Anil Singhvi Market Strategy August 7: 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 23,850-23,950 levels and a strong buy zone at 23,625-23,750 levels on Wednesday, August 7. For the Nifty Bank, he expects support to come in at 49,350-49,525 levels followed by a strong base at 48,900-49,100 levels.
He expects a higher zone for the headline index at 24,200-24,350 levels and a profit-booking zone at 24,400-24,500 levels. For the banking index, he expects a higher zone at 50,450-50,650 levels and a profit-booking zone at 50,750-50,875 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: Cautious
Trend: Neutral
FII long positions at 57 per cent vs 60 per cent the previous day
Nifty put-call ratio (PCR) at 0.71 vs 0.72
Nifty Bank PCR at 0.57 vs 0.59
India VIX down eight per cent at 18.74
Anil Singhvi Market Strategy | For existing long positions
Nifty intraday and closing stop loss at 23,875
Nifty Bank intraday and closing stop loss at 49,500
Anil Singhvi Market Strategy | For existing short positions
Nifty intraday and closing stop loss at 24,400
Nifty Bank intraday and closing stop loss at 50,750
ANIL SINGHVI MARKET STRATEGY | For new positions in Nifty50
Buy Nifty with a stop loss at 23,875 for targets of 24,200, 24,300, 24,350, 24,375, 24,400 and 24,475
Aggressive traders can sell Nifty in the 24,350-24,500 range with a strict stop loss at 24,600 for targets of 24,300, 24,200, 24,075, 24,000, 23,950 and 23,900
ANIL SINGHVI MARKET STRATEGY | For new positions in Nifty Bank
Aggressive traders can buy Nifty Bank with a strict stop loss at 49,500 for targets of 50,000, 50,100, 50,425, 50,550, 50,675, 50,750 and 50,875
Aggressive traders can sell Nifty Bank in the 50,650-50,850 range with a strict stop loss at 51,000 for targets of 50,450, 50,100, 50,000, 49,900, 49,750 and 49,675
Stocks in F&O ban
New in ban: LIC Housing Finance, Manappuram Finance
Already in ban: Hindustan Copper, Chambal Fertilisers, AB Capital, IndiaMART, Birlasoft, RBL Bank, GNFC, Granules India, India Cements
Out of ban: None
Key positives for today's session
Weaker sell-off across global markets
Mild recovery on Wall Street amid seesaw moves
Global markets attempting to form a base after panic selling
FII in selling mode but less aggressively
Domestic funds buying
Positions light; PCR at lower levels
Key negatives for today's session
FII outflow-related pressure persists
Wild swings continuing in global markets
Tuesday's weakness on Dalal Street came after a long period; closing at day low for the first time since Budget
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