Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi expects support for the headline Nifty50 index to emerge at 24,175-24,300 levels and a strong buy zone at 24,075-24,140 levels on Thursday, October 31. 

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For the Nifty Bank, he expects support at 51,275-51,525 levels and a strong buy zone at 51,000-51,200 levels.

Here's how the market guru sums up the trade setup this morning: 

  • Global: Neutral
  • FII: Negative
  • DII: Positive
  • F&O: Neutral
  • Sentiment: Neutral
  • Trend: Neutral
  • FII long positions at 36 per cent vs 40 per cent before Wednesday's session 
  • Nifty put-call ratio (PCR) at 0.91 vs 1.02
  • Nifty Bank PCR at 1.08 vs 1.34
  • Volatility index India VIX up 7 per cent at 15.51

The market wizard sees a higher zone for the headline index at 24,400-24,500 levels and a profit-booking zone at 24,575-24,675 levels.

For the banking index, he sees a higher zone at 51,975-52,100 levels and a profit-booking zone at 52,225-52,350 levels. 

MARKET STRATEGY

For existing long positions:

  • Nifty intraday stop loss at 24,275 and closing stop loss at 24,175  
  • Nifty Bank intraday and closing stop loss at 51,500

For existing short positions:

  • Nifty intraday and closing stop loss at 24,525
  • Nifty Bank intraday stop loss at 52,050 and closing stop loss at 52,350

For new positions in Nifty50:

  • The best range to buy Nifty is 24,075-24,200 with a stop loss at 24,000 for targets of 24,300, 24,340, 24,375, 24,400, 24,435, 24,465 and 24,500
  • Aggressive traders can sell Nifty in the 24,435-24,500 range with a strict stop loss at 24,550 for targets of 24,400, 24,340, 24,300, 24,200, 24,175 and 24,140

For new positions in Nifty Bank:

  • The best range to buy Nifty Bank is 51,100-51,275 with a stop loss at 51,000 for targets of 51,350, 51,500, 51,575, 51,725 and 51,800
  • Aggressive traders can buy Nifty Bank with a strict stop loss at 51,475 for targets of 51,975, 52,100, 52,175, 52,225, 52,350 and 52,500
  • The best range to sell Nifty Bank is 52,100-52,350 with a stop loss at 52,500 for targets of 52,000, 51,825, 51,750, 51,600, 51,525 and 51,275

What just happened on Wall Street

  • GDP data weaker than expected
  • Private sector jobs data very strong
  • Friday's employment-related data will be important 
  • Nasdaq may trade weaker on Friday
  • Weak Meta results and lower Microsoft guidance likely to weigh on the US market

Have FIIs started to sell rapidly again?

  • FII outflows have not finished 
  • Selling eased somewhat on Wednesday
  • There has been a lot of adjustment owing to weekly F&O expiry
  • November series to give a clear direction to the market in terms of FIIs

Is 24,500 the peak for now? 

  • Nifty50 has failed to cross the hurdle for 3 straight sessions
  • It might be able to succeed after monthly expiry
  • Nifty continues to move within the broad range of 24,000-24,500 for now
  • Important support in 24,075-24,200 zone on Thursday
  • L&T and Cipla likely to support Nifty
  • Plenty of buying opportunities in the midcap and smallcap segments on Thursday as well

What to expect in November F&O series?

  • Typically, the November series is positive for Nifty Bank
  • In the past 8 years, Nifty Bank has completed the monthly series on a positive note
  • Rollovers a mixed bag, at 69 per cent
  • Imporatnt support for Nifty Bank at 50,200-50,500

Stocks in F&O ban

  • Out of ban: L&T Finance, Manappuram Finance
  • Already in ban: PNB, IDFC Bank, IndiaMart, RBL Bank
  • New in ban: None

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