Anil Singhvi Market Strategy July 29: Important levels to track in Nifty50 & Nifty Bank, stocks to buy 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.

ZeeBiz WebTeam | Jul 29, 2024, 11:56 AM IST

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Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi expects support for the headline Nifty50 index to emerge at 24,800-24,850 levels and a strong buy zone at 24,600-24,665 levels on Monday, July 29, days after the finance minister unveiled the Narendra Modi government's first Budget after returning to power for a third straight term.

For the Nifty Bank, he expects support to come in at 51,300-51,400 levels and a strong buy zone at 50,800-51,000 levels.

He expects a higher zone for the headline index at 24,950-25,000 levels and a bigger move above the 25,050 mark. For the banking index, he expects a higher zone at 51,775-51,950 levels and a profit-booking zone above 52,075-52,275 levels.

1/15

Anil Singhvi Market Strategy | Here is how the market guru sums up the market setup today

Global: Positive

FII: Positive

DII: Positive

F&O: Neutral

Sentiment: Positive

Trend: Positive

FII long positions at 63 per cent vs 57 per cent the previous day

Nifty put-call ratio (PCR) at 1.36 vs 1.21

Nifty Bank PCR at 0.87 vs 0.78

India VIX down three per cent at 12.25

2/15

Anil Singhvi Market Strategy | EDITOR’S TAKE

August F&O series has begun on a strong note

Light positions and low rollovers pushed market higher

Correction is complete for now

Market has even digested worse-than-expected election results, Budget announcements

Nifty50 has staged a technically strong breakout

Earnings reports of large banks signal the end of correction for Nifty Bank

It is important for Nifty Bank to close above 51,800 today

A close above 52,300 will lead to a fresh high

Time to buy midcap & smallcap stocks aggressively

3/15

Anil Singhvi Market Strategy | For existing long positions

Nifty intraday and closing stop loss at 24,750

Nifty Bank intraday and closing stop loss at 50,875

4/15

Anil Singhvi Market Strategy | For existing short positions

Nifty intraday stop loss at 25,050 and closing stop loss at 24,850

Nifty Bank intraday stop loss at 51,800 and closing stop loss at 52300

5/15

Anil Singhvi Market Strategy | For new positions in Nifty50

Buy Nifty with a stop loss at 24,750 for targets of 24,900, 24,950 and 25,000; a big upmove expected above 25,050

Wait for Nifty to generate a 'sell' signal

6/15

Anil Singhvi Market Strategy | For new positions in Nifty Bank

Buy Nifty Bank with a stop loss at 50,875 for targets of 51,775, 51,925, 52,075, 52,175, 52,275 and 52,350

Aggressive traders can sell Nifty Bank in the 52,075-52,275 range with a strict stop loss at 52,500 for targets of 51,950, 51,800, 51,500, 51,400 and 51,300

7/15

Anil Singhvi Market Strategy | Any stocks in FO ban?

The market guru points out that there is no stock in the derivatives ban on Monday.

8/15

Anil Singhvi Shares Views on Results | IndusInd Bank results not as bad as expected

The market wizard points out that there are more positives than negatives in IndusInd's quarterly earnings report, with slippages in line with expectations despite elections and heatwave conditions, and weak loan growth.

He suggests investors switch from Axis Bank to IndusInd Bank.

Singhvi sees support for IndusInd Bank futures coming in at Rs 1,380 and Rs 1,390 levels, and a higher zone at Rs 1,430 and Rs 1,450.

9/15

Anil Singhvi Shares Views on Results | PNB earnings a mixed bag, guidance good

The market guru highlights lower slippages and improvement in asset quality in the latest PNB results.

He sees support coming in for PNB futures at Rs 117 and a higher level at Rs 124.

10/15

Anil Singhvi Shares Views on Results | IDFC First earnings a mixed bag

The market wizard says that though IDFC First Bank has staged strong growth in loans and credit, its credit costs have increased with high levels of provisioning and slippages.

He expects support for IDFC First futures at Rs 68, Rs 70 and Rs 72, and a higher level at Rs 78.

11/15

Anil Singhvi Shares Views on Results | Dr Reddy’s Labs earnings stable

The market guru finds DRL's valuation reasonable at the current levels. He suggests selling Cipla shares at higher levels and switching to Dr Reddy’s.

He sees support for DRL futures coming in at Rs 6,800 with a higher level at Rs 6,995.

For Cipla futures, he expects support at Rs 1,550 and Rs 1,565, and higher levels at Rs 1,610 and Rs 1,620. The pharma firm has given a very strong guidance but one may book profit at higher levels to switch to Dr Reddy’s, he adds.

12/15

Anil Singhvi Shares Views on Results | Results better than estimates, margin expansion impressive

The market wizard sees support for IndiGo futures being placed at Rs 4,355 and Rs 4,400, and a higher level at Rs 4,550.

13/15

Anil Singhvi Shares Views on Results | SBI Card results as usual, not great

The market guru points out that though SBI Card has clocked an improvement in its NIM, its asset quality is weak with high credit costs.

He expects support for SBI Card futures at Rs 680 and a higher level at Rs 730.

14/15

Anil Singhvi Market Strategy | Four reasons behind todays rally

Strong global cues

Strong buying by FIIs on first day of series

Good ICICI Bank, Bandhan Bank results to support Nifty Bank

Nifty50 technically very strong after staging life high

15/15

Anil Singhvi Market Strategy | Anything to be cautious about?

Some profit booking expected in Nifty50 near 25,000

Whole country in bullish mode; everyone wants to buy aggressively

Seesaw moves continue in global markets

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