Anil Singhvi strategy October 27: 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 18,750-18,835 levels and a strong buy zone at 18,650-18,715 levels on Friday, October 27. For the Nifty Bank, he expects support at 42,000-42,125 levels and a strong base at 41,625-41,800 levels.

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

• Global: Neutral

• FII: Negative

• DII: Positive

• F&O: Neutral

• Sentiment: Negative

• Trend: Neutral

Singhvi expects a higher zone for the Nifty50 at 18,890-18,975 levels and a profit-booking zone at 19,025-19,125 levels. For the banking index, he sees a higher zone coming in at 42,700-42,825 levels and a strong sell zone at 42,950-43,150 levels.  

ANIL SINGHVI MARKET STRATEGY

Singhvi points out that there are signs of some stability in the domestic market as Dalal Street enters a new monthly derivatives series amid mixed global cues, positive macroeconomic readings from the US, and easing crude oil prices. He suggests entering the new F&O series with light positions. 

27th October 2023: आज की स्ट्रैटेजी

Zee Business Live : https://t.co/on67sYJq9R#MarketStrategy #TradingTips #Nifty #banknifty pic.twitter.com/f6urJqPliQ

— CA Anil Singhvi Zee Business (@AnilSinghvi_) October 27, 2023

The market wizard expect the next strong support for the Nifty at 18,500 and 18,650 and for the Nifty Bank at 41,500 and 41,800. However, he warns that the indices may find it difficult to cross the 19,050-19,250 and 43,000-43,150 bands in a recovery.

• FII index longs at 11 per cent vs 26 per cent the previous day

• Nifty put-call ratio (PCR) at 0.82 vs 0.67

• Nifty Bank PCR at 0.75 vs 0.51

• Fear index India VIX up 3.69 per cent at 11.73

For existing long positions:

• Nifty intraday and closing stop loss at 18,800

• Nifty Bank intraday and closing stop loss at 42,000

For existing short positions:

• Nifty intraday stop loss at 19,050 and closing stop loss at 19,125

• Nifty Bank intraday and closing stop loss at 42,850

For new positions in Nifty:

• The best range for aggressive traders to buy Nifty is 18,715-18,815 with a strict stop loss at 18,600 for targets of 18,850, 18,890, 18,975, 19,025, 19,075 and 19,125

• The best range for aggressive traders to sell Nifty is 19,000-19,125 with a strict stop loss at 19,200 for targets of 18,900, 18,860, 18,835, 18,815, 18,755 and 18,715

For new positions in Nifty Bank:

• Aggressive traders can buy Nifty Bank in the 41,800-42,000 range with a strict stop loss at 41,700 for targets of 42,100, 42,275, 42,500, 42,700, 42,750 and 42,825

• The best range for aggressive traders to sell Nifty Bank is 42,700-42,850 with a strict stop loss at 43,050 for targets of 42,500, 42,375, 42,275, 42,125, 42,000 and 41,800

Stocks in F&O ban:

• New in ban: None

• Already in ban: None

• Out of ban: RBL Bank, Delta Corp

Result Review:

Colgate-Palmolive

• Revenue growth below expectations
• Operational performance in-line
• No volume growth is a big concern

Vodafone Idea

• Mixed results
• Operational performance stable but losses increased
• Citi raised the target to 10.75 from 8.05

Stock of the day:

Buy Shriram Finance futures with a stop loss at Rs 1,760 for targets of Rs 1,820, Rs 1,835 and Rs 1,850

• Excellent results came out at the end of market hours on Thursday
• Strong operational performance
• Big upgrades from brokerages

Buy Axis Bank futures with a stop loss at Rs 950 for targets of Rs 978, Rs 985 and Rs 995

• Best result from a large-cap bank
• Follow-up buying expected

Buy Dixon Tech futures with a stop loss at Rs 5,350 for targets of Rs 5,450, Rs 5,495 and Rs 5,525

• Results better than estimates
• Strong operational performance

Buy Venus Pipes shares with a stop loss at Rs 1,275 for targets of Rs 1,305, Rs 1,330 and Rs 1,340

• Strong results on all parameters
• Highest-ever quarterly revenue

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