Anil Singhvi Market Strategy Today: Zee Business Managing Editor Anil Singhvi expects support for the Nifty50 index at 24,450-24,550 levels, followed by a stronger support zone at 24,275-24,365 levels on Friday, August 8. For the Nifty Bank, the market wizard expects support at 55,000-55,200 levels and a stronger support zone at 54,825-54,950 levels. 

How market guru Anil Singhvi sums up trade setup:

• Global: Negative

• FII: Negative

• DII: Positive

• F&O: Neutral

• Sentiment: Cautious

• Trend: Neutral

• FII long positions unchanged at 9 per cent as before Thursday’s session

• Nifty put-call ratio (PCR) at 0.95 vs 0.79

• Nifty Bank PCR at 0.89 vs 0.87

• Volatility index India VIX down 2 per cent at 11.68

The market wizard expects a higher zone at 24,635-24,735 levels and a profit-booking zone at 24,765-24,850 levels for the headline index.

For the banking index, he expects a higher zone at 55,650-55,750 levels and a profit-booking zone at 55,850-56,000 levels. 

What market data indicates 

• FIIs have been net sellers for 14 sessions in a row–their longest outflow spree since March 17  
• On Thursday, FII outflows amounted to Rs 4,997 crore
• DIIs have been net buyers for 24 straight sessions–their longest buying streak since June 19 
• Thursday’s FII data included a block deal worth Rs 6,131 crore (Eternal and Kotak)
• FII index futures long positions at 8.59 per cent–the lowest since March 2023
• FII index futures long positions are under 10 per cent for six straight sessions for the first time since 2012  
• Gold at a new record high of Rs 1,02,155/10 grams or $3,534/ounce
• Silver has risen for six straight days, scaling a two-week high of $39/ounce
• Dollar Index has fallen below 98 to its lowest in two weeks
• US bond yields near a three-month low, at 4.2 per cent
• Crude oil is near a two-month low, at around $66/barrel

Tariffs decoded today

• US President Donald Trump’s hardline stance continues
• No talks until Russian imports stop; India’s stance will be clearer after Friday’s Cabinet meeting
• Support from Brazil and Russia will be positive for India

Is market oversold after Thursday’s recovery?

• No short-covering by FIIs on the weekly F&O expiry day
• FIIs remain oversold with index futures long positions at 8.5 per cent
• Only positive news on tariffs will trigger short-covering now

Can Dalal Street hold Thursday’s lows?

• The market is not out of the woods yet
• It is yet to escape downside risk
• Both Nifty and Nifty Bank made lower highs and lower lows on Thursday 
• Strong support exists at these levels
• Nifty must close above 24,675 and Nifty Bank above 55,650 

Key levels to watch out for in Nifty50 and Nifty Bank

• Holding yesterday’s lows is now essential
• New weakness will come only if Nifty breaks 24,325 and Bank Nifty breaks 54,950
• Momentum will return if Nifty rises above 24,850 and Bank Nifty above 56,000
• Wait on a slow start; better to buy near the lower end of the range
• In a recovery, take lighter positions near the upper range
• Yesterday’s FII selling included block deal adjustments
• Without the block deal, FIIs were actually net buyers
• Domestic funds also made strong purchases
• This suggests support at lower levels can be expected

ANIL SINGHVI MARKET STRATEGY | How to trade Nifty Bank and Nifty50?

For existing long positions:

• Nifty intraday stop loss at 24,325 and closing stop loss at 24,550

• Nifty Bank intraday stop loss at 54,950 and closing stop loss at 55,350

For existing short positions:

• Nifty intraday stop loss at 24,700 and closing stop loss at 24,800

• Nifty Bank intraday and closing stop loss at 55,750

For new positions in Nifty50:

Stocks in F&O ban