Anil Singhvi Nifty50 Strategy: Profit-booking zone at 24,300-24,400—Key levels to track

Zee Business Managing Editor Anil Singhvi expects strong support for the Nifty50 index to emerge at 23,915-24,000 levels and a strong buy area at 23,750-23,865 levels on Thursday, June 18.

The market wizard sees strong support for the Nifty Bank to appear at 57,075-57,200 levels and a strong buy zone at 56,800-56,875 levels.

How the market wizard sums up the trade setup

• Global: Positive
• FII: Neutral
• DII: Positive
• F&O: Neutral
• Sentiment: Positive
• Trend: Neutral
• FII long positions at 13.09 per cent vs 12.71 per cent before Wednesday's trading session
• Nifty PCR at 1.1 vs 1.08
• Nifty Bank PCR at 1.04 vs 1.02

​For the 50-blue-chip index, the market wizard expects a higher zone at 24,125-24,250 levels and a profit-booking area at 24,300-24,400 levels.

For the banking index, he expects a higher zone at 57,800-58,125 levels and a profit-booking zone at 58,375-58,575 levels.

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

For existing long positions:

• Nifty intraday and closing stop loss at 23,950
• Nifty Bank intraday and closing stop loss at 57,000

For existing short positions:

• Nifty intraday and closing stop loss at 24,125
• Nifty Bank intraday and closing stop loss at 57,800

For new positions in Nifty50:

• The best range to buy Nifty is 23,915-24,015 with a stop loss at 23,800 for targets of 23,990, 24,075, 24,125, 24,175, 24,250, 24,300 and 24,350

• Aggressive traders can sell Nifty if it breaks below 23.950; use a stop loss at 24,125 for targets of 23,915, 23,865, 23,815, 23,775, 23,725 and 23,650

For new positions in Nifty Bank:

• The best range to buy Nifty Bank is 57,075-57,225 with a stop loss at 56,800 for targets of 57,400, 57,575, 57,675, 57,775, 58,125, 58,375 and 58,575

• Sell Nifty Bank if it breaks above 57,000 level; use a stop loss at 57,250 for targets of 56,875, 56,800, 56,600, 56,375, 56,150 and 56,000

Futures & options (F&O) ban

• Already in ban: Kaynes Tech
• New in ban: None
• Out of ban: None

Buzzing Stocks: RIL, HDFC Bank and ICICI Bank

How much can RIL rise ahead of the conglomerate's AGM?

• A rally in RIL shares is driven by expectations of positive announcements at the upcoming AGM on Friday

• RIL has risen for five sessions in a row and formed a higher high-higher low pattern for four days

• On Wednesday, it touched an 11-day high of Rs 1,335

• A short-covering move in the 1300 call option led to a close above Rs 1,300 for the third day in a row

• Now, strong open interest appears to be building up in the 1,350 call option

• Its 50-day moving average (DMA) is placed at Rs 1,347

• The 100-DMA stands at Rs 1,377

• Profit booking is likely in the Rs 1,350-1,375 range

HDFC Bank

• HDFC Bank has gained for four sessions in a row, forming a higher low for the 6th day

• On Wednesday, it hit a one-month high of Rs 794

• It has closed above its 50-DMA (Rs 774) for four back-to-back sessions

ICICI Bank

• ICICI Bank has risen for a second day, forming a higher low for the seventh session in a row

• The stock faces resistance at its 200-DMA, at Rs 1,347

• On Wednesday, the stock hit an intraday high of Rs 1,346

• On June 15, it scaled an intraday high of Rs 1,362 but closed below its 200-DMA (Rs 1,348)

• On April 21, it closed above the 200-DMA

• From there, over the next 30 days, the stock has fallen 13 per cent

• On June 3, the market guru gave a strong contra call indicating strong closing support at Rs 1,220

• Since then, it surged 12.4 per cent in nine sessions

• Now, a new and stronger rally is set to begin only after it manages to close above the Rs 1,350 mark

• Both Nifty Bank and ICICI Bank are nearing their final resistance levels

How to trade buzzing stocks

Tata Motors Passenger Vehicles

• Buy Tata Motors PV futures for targets of Rs 365, Rs 372 and Rs 377 with a strict stop loss at Rs 350

• On Wednesday, the stock plunged 9 per cent as investors overreacted

• The stock may be ready to stage a comeback if it doesn't break Wednesday's low

Vedanta Aluminium Metal

• Buy Vedanta Aluminium Metal shares for targets of Rs 475, Rs 480 and Rs 485 with a stop loss at Rs 460

• Citi initiates coverage with a 'buy' call and a Rs 560 target

Thyrocare

• Buy Thyrocare shares for targets of Rs 538, Rs 545 and Rs 550 with a stop loss at Rs 525

• 360 ONE initiates coverage with a 'buy; rating and a Rs 315 target