Anil Singhvi’s Market Strategy:Anil Singhvi, Editor-in-Chief, Zee Business, expects support for the Nifty50 index to emerge at 24,875 to 24,975 levels and a strong buy zone at the 24,775-24,825 levels on Wednesday, August 28.
For Nifty Bank, he expects support to come in 50,950 to 51,100 levels and a strong buy zone at the 50,700-50,850 levels.
Here’s how the market guru summed up the trade setup this morning:
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Overall: Neutral
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FII: Positive
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DII: Neutral
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F&O: Neutral
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Feeling: Positive
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Trend: positive
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FII long position 58% vs 55%
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PCR Nifty at 1.22 vs 1.31
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Bank Nifty PCR index at 0.86 vs 0.79
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INDIA VIX index down 1.2% at 13.63
The market wizard sees a higher area coming to 25,050-25,100 level and a “blue sky zone” above 25,125 for the Nifty50.
For the banking index, he expects a higher zone at 51,400-51,500 and a profit-taking zone at the 51,575-51,650 levels.
MARKET STRATEGY
For existing long positions:
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Nifty intraday stop loss at 24,950 and closing stop loss at 24,800
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Nifty Bank intraday stop loss at 50,900 and closing stop loss at 50,800
For existing short positions:
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Nifty intraday stop loss at 25,125 and closing stop loss at 25,050
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Nifty Bank intraday stop loss at 51,500 and closing stop loss at 51,350
For new posts in Nifty50:
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The best range to buy Nifty is 24,850 to 24,950 with a stop loss at 24,750 for targets of 25,000, 25,040 and 25,075; above 25,125, you can hold your positions with a trailing stop loss
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Sell Nifty intraday if it breaks below 24,950; maintain strict stop loss at 25,025 for targets at 24,875, 24,825, 24,800, 24,775 and 24,735
For new positions at Nifty Bank:
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The best range to buy Nifty Bank is 50,925-51,075 with a stop loss at 50,800 for targets of 51,150, 51,250, 51,325, 51,400, 51,475 and 51,575
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Aggressive traders can sell Nifty Bank in the range of 51,475-51,625 withTrict stop loss at 51,700 for targets of 51,350, 51,275, 51,150, 51,075, 51,050 and 50,925
Actions in F&O ban
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New in the ban: Hindustan Copper
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Already banned: Birlasoft, India Cements, Balrampur Chini
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Excluding ban: Aarti Industries, AB Fashion, Chambal Fertilisers, IEX, RBL Bank
Today’s actions
Buy Zydus Life shares with stop loss at Rs 1,105 for targets of Rs 1,122, Rs 1,132 and Rs 1,138
- Jefferies gave Zydus Life a double upgrade, raising its target to Rs 1,450 from Rs 1,210
Buy Vedanta Futures with Stop Loss at Rs 455 for Targets of Rs 471, Rs 475 and Rs 482
- The metals seem very strong
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