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.
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.
Anil Singhvi Market Strategy | Here is how the market guru sums up the market setup today
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
Anil Singhvi Market Strategy | For existing long positions
Anil Singhvi Market Strategy | For existing short positions
Anil Singhvi Market Strategy | For new positions in Nifty50
Anil Singhvi Market Strategy | For new positions in Nifty Bank
Anil Singhvi Market Strategy | Any stocks in FO ban?
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.
Anil Singhvi Shares Views on Results | PNB earnings a mixed bag, guidance good
Anil Singhvi Shares Views on Results | IDFC First earnings a mixed bag
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.