Anil Singhvi Market Strategy August 20: 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 24,475-24,525 levels and a strong buy zone at 24,350-24,425 levels on Tuesday, August 20. For the Nifty Bank, he expects support to come in at 50,100-50,175 levels and a buy zone at 49,825-50,000 levels.
He sees a higher zone for the headline index coming in at 24,640-24,680 levels and a profit-booking zone at 24,725-24,800 levels. For the Nifty Bank, he expects a higher zone at 50,575-50,725 levels and a profit-booking zone at 50,825-50,975 levels.
ANIL SINGHVI MARKET STRATEGY
For existing long positions:
- Nifty intraday and closing stop loss at 24,200
- Nifty Bank intraday and closing stop loss at 50,000
For existing short positions:
- Nifty intraday and closing stop loss at 24,600
- Nifty Bank intraday and closing stop loss at 50,650
For new positions in Nifty50:
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Buy Nifty with a stop loss at 24,400 for targets of 24,600, 24,640, 24,675, 24,725, 24,775 and 24,800
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Aggressive traders can sell Nifty in the 24,675-24,775 range with a strict stop loss at 24,850 for targets of 24,640, 24,600, 24,575, 24,550, 24,500 and 24,425
For new positions in Nifty Bank:
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Buy Nifty Bank with a stop loss at 50,150 for targets of 50,650, 50,750, 50,825, 50,875, 50,975 and 51,075
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Aggressive traders can sell Nifty Bank in the 50,875-50,975 range with a strict stop loss at 51,100 for targets of 50,825, 50,750, 50,700, 50,650, 50,600 and 50,525
Stocks in F&O ban
- Out of ban: AB Capital, Birlasoft
- Already in ban: Piramal Enterprises, GNFC, NMDC, Aarti Industries, Chambal Fertilisers, Sun TV, SAIL, Biocon, Granules, Bandhan Bank, PNB, AB Fashion, LIC Housing Finance, Manappuram Finance, IndiaMART, RBL Bank, India Cements
- New in ban: None
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Here's how Anil Singhvi sums up the market setup
Global: Positive
FII: Negative
DII: Positive
F&O: Neutral
Sentiment: Positive
Trend: Positive
FII long positions unchanged at 50 per cent as the previous day
Nifty put-call ratio (PCR) at 1.17 vs 1.31
Nifty Bank PCR at 0.78 vs 1.03
Volatility index India VIX unchanged at 14.32
Anil Singhvi Market Strategy | For existing long positions
Nifty intraday stop loss at 24,475 and closing stop loss at 24,375
Nifty Bank intraday and closing stop loss at 50,000
Anil Singhvi Market Strategy | For existing short positions
Nifty intraday and closing stop loss at 24,650
Nifty Bank intraday and closing stop loss at 50,750
For new positions in Nifty50
The best range to buy Nifty is 24,475-24,550 with a stop loss at 24,375 for targets of 24,600, 24,640, 24,680, 24,725, 24,775 and 24,800
Aggressive traders can sell Nifty in the 24,675-24,775 range with a strict stop loss at 24,850 for targets of 24,640, 24,600, 24,575, 24,550, 24,525 and 24,475
For new positions in Nifty Bank
The best range to buy Nifty Bank is 50,000-50,175 with a stop loss at 49,800 for targets of 50,275, 50,375, 50,475, 50,550, 50,600 and 50,725
Aggressive traders can buy Nifty Bank with a strict stop loss at 50,150 for targets of 50,475, 50,575, 50,725, 50,825, 50,875 and 50,975
Stocks in F&O ban
New in ban: Birlasoft, Balrampur Chini, Hindustan Copper
Out of ban: Biocon
Already in ban: Piramal Enterprises, GNFC, Aarti Industries, Sun TV, Granules, Bandhan Bank, AB Fashion, LIC Housing Finance, India Cements, SAIL, Manappuram Finance, NMDC, Chambal Fertilisers, RBL Bank, IndiaMART, PNB
What's driving gains on Wall Street?
Nasdaq up for eight days in a row, its longest winning streak this year
Fears now behind about the US economy sliding into a recession
Hopes of frequent and larger rate cuts than anticipated earlier
Analysts pegging three rate cuts in 2024 itself
Why is Dalal Street lagging global markets? Four major reasons...
Election results fell short of expectations
STT and capital gains tax increases announced in Budget
FIIs continue to be net sellers
Geopolitical tensions
EDITOR’S TAKE
Investors must stick to buy on dips' strategy
Buy at the first support level
A good entry range for Nifty50 at 24,475-24,525; next target placed at 24,725-24,800
Similarly, a good entry range for Nifty Bank at 50,000-50,200; next target at 50,875-50,975
Buying to intensify in midcap & smallcap stocks
Nifty50 looks set to cross 25,000 to a fresh high
Stocks of the Day: BPCL & Polycab
The market guru suggests buying BPCL futures for targets of Rs 350 and Rs 357 with a stop loss at Rs 336.
He suggests buying Polycab futures for targets of Rs 6,785, Rs 6,840 and Rs 6,870 with a stop loss at Rs 6,600.
Should you subscribe to Interarch Building Products IPO?
The market wizard suggests applying for the IPO for a reasonable listing gain and for the long term, identifying the following key points:
Positive:
Experienced promoters
Impressive revenue and profit growth for three years
Strong order book and execution
Strong growth prospects due to expansion in Gujarat and Andhra Pradesh
Positive cash flows
Reasonable valuations
Negative:
Huge competition from unorganised sector
Capacity utilisation low at 60 per cent