Anil Singhvi Market Strategy December 12: 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 views on key support and resistance levels for the Nifty and the Nifty Bank, and what he makes of the market now.
Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi expects support to emerge at 24,510-24,580 levels and a strong buy zone at 24,365-24,465 levels for the headline Nifty50 index on Thursday, December 12. For the Nifty Bank, he expects support at 53,150-53,300 levels and a strong buy zone at 52,700-52,850 levels.
The market wizard expects a higher zone for the headline index at 24,675-24,750 levels and a strong sell zone at 24,850-24,950 levels. For the banking index, he sees a higher zone at 53,625-53,775 levels and a profit-booking zone at 53,875-54,025 levels.
Images: PTI, Pexels
Catch all the latest stock market updates here. For all other news related to business, market, tech and auto, visit Zeebiz.com.
How market guru Anil Singhvi sums up the trade setup
Global: Neutral
FII: Negative
DII: Positive
F&O: Neutral
Sentiment: Neutral
Trend: Positive
FII long positions unchanged at 43 per cent as before Wednesday's session
Nifty put-call ratio (PCR) at 0.87 vs 0.86
Nifty Bank PCR at 0.95 vs 1.02
Volatility index India VIX down four per cent at 13.27
EDITOR'S TAKE
Nasdaq tops 20,000 mark for first time ever
- There are first class signals emanating from Wall Street
- IT stocks move higher in the US market
- The index has scaled a series of record highs
- S&P is also looking strong, except its downward moves for five sessions in a row
- US inflation is in line with expectations
- A Fed rate cut is imminent next week
What are FIIs and DIIs waiting for?
- FIIs retorting to minor selling
- Strong buying by DIIs
- No clear direction in both categories yet
- Both appear to be waiting for a clear market direction in the form of a breakout
- Typically, FIIs and DIIs emerge net buyers in the second half of December
Key things to track today
- Can you expect the market to break out of its range ahead of the weekly expiry today?
- IT stocks set to stay strong with strong signals from Nasdaq
- Midcap & smallcap stocks expected to attract buying for 15th trading day in a row
- Metal, FMCGT & IT shares can continue to attract buying
Is it the right time for the market to break out of the range today?
- Nifty is poised for strong moves on the weekly F&O expiry day
- One can utilise the day to exit the current range
- Closing levels below 24,450 in Nifty50 and 52,650 in Nifty Bank will lead to a breakout from the lower end of the range
- On the other hand, closing levels above 24,750 and 53,900 will lead to a breakout from the upper end, respectively
- There are plenty of trading opportunities till the market breaks out of its current range
- Stop loss will be triggered only once; participants should complete multiple rounds of trading till then
- Use a strict stop loss in case the market breaks out of the current range from either side
Anil Singhvi Market Strategy | For existing long positions
Nifty intraday and closing stop loss at 24,450
Nifty Bank intraday and closing stop loss at 53,150
Anil Singhvi Market Strategy | For existing short positions
Nifty intraday and closing stop loss at 24,750
Nifty Bank intraday stop loss at 53,900 and closing stop loss at 53,650
Anil Singhvi Market Strategy | For new positions in Nifty50
Aggressive traders can buy Nifty in the 24,510-24,580 range with a strict stop loss at 24,400 for targets of 24,620, 24,675, 24,700, 24,750, 24,800 and 24,850
Aggressive traders can sell Nifty in the 24,700-24,850 range with a strict stop loss at 24,900 for targets of 24,675, 24,645, 24,620, 24,580, 24,510 and 24,465
Anil Singhvi Market Strategy | For new positions in Nifty Bank
The best range to buy Nifty Bank is 52,700-52,850 with a stop loss at 52,600 for targets of 52,950, 53,025, 53,150, 53,275, 53,325 and 53,400
Aggressive traders can buy Nifty Bank in the 53,025-53,175 range with a strict stop loss at 52,900 for targets of 53,275, 53,400, 53,500, 53,575, 53,650, 53,775 and 53,850
Aggressive traders can sell Nifty Bank in the 53,650-53,850 range with a strict stop loss at 54,000 for targets of 53,525, 53,400, 53,325, 53,275, 53,175 and 53,025
Stocks in F&O Ban
New in ban: Hindustan Copper
Already in ban: Metropolis, PVR Inox, RBL Bank, Granules, Manappuram Finance
Out of ban: None
Stocks of the Day | From FirstCry to Britannia to Persistent...
The market wizard has shared the following recommendations for the day:
--Buy Coforge futures for targets of Rs 9,165 and Rs 9,220 with a stop loss at Rs 8,800
--Buy Persistent Systems futures for targets of Rs 6,465, Rs 6,500 and Rs 6,625 with a stop loss at Rs 6,275
The market guru points out that domestic IT stocks are looking strong with the Nasdaq having scaled the 20,000 mark for the first time.
--Buy FirstCry shares for targets of Rs 607, Rs 615 and Rs 630 with a stop loss at Rs 590
Singhvi points out that retail stocks are looking very strong at the current juncture. Meanwhile, Kotak Securities has initiated coverage on FirstCry with an 'add' rating and a target price of Rs 630.
--Sell Jubilant FoodWorks futures for targets of Rs 700, Rs 688 and Rs 680 with a stop loss at Rs 727
The market wizard suggests booking profit at higher levels. He believes Rs 715 is a good level to book profit in the stock.
--Buy Britannia futures for targets of Rs 4,995 and Rs 5,040 with a stop loss at Rs 4,800
The market guru points out that FMCG stocks appear to be ready to bounce from lower levels. Britannia has taken a price hike in its food products.
--Buy Waaree Energies shares for targets of Rs 3,225, Rs 3,260 and Rs 3,300 with a stop loss at Rs 3,130
The company has secured a 170 MW project in Madhya Pradesh.