Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi expects support for the Nifty50 headline index to emerge at 24,300-24,425 levels and a firm buying zone at 24,050-24,175 levels on Wednesday, October 23. For Nifty Bank, he expects support at 50,900 levels -51,0 and a strong buying position at 50,375-50,575 levels.
Here’s how the market guru summed up the trade setup this morning:
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Global: Neutral
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FII: Bad
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DII: Good
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F&O: Neutral
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Feeling: Bad
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Trend: Neutral
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Long FII positions at 32 percent compared to 33 percent before the previous session
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Nifty put-call ratio (PCR) at 0.73 vs 0.81
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Nifty Bank PCR at 0.59 vs 0.87
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Volatility index India VIX rose 4 percent to 14.27
The market wizard sees a high point for the headline index at 24,575-24,675 levels and a strong selling point at 24,725-24,850 levels. With the bank index, you see a high point from 51,475-51,575 levels and a profit booking point at 51,700-51,900 levels.
MARKETING STRATEGIES
For existing long positions:
- Nifty intraday and closing loss at 24,400
- Nifty Bank intraday and closing loss at 50,900
With short positions available:
- Nifty intraday stop loss at 24,600 and intraday stop loss at 24,800
- Nifty Bank intraday stop loss in 51,575 and closing stop loss in 52,000
For new positions in Nifty50:
- Aggressive traders can sell Nifty in the range of 24,575-24,750 with strong stop loss at 24,850 with targets of 24,475, 24,450, 24,400, 24,350, 24,300 and 24,200
- Best buy range for Nifty is 24,050-24,200 with stop loss at 23,900 against targets of 24,300, 24,400, 24,450, 24,475, 24,525 and 24,575
For new positions in Nifty Bank:
- Best buy range for Nifty Bank is 50,375-50,575 with stop loss at 50,200 against targets of 50,900, 51,000, 51,125, 51,175 and 51,250
- Aggressive traders can buy Nifty Bank in the range of 50,900-51,050 with a strong stop loss at 50,800 with targets of 51,175, 51,275, 51,475, 51,575, 51,700 and 51,800
- The best selling range for Nifty Bank is 51,575-51,800 with a stop loss at 52,000 against targets of 51,475, 51,275, 51,175, 51,050, 51,000 and 50,900
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