Anil Singhvi strategy October 9: 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 19,525-19,575 levels and a strong buy zone at 19,435-19,485 levels on Monday, October 9. 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: Negative

• FII: Neutral

• DII: Positive

• F&O: Neutral

• Sentiment: Cautious

• Trend: Positive

Singhvi sees a sell zone for the 50-scrip index at 19,675-19,765 levels. He pegs a higher zone for the banking index at 44,400-44,500 levels and a strong sell zone at 44,575-44,750 levels. 

ANIL SINGHVI MARKET STRATEGY  

Singhvi expects limited action on the domestic market, with support coming in from TCS and other IT stocks, and FMCG stocks, and pressure in the high-beta banking space and oil stocks. He suggests buying immediately near key support levels in case of a gap-down opening. 

Singhvi does not expect big moves on the upside amid profit-taking at higher levels and recommends keeping light trading positions with a few hedging or short positions.

Israel-Hamas conflict: What kind you impact can you expect on the market?

Singhvi points out that Israel's action and the role of Iran as significant triggers for the markets going forward, with the direction of crude oil prices being key. 

• FII index longs at 27 per cent vs 26 per cent the previous day
• Nifty put-call ratio (PCR) at 1.12 vs 1.13
• Nifty Bank PCR at 0.88 vs 0.84
• Fear index India VIX down six per cent at 10.3

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 19,800

• Nifty Bank intraday and closing stop loss at 44,625

For new positions in Nifty:

• Sell Nifty with a stop loss at 19,700 for targets of 19,600, 19,575, 19,550, 19,525, 19,485, 19,465 and 19,435

• The best range to buy Nifty is 19,435-19,550 with a stop loss at 19,325 for targets of 19,575, 19,600, 19,635, 19,675, 19,700 and 19,725

For new positions in Nifty Bank:

• Sell Nifty Bank with a stop loss at 44,525 for targets of 44,250, 44,200, 44,100, 44,000, 43,950, 43,900 and 43,850

• The best range to buy Nifty Bank is 43,600-43,850 with a stop loss at 43,500 for targets of 43,950, 44,100, 44,225, 44,300, 44,350, 44,400 and 44,500

• Aggressive traders can buy Nifty Bank in the 43,950-44,100 range with a strict stop loss at 43,800 for targets of 44,225, 44,300, 44,350, 44,400, 44,500, 44,575, 44,626 and 44,675

Stocks in ban:

• Already in ban: PNB, Delta Corp, Manappuram Finance, Indiabulls Housing Finance
• New in ban: None
• Out of ban: None

Stock of the day:

Buy TCS futures with a stop loss at Rs 3,575 for targets of Rs 3,680, Rs 3,720 and Rs 3,765; positional targets at Rs 3,875 and Rs 3,965

• Company announced buyback

Buy Prestige Estates shares with a stop loss at Rs 658 for targets of Rs 672, Rs 685 and Rs 700

• Strong Q2 update

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