Anil Singhvi Market Strategy October 16: 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. Learn more about 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 24,925-25,000 levels and a strong buy zone at 24,700-24,850 levels on Wednesday, October 16.
For the Nifty Bank, he expects support at 51,525-51,675 levels and a strong buy zone at 51,225-51,475 levels.
The market wizard sees a higher zone for the headline index at 25,125-25,200 levels and a strong sell zone at 25,225-25,325 levels. For the banking index, he sees a higher zone at 52,075-52,275 levels and a strong sell zone at 52,350-52,575 levels.
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Anil Singhvi Market Strategy | Here is how the market guru sums up the market setup today
Global: Negative
FII: Negative
DII: Positive
F&O: Neutral
Sentiment: Neutral
Trend: Neutral
FII long positions unchanged at 35 per cent as a day ago
Nifty put-call ratio (PCR) at 0.77 vs 0.90
Nifty Bank PCR at 0.92 vs 1.00
India VIX unchanged at 13.05
Anil Singhvi Market Strategy | For existing long positions
The market wizard suggests placing intraday as well as closing stop losses at the 24,900 mark for the headline index.
For the banking index, he suggests placing both stop losses at 51,450.
Anil Singhvi Market Strategy | For existing short positions
Nifty intraday stop loss at 25,225 and closing stop loss at 25,150
Nifty Bank intraday and closing stop loss at 52,100
Anil Singhvi Market Strategy | For new positions in Nifty50
Aggressive traders can buy Nifty in the 24,850-24,950 range with a strict stop loss at 24,800 for targets of 25,000, 25,050, 25,125, 25,150 and 25,200
Aggressive traders can sell Nifty in the 25,125-25,225 range with a strict stop loss at 25,300 for targets of 25,050, 25,000, 24,950, 24,925, 24,850 and 24,800
Anil Singhvi Market Strategy | For new positions in Nifty Bank
Aggressive traders can buy Nifty Bank in the 51,475-51,675 range with a strict stop loss at 51,325 for targets of 51,775, 51,900, 52,000, 52,075, 52,175 and 52,275
Aggressive traders can sell Nifty Bank in the 52,075-52,275 range with a strict stop loss at 52,400 for targets of 52,000, 51,900, 51,800, 51,700, 51,575 and 51,525
Stocks in F&O ban
New in ban: L&T Finance, Bandhan Bank
Already in ban: IEX, NALCO, Tata Chemicals, Chambal Fertilisers, SAIL, IDFC First Bank, PNB, GNFC, Granules India, Manappuram Finance, Hindustan Copper, RBL Bank
Out of ban: None
EDITOR’S TAKE
Nifty50 has closed within the 24,800-25,250 range for nine sessions
It is important for Nifty Bank to remain strong at today's weekly F&O expiry
Buying to gather steam once Nifty Bank takes out the 52,000 on a closing basis
Nifty50 and Nifty Bank should not close below 24,900 and 51,450 levels respectively
Buy selectively in midcap and smallcap stocks
What's causing weakness on Wall Street?
US has imposed restrictions on AI chip exports, weak earnings from semiconductor maker SML has weighed on Nasdaq
On the other hand, strong results from Goldman Sachs, Citi, Bank of America have supported the market
Profit-taking is natural after three days of highs
What to make of Tuesday's moves on Dalal Street?
The market has found it difficult to sustain higher levels in four out of five sessions
Minor selling by FIIs in the cash segment on Tuesday
Rising selling in index futures
The last hour of trade on Tuesday saw recoveries in Nifty Bank, midcap and smallcap spaces
The market is seeking fresh triggers and direction
Stock of the Day | HDFC Life Insurance Company
The market guru suggests buying HDFC Life futures for targets of Rs 727 and Rs 736 with a stop loss at Rs 702.
- Results released during market hours on Tuesday
- Market share strong
- Improved operational performance
- Management confident of growth with strong guidance
- Brokerages have raised their targets
Stock of the Day | Voltas
The market wizard suggests buying Voltas futures for targets of Rs 1,833, Rs 1,845 and Rs 1,865 with a stop loss at Rs 1,792.
Morgan Stanley has revised its rating for Voltas to 'overweight' from 'equal-weight' and raised its target price for the stock to Rs 2,035 from Rs 1,225.