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 shares his strategy for today's session on Dalal Street. 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 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
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FII: Positive
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DII: Positive
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F&O: Neutral
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Sentiment: Positive
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Trend: Positive
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FII long positions at 81 per cent vs 80 per cent the previous day
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Nifty put-call ratio (PCR) at 1.16 vs 1.37
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Nifty Bank PCR at 0.74 vs 1.06
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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
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MARKET STRATEGY
For existing long positions:
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Nifty intraday and closing stop loss at 25,925
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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:
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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
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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:
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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
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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
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11:15 AM IST