Anil Singhvi Market Strategy August 9: 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 a strong buy zone for the headline Nifty50 index to emerge at 24,000-24,125 levels on Friday, August 9. For the Nifty Bank, he expects support to come in at 50,100-50,125 and a strong buy zone at 49,675-49,825 levels.
He expects a higher zone coming for the headline index coming in at 24,300-24,375 levels and a profit-booking zone at 24,400-24,500 levels. For the banking index, he expects a higher zone at 50,550-50,750 and a profit-booking zone at 50,875-50,975 levels.
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How Anil Singhvi sums up the market setup
Global: Positive
FII: Negative
DII: Neutral
F&O: Neutral
Sentiment: Neutral
Trend: Neutral
FII long positions at 51 per cent vs 56 per cent the previous day
Nifty put-call ratio (PCR) at 1.04 vs 0.88
Nifty Bank PCR at 0.86 vs 0.87
INDIA VIX up three per cent at 16.60
Anil Singhvi Market Strategy | For existing long positions
Nifty intraday and closing stop loss at 23,975
Nifty Bank intraday and closing stop loss at 49,750
Anil Singhvi Market Strategy | For existing short positions
Nifty intraday and closing stop loss at 24,400
Nifty Bank intraday stop loss at 50,550 and closing stop loss at 50,750
ANIL SINGHVI MARKET STRATEGY | For new positions in Nifty50
Buy Nifty with a stop loss at 24,000 for targets of 24,200, 24,300, 24,335, 24,375, 24,400 and 24,475
Aggressive traders can sell Nifty in the 24,375-24,475 range with a strict stop loss at 24,550 for targets of 24,340, 24,300, 24,200, 24,175 and 24,125
ANIL SINGHVI MARKET STRATEGY | For new positions in Nifty Bank
Buy Nifty Bank with a stop loss at 49,800 for targets of 50,425, 50,550, 50,675, 50,750, 50,875 and 50,975
Aggressive traders can sell Nifty Bank in the 50,675-50,875 range with a strict stop loss at 51,000 for targets of 50,550, 50,450, 50,300, 50,150, 50,100 and 50,000
Stocks in F&O ban
New in ban: PNB
Already in ban: AB Fashion, LIC Housing Finance, Manappuram Finance, Hindustan Copper, AB Capital, IndiaMART, Birlasoft, RBL Bank, India Cements and GNFC
Out of ban: None
What pushed global markets higher?
Easing concerns about unemployment in the US
A 50 bps reduction in the key lending rate expected in September
75 per cent of yen carry trade estimated to be reversed
A recovery in the dollar index
Signs of the formation of a base following seesaw moves
Stock of the Day | ABB India
The market guru suggests buying ABB futures for targets of Rs 8,100, Rs 8,200 and Rs 8,350 with a stop loss at Rs
7,895.
The company has staged an operationally strong performance during the June quarter with a record margin of 19.2 per cent and a very strong outlook for order inflows, he points out.
Is there a sign of bottom formation on Dalal Street?
Seesaw moves at lower levels a good sign
Four back-to-back sessions of big gaps between opening and closing levels
Wild swings in intraday trade
These are signs of a bottom
Important for Nifty50 to hold 23,875 and Nifty Bank to hold 49,650 on a closing basis
Closing levels above 24,500 and 51,350 will signal a short-term bottom, respectively
Stock of the Day | Eicher Motors
The market guru suggests buying Eicher Motors futures for targets of Rs 4,630, Rs 4,680, Rs 4,720 and Rs 4,745
with a stop loss at Rs 4,540 after the auto maker's better-than-expected quarterly results.
Stock of the Day | What to do with Biocon shares?
The market wizard suggests selling Biocon futures for targets of Rs 330, Rs 322 and Rs 315 with a stop loss at Rs 346.
The biotech company's logged a weak quarterly performance with a margin that fell 500 bps short of analysts' expectations.
Stock of the Day | Sell SAIL futures, says Anil Singhvi
The market guru suggests selling SAIL futures for targets of Rs 133 and Rs 130 with a stop loss at Rs 142.
SAIL has staged a weak quarterly performance at a time when metal stocks are looking weak globally, according to Singhvi.