Anil Singhvi strategy today, October 10: Check Nifty and Bank Nifty support and buy levels
The slump in the US Stock market on Friday was seen mainly on account of the dollar strengthening against major currencies after data showed employers hired more workers than expected in September.
Amid negative global cues and negative FIIs and positive DIIs activities, the short term trend for the Indian stock market is positive, according to Zee Business Managing Editor Anil Singhvi. At 8:00 am, SGX Nifty was trading nearly 250 points or 1.46 points down to 17063. Dow Future and Nasdaq Futures were also quoting negative, down by nearly 0.50 per cent each. Earlier on Friday, the Wall Street indices ended deep in read with Dow cracking 630 points or 2.11 per cent to finish at 29296 and tech heavyweight Nasdaq crashing 420 points or 3.80 per cent to settle at 10,652. S&P500 too ended in negative territory as it tanked over 100 points or 2.80 per cent to close at 3639. The slump in the US Stock market on Friday was seen mainly on account of the dollar strengthening against major currencies after data showed employers hired more workers than expected in September, suggesting the Federal Reserve will likely stick to its aggressive tightening policy for now.
Given below is Anil Singhvi's strategy for Monday, October 10:
Global: Negative
FII: Negative
DII: Positive
F&O: Neutral
Sentiment: Cautious
Trend: Positive
Nifty support zone 16950-17025, Below that 16750-16850 Strong Buy zone
Nifty higher zone 17175-17225, Above that 17275-17325 Profit booking zone
Bank Nifty support zone 38500-38650, Below that 38200-38375 Strong Buy zone
Bank Nifty higher zone 39175-39275, Above that 39400-39550 Profit booking zone
Nifty support levels 17125, 17100, 17025, 16975, 16950, 16900, 16850
Nifty higher levels 17175, 17225, 17275, 17300, 17325, 17375
Bank Nifty support levels 38825, 38650, 38500, 38375, 38300, 38200, 38025
Bank Nifty higher levels 39050, 39125, 39175, 39225, 39275, 39400
FIIs Index Long still near lowest level unchanged at 20%
PCR at 0.97 Vs 1.07
BankNifty PCR at 0.87 Vs 0.91
India VIX down by 2.5% at 18.81
For Existing Long Positions:
Nifty Intraday SL 17000 n Closing SL 17100
BankNifty Intraday SL 38800 n Closing SL 38600
For Existing Short Positions:
Nifty Intraday n Closing SL 17350
BankNifty Intraday n Closing SL 39300
For New Positions:
Buy Nifty in 16750-16850 range:
SL 16700 Tgt 16900, 16950, 16975, 17000, 17025, 17100
Aggressive Traders Buy Nifty in 16950-17025 range:
Strict SL 16850 Tgt 17100, 17125, 17175, 17225, 17275, 17325
Sell Nifty if No Big Gap-down at Open:
SL 17350 Tgt 17125, 17100, 17025, 16975, 16950, 16900, 16850
For New Positions:
Buy BankNifty in 38200-38375 range:
SL 38000 Tgt 38475, 38625, 38800, 38950, 39050
Aggressive Traders Buy BankNifty in 38500-38650 range:
Strict SL 38450 Tgt 38800, 39050, 39125, 39175, 39225, 39275
Sell BankNifty if No Big Gap-down at Open:
SL 39300 Tgt 38825, 38650, 38500, 38375, 38300, 38200, 38025
No Stocks in F&O Ban
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12:10 PM IST