Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi sees support for the headline Nifty50 index coming in at 19,700-19,750 levels and a strong buy zone at 19,625-19,675 levels on Wednesday, November 22. For the Nifty Bank, he expects support to emerge in the 43,500-43,585 range and a strong buy zone at 43,275-43,425 levels.

Here's how Anil Singhvi sums up the market setup:

  • Global: Neutral
  • FII: Positive
  • DII: Positive
  • F&O: Neutral
  • Sentiment: Positive
  • Trend: Positive

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Singhvi expects a higher zone for the Nifty50 at 19,800-19,840 levels and a profit-booking zone at 19,875-19,950 levels. For the banking index, he sees a higher zone emerging at 43,800-43,875 levels and a profit-booking zone at 43,975-44,050 levels.

ANIL SINGHVI MARKET STRATEGY 

  • FII index long positions at 21 per cent vs 20 per cent the previous day
  • Nifty put-call ratio (PCR) at 1.02 vs 0.91
  • Nifty Bank PCR unchanged at 0.69
  • Volatility index India VIX up 0.69 per cent at 12.23

For existing long positions:

  • Nifty intraday and closing stop loss at 19,650
  • Nifty Bank intraday and closing stop loss at 43,400

For existing short positions:

  • Nifty intraday stop loss at 19,900 and closing stop loss at 19,800
  • Nifty Bank intraday and closing stop loss at 44,000

For new positions in Nifty:

  • The best range to buy Nifty is 19,675-19,750 with a stop loss at 19,600 for targets of 19,775, 19,800, 19,830, 19,875, 19,900 and 19,950
  • The best range to sell Nifty is 19,830-19,900 with a strict stop loss at 20,000 for targets of 19,800, 19,775, 19,735, 19,700 and 19,675

For new positions in Nifty Bank:

  • The best range to buy Nifty Bank is 43,450-43,585 with a stop loss at 43,300 for targets of 43,675, 43,725, 43,800, 43,875, 43,975 and 44,050
  • The best range to sell Nifty Bank is 43,875-43,975 with a stop loss at 44,100 for targets of 43,800, 43,725, 43,675, 43,600 and 43,525

F&O ban update

  • Already in ban: BHEL, Indiabulls Housing Finance, NMDC, RBL Bank, Chambal Fertilisers, India Cements, Manappuram Finance, MCX, Hindustan Copper, Delta Corp, Zee Entertainment Enterprises
  • New in ban: None
  • Out of ban: None

Stocks of the day: 

Buy Polycab futures with a stop loss at Rs 5,290 for targets of Rs 5,370, Rs 5,390 and Rs 5,425

  • Goldman Sachs initiated 'buy' with a target of Rs 5,750
  • A strong distribution network and focus on exports is a big positive for the company

Buy TCS futures on a gap-down opening around the Rs 3,460-3,470 range 

  • Negative opening expected due to the US Supreme court order of Rs 1,166 crore penalty
  • Use this opportunity to buy and surrender in buyback
  • TCS buyback record date November 25 

IPO previews: 

Tata Technologies 

Apply for big listing gains and for the long term

Positives:

  • Strong and experienced promoters
  • Deep relationship with clients across Globe
  • Strong digital and technology skills
  • Debt free company with strong cash flow
  • Impressive financial track record
  • Strong growth prospects
  • Very attractive valuations
  • Stock may double very soon

Negative

  • One-third business from Tata group
  • Few group companies operate in similar businesses
     

Gandhar Oil Refinery 

Apply for good listing gains and for the long term

Positives:

  • Market leader with strong promoter background
  • Stable financial track record
  • Attractive valuations

Negatives:

  • Negative operating cash flow in Q1FY24
  • Working capital cycle increasing continuously

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