Anil Singhvi Market Strategy November 13: Important levels to track in Nifty50, Nifty Bank today
Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi shares his strategy for today's session on Dalal Street. Learn more about 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 expects support for the headline Nifty50 index to emerge at 23,675-23,800 levels and a stronger support zone at 23,500-23,625 levels on Wednesday, November 13. For the Nifty Bank, he expects support at 50,600-50,800 levels and a strong buy zone at 50,200-50,400 levels.
Here's how the market guru sums up the trade setup this morning:
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Global: Negative
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FII: Negative
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DII: Positive
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F&O: Neutral
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Sentiment: Negative
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Trend: Neutral
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FII long positions at 24 per cent vs 25 per cent before Tuesday's session
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Nifty put-call ratio (PCR) at 0.72 vs 0.91
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Nifty Bank PCR at 0.59 vs 0.86
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Volatility index India VIX up 2 per cent at 14.59
The market wizard sees a higher zone for the headline index at 24,000-24,075 levels and a profit-booking zone at 24,140-24,240 levels.
For the banking index, he sees a higher zone at 51,475-51,675 levels and a strong sell zone at 51,800-52,000 levels.
What is Wall Street signaling?
- Dollar index at a six-month high at 106 levels
- Bond yields near 4.5 per cent
- There is fear that inflation may worsen under Donald Trump administration
- 3 major economic data sets due in the next 3 days
- There is a possibility of some profit taking given the one-sided rally
Should market participants be concerned about Nifty50 closing below 24,000?
- A closing below the 24,000 mark is weak from a sentimental perspective
- Nifty50 has entered a very important support zone
- Strong support placed at 23,500-23,800 levels
- It is important for the index to hold 23,750 on a closing basis on Wednesday
- Nifty50 has closed above 23,750 for around 105 trading sessions
- 23,650 marks a 10 per cent fall from its life high
- Strong support at 50,200-50,600 for Nifty Bank
- Situation may worsen only if the banking index gives up 50,450 on a closing basis
Is it a good time to invest in the market?
- Investors should deploy an instalment of their funds in the 23,500-23,800 range
- This investment should be restricted to 20-25 per cent of the funds available
EDITOR'S TAKE
- Traders should avoid taking long positions unless the market crosses Tuesday's high on a closing basis
- Tough resistance at 24,250-24,375 for Nifty50
- Traders should keep trimming their stuck positions on the upside
MARKET STRATEGY
For existing long positions:
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Nifty intraday stop loss at 23,800 and closing stop loss at 23,750
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Nifty Bank intraday and closing stop loss at 51,000
For existing short positions:
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Nifty intraday and closing stop loss at 24,275
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Nifty Bank intraday and closing stop loss at 51,575
For new positions in Nifty50:
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The best range to sell Nifty is 24,000-24,200 with a stop loss at 24,350 for targets of 23,900, 23,850, 23,800, 23,750, 23,675 and 23,625
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Aggressive traders can buy Nifty in the 23,625-23,750 range with a strict stop loss at 23,500 for targets of 23,875, 24,000, 24,075, 24,140, 24,200 and 24,240
For new positions in Nifty Bank:
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Aggressive traders can sell Nifty Bank in the 51,575-51,750 range with a strict stop loss at 52,000 for targets of 51,475, 51,350, 51,200, 51,150, 51,000 and 50,875
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The best range to buy Nifty Bank is 50,375-50,575 with a stop loss at 50,200 for targets of 50,850, 51,000, 51,150, 51,225, 51,300 and 51,475
Stocks in F&O ban
- Already in ban: Hindustan Copper, Aarti Industries, Manappuram Finance, Granules India, AB Fashion
- New in ban: None
- Out of ban: None
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09:12 AM IST