Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi expects support for the Nifty50 headline index to emerge from the 24,075-24,140 and 23,800-24,000 bands and a strong support zone at 23,500-23,625 levels on Wednesday, November 6. For Nifty Bank, he expects at 51,675-51,825 and 51,250-51,450 levels and a strong support zone at 50,800-51,000 levels for the day.
Here’s how the market guru summed up the trade setup this morning:
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Global: Good
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FII: Bad
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DII: Good
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F&O: Neutral
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Emotion: Be careful
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Trend: Neutral
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Long FII positions at 27 percent compared to 24 percent before the previous session
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Nifty put-call ratio (PCR) at 0.94 vs 0.85
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Nifty Bank PCR at 1.04 vs 0.71
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The Volatility India VIX index was down 3.5 percent at 16.12
The market wizard sees a high point for the headline index at 24,300-24,375 and 24,400-24,500 levels, and a profit booking point at 24,575-24,700 levels.
With the bank index, you see a high area at 52,350-52,575 and 52,675-52,825 levels, and a profit booking area at 52,925-53,225 levels.
MARKETING STRATEGIES
For existing long positions:
- Nifty intraday and closing loss at 23,975
- Nifty Bank intraday stop loss at 51,900 and closing stop loss at 51,675.
With short positions available:
- Nifty intraday stop loss at 24,400 and closing stop loss at 24,500
- Nifty Bank intraday and closing loss at 52,350
For new positions in Nifty50:
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Best buy range for Nifty is 23,850-24,000 with stop loss at 23,775 against targets of 24,075, 24,140, ​​24,175, 24,200, 24,225 and 24,275
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Aggressive traders can buy Nifty with strong stop loss at 24,000 with targets of 24,300, 24,340, 24,375, 24,400, 24,475 and 24,500
For new positions in Nifty Bank:
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The best buy range for Nifty Bank is 51,475-51,675 with stop loss at 51,200 against targets of 51,825, 51,900, 52,000, 52,100, 52,200 and 52,275
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Aggressive traders can buy Nifty Bank with strong stop loss at 51,900 with targets of 52,325, 52,575, 52,675, 52,750, 52,825, 52,950 and 53,100.
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The best selling range for Nifty Bank is 52,875-53,100 with a stop loss at 53,350 with targets of 52,575, 52,350, 52,200, 52,100, 52,000, 51,900 and 51,825
There are no stocks in the F&O ban.
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