Anil Singhvi Market Strategy December 17: 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 24,525-24,600 levels and a strong buy zone at 24,400-24,500 levels for the headline Nifty50 index on Tuesday, December 17. For the Nifty Bank, he expects support at 53,175-53,325 levels and a strong buy zone at 52,850-53,025 levels.
The market wizard expects a higher zone for the headline index at 24,700-24,775 levels and a profit-booking zone at 24,850-24,950 levels. For the banking index, he sees a higher zone at 53,750-53,875 levels and a profit-booking zone at 53,975-54,150 levels.
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How market guru Anil Singhvi sums up the trade setup
Global: Neutral
FII: Negative
DII: Neutral
F&O: Neutral
Sentiment: Positive
Trend: Positive
FII long position 39 per cent vs 41 per cent before Monday's session
Nifty put-call ratio (PCR) at 0.90 vs 1.12
Nifty Bank PCR at 0.91 vs 0.95
Volatility index India VIX up 7.5 per cent at 14.02
Which level will Nifty50 hit first, 24,000 or 25,000?
The market guru believes that there is a lower possibility of the Nifty50 hitting 24,000 than 25,000, pointing out that there is underlying strength in the market despite rangebound moves. He is of the view that the Nifty50 may attempt to reclaim the 25,000 mark first this month.
As long as the Nifty50 holds 24,450 on a closing basis, the market will likely remain strong and gain momentum further once it settles above the 24,750 mark, according to Singhvi.
He believes the market can gather steam after the outcome of the December Fed review.
Anil Singhvi Market Strategy | For existing long positions
Nifty intraday and closing stop loss at 24,500
Nifty Bank intraday and closing stop loss at 53,150
Anil Singhvi Market Strategy | For existing short positions
Nifty intraday stop loss at 24,875 and closing stop loss at 24,800
Nifty Bank intraday stop loss at 53,900 and closing stop loss at 53,750
Anil Singhvi Market Strategy | For new positions in Nifty50
The best range to buy Nifty is 24,500-24,600 with a stop loss at 24,400 for targets of 24,665, 24,700, 24,750, 24,775, 24,800 and 24,850.
Aggressive traders can sell Nifty in the 24,700-24,800 range with a strict stop loss at 24,900 for targets of 24,665, 24,625, 24,600, 24,575, 24,550 and 24,500.
Anil Singhvi Market Strategy | For new positions in Nifty Bank
The best range to buy Nifty Bank is 53,175-53,325 with a stop loss at 53,000 for targets of 53,500, 53,575, 53,650, 53,750, 53,875 and 53,950.
Aggressive traders can sell Nifty Bank in the 53,750-53,875 range with a strict stop loss at 54,025 for targets of 53,650, 53,575, 53,500, 53,400, 53,325 and 53,175.
Stocks in F&O Ban
Out of ban: Metropolis, PVR Inox
Already in ban: Manappuram Finance, SAIL, NALCO, Hindustan Copper, RBL Bank, Granules India
New in ban: None
Stock of the Day | Chambal Fertilisers
The market wizard suggests buying Chambal Fertilisers futures for Rs 542 and Rs 549 targets with a stop loss at Rs 525.
The government may increase DAP prices after four years. One can expect a 12-15 per cent hike in prices from January 1, according to sources.
Stock of the Day | LIC
The market guru suggests buying LIC futures for targets of Rs 937, Rs 945 and Rs 955 with a stop loss at Rs 910.
Life insurance stocks are trading at attractive levels after a recent correction and the GST Council may offer some relief to a few products in the space, according to the market expert.
He also suggests buying ICICI Prudential futures for targets of Rs 688 and Rs 696 with a stop loss at Rs 675.