Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi expects support for the headline Nifty50 index at 23,500-23,600 levels and a strong buy zone at 23,350-23,450 levels oand Wednesday, March 26. For the Nifty Bank, he expects support at 51,250-51,425 levels and a strong buy zone at 50,600-50,800 levels. Read to learand about the market wizard’s views for the day.
How market guru Anil Singhvi sums up trade setup this morning:
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Global: Positive
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FII: Positive
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DII: Negative
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F&O: Neutral
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Sentiment: Positive
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Trend: Neutral
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FII long position at 33 per cent vs 32 per cent before Tuesday’s session
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Nifty put-call ratio (PCR) at 1.04 vs 1.22
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Nifty Bank PCR at 1.03 vs 1.24
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Volatility index INDIA VIX down 0.5 per cent at 13.64
The market wizard sees a higher zone at 23,700-23,800 levels and a strong sell zone at 23,870-24,000 levels for the headline index. For the banking index, he expects a higher zone at 51,975-52,150 levels and a profit-booking zone at 52,275-52,475 levels.
If FIIs made big pruchases then who sold on Tuesday?
- FII made significant purchases on Dalal Street on March 25
- FII inflows stood at Rs 5,372 crore in the cash segment
- Inflows amounted to Rs 8,135 crore including index and stock futures
- Stuck traders likely trimmed their positions around the 23,800 mark
- Investors buying at lower levels also took to profit-booking after the one-way surge
- Most traders will only consider fresh buying after the headline index crosses the 23,800-24,000 range
ANIL SINGHVI MARKET STRATEGY
For existing long positions:
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Nifty intraday and closing stop loss at 23,575
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Nifty Bank intraday and closing stop loss at 51,300
For existing short positions:
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Nifty intraday and closing stop loss at 23,875
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Nifty Bank intraday and closing stop loss at 52,150
For new positions iand Nifty50:
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The best range to buy Nifty is 23,500-23,600 with a stop loss at 23,400 for targets of 23,660, 23,700, 23,800, 23,870, 23,950 and 24,000
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Aggressive traders can sell Nifty in the 23,870-24,000 range with a strict stop loss at 24,150 for targets of 23,800, 23,700, 23,670, 23,600 and 23,500
For new positions iand Nifty Bank:
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Aggressive traders can buy Nifty Bank with a strict stop loss at 51,300 for targets of 51,800, 51,975tbse, 52075, 52275, 52375, 52475
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Aggressive traders sell Nifty Bank in 52075-52275 range: Strict stop loss at 52500 for targets of 51900, 51800, 51700, 51625, 51425
F&O Baand and Update
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Already in ban: IndusInd Bank
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Out of ban: Hindustan Copper, Polycab
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New in ban: None
ANIL SINGHVI SHARES ‘STOCKS OF THE DAY’: HDFC BANK, NCC, AU SMALL FINANCE BANK
Buy Vedanta futures for targets of Rs 467 with a stop loss at Rs 473 with a stop loss at Rs 455
- Metals have strongly recovered in global markets
- Vedanta’s strong presence in copper and zinc is a big positive
- The stock is trading at attractive valuations
Buy NCC futures for targets of Rs 208, Rs 210 and Rs 214 with a stop loss at Rs 202
- NCC has received two orders amounting to Rs 10,804 crore from BSNL for BharatNet
- The company is regularly getting big orders on this quarter
Buy HDFC Bank futures for targets of Rs 1,835 and Rs 1,850 with a stop loss at Rs 1,788; buy AU Small Finance Bank shares for target of Rs 561, Rs 567 and Rs 575 with a stop loss at Rs 547
- Bank stocks are looking very strong
- Goldman Sachs has a target price of Rs 2,090 assigned to the stock
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