Anil Singhvi strategy October 6: Important levels to track in Nifty, Nifty Bank today
Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi shares his strategy for todays session. Check out his take on key support and resistance levels for the Nifty and the Nifty Bank, and how he views the market.
Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi sees support for the headline Nifty index emerging at 19,485-19,525 levels and a strong buy zone at 19,340-19,435 levels on Friday, October 6, the day the RBI is due to reveal a key decision on benchmark interest rates following three days of bi-monthly deliberations at its all-powerful Monetary Policy Committee (MPC). For the Nifty Bank, he expects support at 43,950-44,100 levels and a strong buy zone at 43,600-43,850 levels.
Here's how Anil Singhvi sums up the market setup:
- Global: Positive
- FII: Negative
- DII: Positive
- F&O: Neutral
- Sentiment: Neutral
- Trend: Positive
Singhvi sees a higher zone for the 50-scrip index at 19,575-19,625 levels and a strong sell zone at 19,675-19,765 levels. He pegs a higher zone for the banking index at 44,400-44,525 levels and a strong sell zone at 44,600-44,750 levels.
ANIL SINGHVI MARKET STRATEGY
- FII index long positions at 26 per cent vs 25 per cent the previous day
- Nifty put-call ratio (PCR) at 1.13 vs 0.96
- Nifty Bank PCR at 0.84 vs 0.81
- Fear index India VIX down six per cent at 10.94
For existing long positions:
- Nifty intraday and closing stop loss at 19,425
- Nifty Bank intraday stop loss at 44,000 and closing stop loss at 43,800
For existing short positions:
- Nifty intraday and closing stop loss at 19,675
- Nifty Bank intraday stop loss at 44,500 and closing stop loss at 44,625
For new positions in Nifty:
- Buy Nifty with a stop loss at 19,425 for targets of 19,600, 19,625, 19,675, 19,700, 19,725 and 19,765
- Aggressive traders sell Nifty in the 19,625-19,725 range with a strict stop loss at 19,800 for targets of 19,575, 19,550, 19,525, 19,485, 19,465 and 19,435
For new positions in Nifty Bank:
- Aggressive traders can buy Nifty Bank with a strict stop loss at 43,950 for targets of 44,300, 44,350, 44,400, 44,525, 44,600, 44,675 and 44,750
- Aggressive traders can sell Nifty Bank in the 44,525-44,675 range with a strict stop loss at 44,800 for targets of 44,400, 44,350, 44,250, 44,150, 44,100 and 44,000
Stocks in ban:
- New in ban: PNB
- Already in ban: Delta Corp, Manappuram Finance, Indiabulls Housing Finance
- Out of ban: None
Stock of the day:
Buy JSPL futures with a stop loss at Rs 675 for targets of Rs 686, Rs 690 and Rs 698
- Big upgrade from Macquarie; target raised to Rs 808 from Rs 557
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