Anil Singhvi Market Strategy August 22: 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 24,650-24,725 levels and a strong buy zone at 24,550-24,625 levels on Thursday, August 22. For the Nifty Bank, he expects support to come in at 50,275-50,400 levels and a buy zone at 50,000-50,175 levels.
He sees a higher zone for the headline index coming in at 24,800-24,850 levels and a strong sell zone at 24,950-25,000 levels. For the Nifty Bank, he expects a higher zone at 50,875-50,975 levels and a profit-booking zone at 51,075-51,250 levels.
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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 flat at 52 per cent as the previous day
Nifty put-call ratio (PCR) at 1.24 vs 1.27
Nifty Bank PCR at 0.92 vs 1.01
INDIA VIX down 3.5 per cent at 13.33
Anil Singhvi Market Strategy | For existing long positions
Nifty intraday and closing stop loss at 24,600
Nifty Bank intraday and closing stop loss at 50,250
Anil Singhvi Market Strategy | For existing short positions
Nifty intraday and closing stop loss at 24,860
Nifty Bank intraday and closing stop loss at 51,050
For new positions in Nifty50
Buy Nifty with a stop loss at 24,600 for targets of 24,835, 24,855, 24,900, 24,950, 24,975 and 25,000
Aggressive traders can sell Nifty in the 24,900-25,000 range with a strict stop loss at 25,100 for targets of 24,850, 24,800, 24,775, 24,735, 24,700 and 24,650
For new positions in Nifty Bank
Buy Nifty Bank with a stop loss at 50,250 for targets of 50,775, 50,875, 50,975, 51,075, 51,175 and 51,250
Aggressive traders can sell Nifty Bank in the 50,975-51,075 range with a strict stop loss at 51,250 for targets of 50,875, 50,775, 50,700, 50,600, 50,525 and 50,400
Stocks in F&O ban
New in ban: None
Out of ban: Bandhan Bank, Manappuram Financial, RBL Bank, SAIL
Already in ban: Birlasoft, Balrampur Chini, Hindustan Copper, Piramal Enterprises, GNFC, Aarti Industries, Sun TV, Granules India, AB Fashion, LIC Housing Finance, India Cements, NALCO
Stock of the Day | Paytm
The market wizard suggests buying Paytm shares for targets of Rs 582, Rs 590 and Rs 598
with a stop loss at Rs 568.
The digital payments firm has sold its entertainment ticketing business to Zomato.
The deal is at an attractive valuation, he points out.
Stock of the Day | Zomato
The market guru suggests buying Zomato shares for targets of Rs 264, Rs 268 and Rs 272 with a stop loss at Rs 255.
The acquisition of Paytm's ticketing business is a good move by Zomato, and will strengthen the food delivery company's position in the 'go out' space, he points out.
Stock of the Day | IndiGo
The market wizard suggests buying IndiGo futures for targets of Rs 4,400 and Rs 4,450 with a stop loss at Rs 4,280.
Stock of the Day | Shyam Metalics and Energy
The market guru suggests buying Shyam Metalics and Energy shares for targets of Rs 780, Rs 795 and Rs 815 with a stop loss at Rs 755, citing attractive valuations.
Stock of the Day | HPCL
The market wizard suggests buying HPCL futures for targets of Rs 418 and Rs 423 with a stop loss at Rs 400.
OMC stocks are looking strong at the current juncture, with the benchmark Brent crude rate near the $76 a barrel level, he adds.
