Anil Singhvi Market Strategy September 30: Important levels to track in Nifty50, Nifty Bank today

Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi expects support for the headline Nifty50 index to emerge at 25,950-26,025 levels and a strong buy zone at 25,800-25,875 levels on Monday, September 30.

For the Nifty Bank, he expects support to come in at 53,350-53,500 levels and a strong buy zone at 53,050-53,175 levels.

Here's how the market guru sums up the trade setup this morning:

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• Global: Neutral

• FII: Positive

• DII: Positive

• F&O: Neutral

• Sentiment: Positive

• Trend: Positive

• FII long positions at 81 per cent vs 80 per cent the previous day

• Nifty put-call ratio (PCR) at 1.16 vs 1.37

• Nifty Bank PCR at 0.74 vs 1.06

• Volatility index India VIX unchanged at 11.96

The market wizard sees a higher zone for the headline index at 26,215-26,250 levels and a profit-booking zone at 26,300-26,375 levels. For the banking index, he expects a higher zone at 53,975-54,100 levels and a strong sell zone at 54,200-54,375 levels.

Three big global developments to impact Dalal Street?

• Rising tensions between Israel and Lebanon
• The conflict escalated over the weekend
• Iran is once again expected to enter the conflict
• For now, no impact on global markets; however, investors must be watchful
• Keep an eye on crude oil prices
• A sustained move above $76-77/barrel to be a cause for concern

What will be the impact of sharp weakness in Japan?

• The Japanese market fell sharply after the announcement of a new PM in the country
• The market is worried above a sharp increase in interest rates
• No potential impact on Dalal Street; one should be watchful of companies conducting business activities in Japan
• Among those companies also, most have effective hedging in place

EDITOR’S TAKE

• Friday's consolidation on Dalal street followed a one-way rally
• Nifty50 remains strong, Nifty Bank slightly weak
• Traders will get ample opportunities in both directions
• Buy at important support levels
• Keep booking profits at higher levels
• Nifty and Nifty Bank to witness fresh buying interest only after sustainable moves past 26,400 and 54,500 levels respectively
• Moves below 25,925 and 53,350 to be followed by more weakness
• Metal, chemical, sugar stocks to continue to attract buying
• Weakness to be led by banks

MARKET STRATEGY

For existing long positions:

• Nifty intraday and closing stop loss at 25,925

• Nifty Bank intraday and closing stop loss at 53,700

For existing short positions:

• Nifty intraday and closing stop loss at 26,250
• Nifty Bank intraday and closing stop loss at 54,125

For new positions in Nifty50:

• The best range to buy Nifty is 25,950-26,050 with a stop loss at 25,850 for targets of 26,150, 26,175, 26,200, 26,250, 26,300 and 26,350

• The best range to sell Nifty is 26,215-26,350 with a stop loss at 26,425 for targets of 26,175, 26,150, 26,050, 26,000 and 25,950

For new positions in Nifty Bank:

• The best range to buy Nifty Bank is 53,100-53,350 with a stop loss at 53,000 for targets of 53,500, 53,750, 53,800, 53,850, 53,900 and 53,975

• Aggressive traders can sell Nifty Bank in the 53,975-54,100 range with a strict stop loss at 54,200 for targets of 53,900, 53,850, 53,800, 53,750, 53,500 and 53,350

No stock in F&O ban Stock of the Day Buy Vedanta futures with a stop loss at Rs 505 for targets of Rs 519 and Rs 523

• A strong upmove across metals globally
• All-time favourite stock
• Long-term target at Rs 600

• A strong upmove across metals globally

• Metal stocks are looking very strong
• Tata Steel features in the Zee Business recommendation list regularly

• Metal stocks are looking very strong

• Looking tired after a big upmove
• Hero MotoCorp has lost 3.70 per cent market share in September
• Slipped to No. 2 position with 24.2 per cent matter share