Anil Singhvi strategy September 28: 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 19,635-19,675 levels and a strong buy zone at 19,550-19,600 levels on Thursday, September 28. For the Nifty Bank, he expects support at 44,400-44,525 levels and a strong buy zone at 44,000-44,200 levels.

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

• Global: Negative
• FII: Negative
• DII: Positive
• F&O: Neutral
• Sentiment: Neutral
• Trend: Positive

Singhvi sees a higher zone coming in at 19,735-19,800 levels and a strong sell zone at 19,850-19,900 levels for the Nifty. For the banking index, he expects a higher zone at 44,675-44,775 levels and a strong sell zone at 44,925-45,000 levels.

ANIL SINGHVI MARKET STRATEGY

Singhvi points out that the Nifty and the Nifty Bank have moved within ranges of 75 points and 150 points over the past five sessions, respectively, but the domestic market has refused to give in to the absence of support from its global peers. He sees the possibility of big action emerging on Thursday owing to the expiry of monthly derivatives contracts, amid weak signals from the US market, bond yields, the dollar index as well as crude oil.

Singhvi expects strong support for the Nifty and the Nifty Bank coming in at 19,450-19,550 and 43,800-44,000 levels, and only closing levels above 19,800 and 45,000 to be considered the first sign of recovery, respectively.

• FII index long positions at 45 per cent vs 48 per cent the previous day
• Nifty put-call ratio (PCR) at 1.07 vs 0.92
• Nifty Bank PCR at 0.83 vs 0.77
• Fear index India VIX up 3.5 per cent at 11.59

For existing long positions:

• Nifty intraday and closing stop loss at 19,500
• Nifty Bank intraday stop loss at 44,150 and closing stop loss at 44,400

For existing short positions:

• Nifty intraday and closing stop loss at 19,800
• Nifty Bank intraday stop loss at 44,800 and closing stop loss at 45,000

For new positions in Nifty:

• Buy Nifty in the 19,600-19,675 range with a stop loss at 19,500 for targets of 19,700, 19,735, 19,775, 19,800 and 19,850
• Sell Nifty in the 19,800-19,850 range with a stop loss at 19,900 for targets of 19,775, 19,735, 19,715, 19,675, 19,635 and 19,600

For new positions in Nifty Bank:

• Buy Nifty Bank at 44,200 and 44,400 with a stop loss at 44,000 for targets of 44,525, 44,600, 44,675, 44,750, 44,925 and 44,975
• Sell Nifty Bank in the 44,750-44,900 range with a stop loss at 45,000 for targets of 44,675, 44,625, 44,550, 44,450, 44,400 and 44,200

Stocks in F&O ban:

Out of ban: Balrampur Chini, Canara Bank, Hindustan Copper, Indiabulls Housing Finance

Already in ban: Delta Corp, India Cements

New in ban: None

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