 with a stop loss at 19,500 for targets of 19,200, 19,125, 19,075 and 19,025

• Aggressive traders can sell Nifty with a strict stop loss at 19,200 for targets of 19,075, 19,025, 18,975, 18,900, 18,865 and 18,825

• Aggressive traders can buy Nifty in the 18,900-19,025 range with a strict stop loss at 18,800 for targets of 19,075, 19,125, 19,200, 19,250 and 19,275

For new positions in Nifty Bank:

• The best range to sell Nifty Bank is 43,150-43,400 with a stop loss at 43,600 for targets of 43,025, 42,850, 42,775, 42,675, 42,600 and 42,500

• Aggressive traders can sell Nifty Bank with a strict stop loss at 43,050 for targets of 42,775, 42,675, 42,600, 42,500, 42,450 and 42,375

• Aggressive traders can buy Nifty Bank in the 42,375-42,500 range with a strict stop loss at 42,200 for targets of 42,600, 42,750, 42,825, 42,950, 43,000 and 43,150

Stocks in F&O ban:

• New in ban: Delta Corp
• Already in ban: RBL Bank
• Out of ban: None

Result review:

Tech Mahindra

• Extremely weak results on all parameters
• Management will give a new plan in April 2024
• Futures have support at Rs 1,100 and Rs 1,110 levels; a higher level at Rs 1,155

Jubilant FoodWorks futures:

• In line results
• Weak demand environment
• Second half expected to be better
• Weak below Rs 520, a higher level at Rs 540

Chennai Petro

• Strong quarterly numbers
• Book profit at higher levels

Stocks of the day:

Buy Axis Bank futures with a stop loss at Rs 950 for targets of Rs 965, Rs 975, Rs 985 and Rs 995

• Best results among all Banks
• Results better than estimates on all parameters

Buy Sona BLW Precision with a stop loss at Rs 505 for targets of Rs 520, Rs 527 and Rs 535

• Strong quarterly numbers

Buy Share India Securities with a stop loss at Rs 1,430 for targets of Rs 1,470, Rs 1,485 and Rs 1,495

• All-time best quarterly performance

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