Anil Singhvi Market Strategy Today: Zee Business Managing Editor Anil Singhvi expects support for the Nifty50 index at 24,925-25,000 levels and a strong buy zone at 24,765-24,875 levels on Friday, August 22. For the Nifty Bank, the market wizard expects support to emerge at 55,500-55,650 levels and a strong buy zone at 55,225-55,375 levels.
How market guru Anil Singhvi sums up trade setup:
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Global: Neutral
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FII: Positive
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DII: Positive
Add Zee Business as a Preferred Source
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F&O: Neutral
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Sentiment: Positive
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Trend: Positive
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FII long positions unchanged at 10 per cent as before Thursday’s session
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Nifty put-call ratio (PCR) at 1.09 vs 1.28
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Nifty Bank PCR at 0.75 vs 0.76
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Volatility index India VIX down 3.5 per cent at 11.37
The market wizard expects a higher zone at 25,150-25,250 levels and a strong sell zone at 25,325-25,450 levels for the headline index.
For the banking index, he expects a higher zone at 55,975-56,150 levels and a strong sell zone at 56,200-56,400 levels.
Is there any good news about the domestic economy for Dalal Street?
- Strong monthly composite PMI data, private sector activity at a lifetime high
- Services sector growth at a lifetime high
- This marks the fastest rise in new international orders since 2014
- Services sector data is much stronger compared to manufacturing
- New orders rising rapidly in the domestic market as well as in exports
What market data signals
- Nifty50 and Nifty Bank have closed in the green for six straight sessions
- Nifty at an intraday 19-session high of 25,153; it is at a three-week closing high of 25,083
- The headline index has also closed above its 50-day moving average (25,015) for a second straight day
- It has made higher lows for eight sessions in a row; this signals buying at lower levels
- Nifty Bank made a higher high and a higher low on Thursday after two days; this indicates some support
- Midcap and smallcap indices posted intraday higher highs for seven sessions in a row
- Volatility index India VIX fell 3 per cent to a one-month low of 11.37
- Reliance hit an intraday one-month high Rs 1,431; it made intraday higher highs and higher lows for a fourth straight day
ANIL SINGHVI MARKET STRATEGY | How to trade Nifty Bank and Nifty50?
For existing long positions:
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Nifty intraday stop loss at 24,925 and closing stop loss at 24,850
Nifty Bank intraday and closing stop loss at 55,500
For existing short positions:
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Nifty intraday and closing stop loss at 25,200
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Nifty Bank intraday and closing stop loss at 56,000
For new positions in Nifty50:
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The best range to buy Nifty is 24,850-25,000 with a stop loss at 24,750 for targets of 25,050, 25,085, 25,150, 25,200, 25,250 and 25,325
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Aggressive traders can sell Nifty in the 25,150-25,300 range with a strict stop loss at 25,400 for targets of 25,090, 25,050, 25,015, 24,975, 24,935 and 24,875
For new positions in Nifty Bank:
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Aggressive traders can buy Nifty Bank in the 55,500-55,650 range with a strict stop loss at 55,350 for targets of 55,750, 55,850, 55,950, 56,000, 56,150 and 56,300
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Aggressive traders can sell Nifty Bank in the 56,000-56,150 range with a strict stop loss at 56,300 for targets of 55,850, 55,750, 55,700, 55,650, 55,575 and 55,500
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