Market Strategy by Anil Singhvi December 16: Key levels to follow in Nify50, Nifty Bank today

Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi expects support to emerge at 24,625-24,700 levels and a strong buying zone at 24,500-24,575 levels in the Nifty50 headline index on Monday, December 16. In Nifty Bank, he expects support at 53,175- 53,32,32 and a strong buying position 52,850-53,025 levels.

Here’s how the market guru summed up the trade setup this morning:

• Global: Neutral

• FII: Good

• DII: Neutral

• F&O: Neutral

• Feeling: Good

• Trends: Positive

• FIIs are taking long positions at 41 percent compared to 40 percent before the previous session

• Nifty put-call ratio (PCR) at 1.12 vs 1.02

• Nifty Bank PCR at 0.95 vs 0.90

• The Volatility India VIX index was down one percent at 13.05

The market wizard sees a high point for the headline index at 24,850-24,950 levels and a profit-booking point at 24,975-25,125 levels.

With the bank index, you see a high area at 53,775-53,875 levels and a profit booking area at 53,975-54,150 levels.

ANIL SINGHVI MARKET STRATEGIES

For existing long positions:

• Nifty intraday and closing loss at 24,500
• Nifty Bank intraday and closing loss at 53,150

For existing short positions:

• Nifty intraday and closing loss at 24,875
• Nifty Bank intraday stop loss at 53,900 and closing stop loss at 53,650.

For new positions in Nifty50:

• Best buy range for Nifty is 24,600-24,700 with stop loss at 24,500 against targets of 24,765, 24,850, 24,900, 24,950, 24,975 and 25,050

• Aggressive traders can sell Nifty in 24,850-25,000 range with strong stop loss at 25,050 with targets of 24,775, 24,700, 24,675, 24,650, 24,600 and 24,550

For new positions in Nifty Bank:

• The best buying range for Nifty Bank is 53,175-53,325 with stop loss at 53,000 against targets of 53,500, 53,575, 53,650, 53,775, 53,875, 53,950 and 54,025

• Aggressive traders can sell the Nifty Bank in the range of 53,875-54,000 with a strong stop loss at 54,100 in terms of 53,650, 53,575, 53,500, 53,400, 53,325 and 53,175

Shares in F&O Ban .

• New in ban: Manappuram Finance, SAIL
• Already banned: NALCO, Hindustan Copper, Metropolis, RBL Bank, Granules India, PVR Inox
• Without restriction: None

Stocks of the Day

Buy shares of Gujarat Gas, IGL and MGL

• Gas prices increased by $2
• Ideal for gas distribution companies
• Expect IGL MGL and Gujarat gas to go well

Buy RITES shares with targets of Rs 300, Rs 304 and Rs 310 with stop loss at Rs 290

• The company has received a Rs 297-crore order from the Ministry of External Affairs

Buy Swiggy shares with a target of Rs 540, Rs 545 and Rs 550 with a stop loss at Rs 525

• Platform stocks are in a strong position
• Axis Capital has ‘Buy’ rating with Rs 640 target

Buy Dixon Tech futures with a stop loss at Rs 17,800 with a target of Rs 18,190 and Rs 18,250

• The company has entered into a JV with Vivo to manufacture mobile phones

Buy shares of Sudarshan Chemical in the currency segment with targets of Rs 1,160, Rs 1,180 and Rs 1,200 with a stop loss at Rs 1,120

• The company has allotted shares to big investors like Nemish Shah and Akash Bansal

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