Anil Singhvi strategy June 9: 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 9 session, a day after the RBI announced a status quo on the repo rate as well as policy stance following a bi-monthly meeting. 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 18,575-18,625 levels and a strong buy zone at 18,465-18,535 levels on Friday, June 9, a day after the RBI left the repo rate and the policy stance unchanged after a bi-monthly meeting.
For the Nifty Bank, the market guru sees support at 43,800-43,925 levels and a strong buy zone at 43,525-43,675 levels.
Here's how Anil Singhvi sums up the market setup:
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For the 50-scrip headline index, he expects a higher zone at 18,660-18,690 levels and a profit-booking zone at 18,725-18,775 levels. For the banking index, he sees a higher zone at 44,175-44,275 levels and a strong sell zone at 44,350-44,475 levels.
FII index longs at 48 per cent vs 50 per cent the previous day
Nifty put-call ratio (PCR) for all contracts at 1.06 vs 1.38
Nifty Bank PCR (all contracts) at 0.77 vs 0.95
Fear index India VIX down 1.62 per cent at 11.26
ANIL SINGHVI MARKET STRATEGY
The market wizard recommends buying at key levels and profit-booking at higher levels. Traders need not worry as long as the Nifty and the Nifty Bank stay above 18,475 and 43,650 levels on a closing basis respectively, he says.
For existing long positions:
Nifty intraday and closing stop loss at 18,475
Nifty Bank intraday stop loss at 43,950 and closing stop loss at 43,675
For existing short positions:
Nifty intraday and closing stop loss at 18,800
Nifty Bank intraday and closing stop loss at 44,550
For new positions in Nifty:
Buy Nifty with a stop loss at 18,475 for targets of 18,660, 18,690, 18,725, 18,775 and 18,810
Aggressive traders can sell Nifty in the 18,725-18,775 range with a strict stop loss at 18,825 for targets of 18,700, 18,665, 18,635, 18,615, 18,575 and 18,535
For new positions in Nifty Bank:
Buy Nifty Bank in the 43,675-43,825 range with a stop loss at 43,600 for targets of 43,925, 43,975, 44,025, 44,075, 44,125 and 44,175
Aggressive traders can buy Nifty Bank with a strict stop loss at 43,775 for targets of 44,075, 44,125, 44,175, 44,275, 44,325, 44,425 and 44,475
Aggressive traders sell Nifty Bank in the 44,275-44,425 range with a stop loss at 44,550 for targets of 44,200, 44,125, 44,075, 44,025, 43,925 and 43,825
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Stock of the day:
- Danger of weak fundamentals; investors must exercise caution
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- Market share to be impacted
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