Anil Singhvi Market Strategy October 8: 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 24,600-24,700 levels and a stronger support zone at 24,425-24,525 levels on Tuesday, October 8. For the Nifty Bank, he expects support at 49,725-49,925 levels followed by a stronger support zone at 49,275-49,425 levels.
The market wizard sees a higher zone for the headline index at 24,925-25,025 levels and a strong sell zone at 25,125-25,250 levels. For the banking index, he sees a higher zone at 51,000-51,200 levels and a strong sell zone at 51,350-51,475 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: Negative
Trend: Neutral
FII long positions at 47 per cent vs 58 per cent a day ago
Nifty put-call ratio (PCR) at 0.67 vs 0.69
Nifty Bank PCR at 0.56 vs 0.59
Volatility index India VIX up 6 per cent at 14.98
Anil Singhvi Market Strategy | For existing long positions
Nifty intraday and closing stop loss at 24,650
Nifty Bank intraday and closing stop loss at 50,100
Anil Singhvi Market Strategy | For existing short positions
Nifty intraday and closing stop loss at 25,025
Nifty Bank intraday and closing stop loss at 51,075
Anil Singhvi Market Strategy | For new positions in Nifty50
Aggressive traders can sell Nifty in the 24,925-25,025 range with a strict stop loss at 25,150 for targets of 24,800, 24,750, 24,700, 24,600, 24,525 and 24,425
Aggressive traders can buy Nifty in the 24,500-24,600 range with a strict stop loss at 24,400 for targets of 24,700, 24,750, 24,800, 24,850, 24,925 and 24,975
Anil Singhvi Market Strategy | For new positions in Nifty Bank
Aggressive traders can sell Nifty Bank in the 51,000-51,200 range with a strict stop loss at 51,500 for targets of 50,575, 50,475, 50,375, 50,200, 50,000, 49,750 and 49,650
Aggressive traders can buy Nifty Bank in the 49,650-49,975 range with a strict stop loss at 49,250 for targets of 50,175, 50,350, 50,475, 50,675, 50,800 and 50,975
Stocks in F&O Ban
New in ban: IDFC First Bank, PNB
Already in ban: GNFC, Granules India, Manappuram Finance, Birlasoft, Hindustan Copper, RBL Bank, Bandhan Bank
Out of ban: None
'Navratna SIP'
The market wizard suggests buying Bayer Crop Science shares for targets of Rs 8,000, Rs 9,500 and Rs 10,000.
He recommends chasing the stock through the SIP route at every 10 per cent fall and holding it for 1-3 years.
Stock of the Day
The market guru suggests selling Tata Motors futures with a stop loss at Rs 950 for targets of Rs 920, Rs 910 and Rs 892.
He mentions a weak quarterly sales update by Jaguar Land Rover as the rationale behind his take on Tata Motors.