Anil Singhvi Market Strategy August 29: 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 24,950-25,000 levels and a strong buy zone at 24,800-24,875 levels on Thursday, August 29. For the Nifty Bank, he expects support to come in at 50,925-51,025 levels and a buy zone at 50,700-50,850 levels.
The market wizard sees a higher zone at 25,075-25,125 levels and a "blue-sky zone" above 25,150 for the Nifty50. For the banking index, he sees a higher zone coming in at 51,275-51,375 levels and a profit-booking zone at 51,475-51,650 levels.
Catch all the latest stock market updates here. For all other news related to business, market, tech and auto, visit Zeebiz.com.
Here's how Anil Singhvi sums up the market setup
Global: Negative
FII: Negative
DII: Positive
F&O: Neutral
Sentiment: Positive
Trend: Positive
FII long positions at 62 per cent vs 58 per cent the previous day
Nifty put-call ratio (PCR) at 1.21 vs 1.22
Nifty Bank PCR at 0.89 vs 0.86
India VIX up 2.3 per cent at 13.95
For existing long positions
Nifty intraday and closing stop loss at 24,950
Nifty Bank intraday and closing stop loss at 50,900
For existing short positions
Nifty intraday and closing stop loss at 25,150
Nifty Bank intraday stop loss at 51,500 and closing stop loss at 51,400
For new positions in Nifty50
The best range to buy Nifty is 24,875-24,975 with a stop loss at 24,800 for targets of 25,000, 25,050, 25,075 and 25,125
Aggressive traders can sell Nifty with a strict stop loss at 25,150 for targets of 25,000, 24,975, 24,950, 24,875, 24,825 and 24,800
For new positions in Nifty Bank
The best range to buy Nifty Bank is 50,800-50,950 with a stop loss at 50,675 for targets of 51,025, 51,100, 51,150, 51,250, 51,325 and 51,400
For aggressive traders, the best range sell is 51,325-51,475 range with a strict stop loss at 51,650 for targets of 51,250, 51,150, 51,075, 51,025, 50,950 and 50,850
Stocks in F&O ban
New in ban: Bandhan Bank, Granules India
Already in ban: India Cements, Hindustan Copper
Out of ban: Balrampur Chini, Birlasoft
Stock of the Day | REC
The market wizard suggests buying REC futures for targets of Rs 624, Rs 628 and Rs 635 with a stop loss at Rs 606 citing strength in power stocks at the current juncture.
Stock of the Day | Paytm
The market guru suggests buying Paytm shares in the spot market for targets of Rs 549, Rs 558 and Rs 570 with a stop loss at Rs 530.
Stock of the Day | IndiGo
Levels of Rs 4,600-4,625 are a good entry point in IndiGo futures, says the market wizard. He also points out that the best level to buy the stock is near its block deal price.
Stock of the Day | Vodafone Idea
The market guru suggests buying Vodafone Idea futures for targets of Rs 16.15, Rs 16.35 and Rs 16.50 with a stop loss at Rs 15.80.