Anil Singhvi strategy June 7: Important levels to track in Nifty, Nifty Bank today
Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi shares his strategy for the June 7 session. Check out his take on key support and resistance levels for the Nifty and the Nifty Bank, and how he views the market.
Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi sees support for the Nifty index coming in at 18,465-18,535 levels on Wednesday, June 7. For the Nifty Bank, he sees support at 44,000-44,075 levels and a strong buy zone at 43,825-43,950 levels.
Here's how Anil Singhvi sums up the market setup:
Electric motorcycle startup Raptee receives $3 million in pre-Series A round led by Bluehill Capital
Traders' Diary: Buy, sell or hold strategy on Tata Consumer, Wipro, LTTS, Voltas, Polycab, over a dozen other stocks today
abCoffee gets $2 million in seed round led by Tanglin Venture Partners; eyes to expand product range
Chaman Lal Setia Exports hits record high; LT Foods, KRBL also surge as govt approves export of rice to UAE
India vs Australia 3rd ODI Free Live Streaming: When and How to watch IND VS AUS match live on Web, tv, mobile apps online
For the 50-scrip headline index, he expects a higher zone at 18,640-18,660 levels and a profit-booking zone at 18,690-18,750 levels. For the banking index, he sees a higher zone at 44,275-44,325 levels and a strong sell zone at 44,425-44,500 levels.
FII index longs at 46 per cent vs 50 per cent the previous day
Nifty put-call ratio (PCR) at 1.01 vs 1.00
Nifty Bank PCR at 0.97 vs 0.87
India VIX up two per cent at 11.38
ANIL SINGHVI MARKET STRATEGY
The market wizard suggests buying at key support levels and profit-taking at higher levels. Investors need not worry as long as the Nifty and the Nifty Bank stay above 18,275 and 43,650 levels on a closing basis respectively, he says.
One can expect a further rise once the Nifty and the Nifty Bank take out 18,665 and 44,550 levels on a closing basis respectively.
For existing long positions:
Nifty intraday and closing stop loss at 18,450
Nifty Bank intraday stop loss at 43,925 and closing stop loss at 43,650
For existing short positions:
Nifty intraday and closing stop loss at 18,675
Nifty Bank intraday and closing stop loss at 44,550
For new positions in Nifty:
Buy Nifty in the 18,475-18,535 range with a stop loss at 18,400 for targets of 18,575, 18,600, 18,635, 18,660 and 18,690
Aggressive traders sell Nifty in the 18,660-18,750 range with a strict stop loss at 18,825 for targets of 18,640, 18,600, 18,575, 18,535, 18,500 and 18,475
For new positions in Nifty Bank:
Buy Nifty Bank in the 43,825-44,025 range with a stop loss at 43,675 for targets 44,075, 44,125, 44,175, 44,225 and 44,275
Aggressive traders buy Nifty Bank with a strict stop loss at 43,950 for targets of 44,225, 44,275, 44,325, 44,425, 44,475 and 44,500
Sell Nifty Bank in the 44,400-44,500 range with a stop loss at 44,600 for targets of 44,325, 44,250, 44,175, 44,125, 44,075 and 44,025
F&O ban update:
- Already in ban: Indiabulls Housing Finance, India Cements, Manappuram Finance
- New in ban: None
- Out of ban: None
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
Amazon Great Indian Festival Sale 2023 likely to begin soon; discounts, exchange and bank offers, and more
Retirement Planning: How long-term recurring deposit is a low-risk, guaranteed return investment for senior citizens?