Anil Singhvi Market Strategy August 2: Important levels to track in Nifty50, Nifty Bank today
Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi shares his strategy for today's session on Dalal Street. 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 expects support for the headline Nifty50 index to emerge at 24,775-24,850 levels and a strong buy zone at 24,600-24,665 levels on Friday, August 2. For the Nifty Bank, he expects support to come in at 50,800-51,000 levels followed by a strong support zone at 50,450-50,550 levels.
He expects a higher zone for the headline index at 25,000-25,075 and a "blue-sky zone" above 25,125. For the banking index, he expects a higher zone at 51,650-51,775 and a profit-booking zone at 51,875-51,950 levels.
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How Anil Singhvi sums up the market setup
Global: Negative
FII: Positive
DII: Neutral
F&O: Neutral
Sentiment: Neutral
Trend: Positive
FII long positions at 66 per cent vs 65 per cent the previous day
Nifty put-call ratio (PCR) at 1.04 vs 1.28
Nifty Bank PCR at 0.71 vs 0.90
INDIA VIX down 2.5 per cent at 12.93
ANIL SINGHVI MARKET STRATEGY | For existing long positions
Nifty intraday stop loss at 24,750 and closing stop loss at 24,825
Nifty Bank intraday stop loss at 51,000 and closing stop loss at 51,175
ANIL SINGHVI MARKET STRATEGY | For existing short positions
Nifty intraday stop loss at 25,125 and closing stop loss at 25,025
Nifty Bank intraday stop loss at 52,000 and closing stop loss at 51,800
ANIL SINGHVI MARKET STRATEGY | For new positions in Nifty50
Sell Nifty with a stop loss at 25,125 for targets of 24,855, 24,835, 24,800, 24,775, 24,660 and 24,600
Aggressive traders can buy Nifty in the 24,775-24,855 range with a strict stop loss at 24,700 for targets of 24,950, 24,975, 25,000 and 25,075
ANIL SINGHVI MARKET STRATEGY | For new positions in Nifty Bank
Sell Bank Nifty with a stop loss at 52,000 for targets of 51,400, 51,300, 51,175, 51,025, 50,900, 50,800 and 50,550
Aggressive traders can Bbuy Nifty Bank in the 50,800-51,000 range with a strict stop loss at 50,700 for targets of 51,175, 51,250, 51,300, 51,400, 51,475 and 51,550
Stocks in F&O ban
New In Ban: IndiaMART, Birlasoft, RBL Bank, GNFC
Already in ban: Granules India, India Cements
Out of ban: None
Why did Wall Street fall?
The reason behind the sell-off is out of syllabus
There were concerns about Israel-Hamas conflict but weak economic data sent the market tumbling instead
US jobless claims at one-year high
July manufacturing PMI reading weaker than expected
Bond yields at six-month low, down four per cent
EDITOR'S TAKE
Sharp fall on Wall Street suddenly
Reason for sell-off completely new to market
Weak economic numbers hurt investor sentiment, triggering the slump
Sharp weakness across Asia as well
Weak global signals for metal & IT stocks
What are the most important levels to watch out for?
Important for Nifty to close above 24,775
Important support range for Nifty50 placed at 24,600-24,665 levels
Buying trend intact as long as Nifty and Nifty Bank hold 24,400 and 50,875 levels on a closing basis
Important support range for Nifty Bank at 50,450-50,575
What to do on Friday?
Short the market at important support levels in case of a big gap-down opening
One can even buy slowly
Keep positions light in case of recovery
Don't rush to buy midcap & smallcap stocks; wait to take fresh long positions
Wild swings to continue for some more time
Keep intraday & overnight positions light
ITC Results Review | How Anil Singhvi views cigarettes-to-hotels conglomerate's earnings
Results a mixed bag
Cigarette volume growth in line with estimates, at 2 per cent
FMCG segment good
Paper segment weak
Futures have support at Rs 475 and a higher level at Rs 508
Stock of the Day | Sell Tata Motors
The market guru suggests selling Tata Motors futures for targets of Rs 1,125, Rs 1,100 and Rs 1,080 with a stop loss at Rs 1,170.
The Tata group auto giant has staged a strong operational performance in the June quarter but its outlook on JLR is a little disappointing, according to the market wizard.
He also says that the auto major' demerger plan requires too much time to conclude.