Anil Singhvi Market Strategy Today: Zee Business Managing Editor Anil Singhvi expects support for the Nifty50 index at 24,450-24,525 levels and a stronger support zone at 24,275-24,400 levels on Monday, August 4. For the Nifty Bank, the market wizard expects support at 55,375-55,550 levels and a stronger support zone at 55,000-55,150 levels.
How market guru Anil Singhvi sums up trade setup:
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Global: Negative
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FII: Negative
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DII: Positive
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F&O: Neutral
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Sentiment: Negative
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Trend: Neutral
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FII long positions at 9 per cent vs 10 per cent before Friday’s session
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Nifty put-call ratio (PCR) at 0.74 vs 1.04
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Nifty Bank PCR at 0.92 vs 0.97
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Volatility index India VIX up 4 per cent at 11.97
The market wizard expects a higher zone at 24,635-24,680 levels and a strong sell zone at 24,765-24,850 levels for the headline index.
For the banking index, he expects a higher zone at 55,850-56,000 levels and a profit-booking zone at 56,075-56,225 levels.
EDITOR’S TAKE | How much impact from the US selloff?
- US markets fell due to weak economic data
- Had the fall been driven by tariff fears, global markets would have been hit harder
- These economic numbers raise hopes of a rate cut in the US
- As a result, US bond yields fell to 4.22 per cent, a three-month low
- Crude oil falling to $69 is also positive for us
- A pause in the dollar index’s strength is good for India
- Overall, signals from the US are positive for us
- That’s why GIFT Nifty is in the green
Which levels, if broken, could spell trouble?
- If Nifty closes below 24,400 and Bank Nifty below 55,000, deeper correction feared
- In a recovery, Nifty may attempt to reach 24,765-24,850
- Bank Nifty may recover to 56,000-56,200
How much more pain left in mid- and smallcaps?
- Unless there are signs of stability and recovery in frontline stocks
- Pressure will continue in smaller stocks
ANIL SINGHVI MARKET STRATEGY | How to trade Nifty Bank and Nifty50?
For existing long positions:
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Nifty intraday and closing stop loss at 24,400
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Nifty Bank intraday and closing stop loss at 55,450
For existing short positions:
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Nifty intraday and closing stop loss at 24,800
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Nifty Bank intraday and closing stop loss at 56,100
For new positions in Nifty50:
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The best range to sell Nifty is 24,650-24,765 with a stop loss at 24,900 for targets of 24,635, 24,600, 24,565, 24,535, 24,500, 24,475 and 24,450
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Aggressive traders can buy Nifty in the 24,450-24,500 range with a strict stop loss at 24,350 for targets of 24,565, 24,600, 24,635, 24,675, 24,765 and 24,800
For new positions in Nifty Bank:
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The best range to sell Nifty Bank is 55,850-56,075 with a stop loss at 56,250 for targets of 55,625, 55,575, 55,475, 55,375, 55,150 and 55,050
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Aggressive traders can buy Nifty Bank in the 55,150-55,375 range with a strict stop loss at 55,000 for targets of 55,475, 55,550, 55,625, 55,850, 55,950 and 56,000
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