Anil Singhvi points out key levels for traders amid volatility on Nifty expiry

Nifty, Nifty Bank Support Resistance: The Indian market was flat in afternoon trade (at 2:45pm) on 18 November. The BSE benchmark was at 84,875.75, down 75.20 points or 0.09 per cent at 14:40 pm. The Nifty 50 was at 25,955.50, lower by 57.95 points or 0.22 per cent. The index opened at 26,021.80, slightly above its previous close of 26,013.45.

Why the rally is slow: Anil Singhvi explains?

Zee Business Managing Editor Anil Singhvi said the market is not in a strong rally. He said the rise is small, even though many positive factors exist. Markets are “walking, not running”, he added.

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Two major resistance zones are close. These levels are Nifty 26000 and Bank Nifty 59000. He warned that markets could slip during the last one-and-a-half hours, which is a common trend.

Nifty is strong for the sixth straight session, while Bank Nifty is strong for the seventh day. Profit booking in the last hour is normal, he said.

Nifty, Bank Nifty: Key support and resistance levels

Singhvi said market support is moving slowly upward.

Important levels are:

- Nifty support: 24,800–24,900

- Bank Nifty support: 58,500–58,800

- Nifty resistance: 26,000–26,100

- Bank Nifty resistance: 59,000

He said strength will increase if Bank Nifty holds above 59,000. Nifty closing above 26,000 will also be positive.

A close below Nifty 25,750 or Bank Nifty 58,125 may require reducing long positions.

Midcap and smallcap action to improve

Anil Singhvi expects more action in midcap and smallcap shares. The rotation trend will continue.

- Fresh buying is expected in railway and PSU stocks.

- PSU stocks may rise for the next 1–2 days.

- Capital goods stocks have turned strong after Siemens results.

- Two-wheeler stocks may also show more strength.