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Anil Singhvi strategy July 17: Important levels to track in Nifty, Nifty Bank today

Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi shares his strategy for the July 17 session. 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 strategy July 17: Important levels to track in Nifty, Nifty Bank today
Zee Business Managing Editor Anil Singhvi sees a strong buy zone for Nifty emerging at 19,400-19,440 levels.

Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi sees support for the Nifty headline index coming in at 19,500-19,525 levels and a strong buy zone at 19,400-19,440 levels on Monday, July 17. For the Nifty Bank, he expects support at 44,550-44,675 levels and a strong buy zone at 44,325-44,450 levels.

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

  • Global: Positive

  • FII: Positive

    TRENDING NOW

  • DII: Negative

  • F&O: Neutral

  • Sentiment: Positive

  • Trend: Positive

The market wizard expects a "blue sky zone" in the Nifty above 19,600. For the banking index, he sees a higher zone at 45,000-45,125 levels and a strong sell zone at 45,175-45,300 levels.

  • FII index longs at 70 per cent vs 69 per cent
  • Nifty put-call ratio (PCR) on a higher side, at 1.34 vs 1.11
  • Nifty Bank PCR at 0.86 vs 0.78
  • Fear index India VIX down 2.5 per cent at 10.68

ANIL SINGHVI MARKET STRATEGY

Singhvi suggests a 'buy on dips' strategy and adds that only a close below 19,300 should be considered a sign of weakness. He is of the view that investors should use earnings to explore buying in IT stocks.

For existing long positions:

  • Nifty intraday stop loss at 19,400 and closing stop loss at 19,300

  • Nifty Bank intraday stop loss at 44,450 and closing stop loss at 44,600

For existing short positions:

  • Nifty intraday and closing stop loss at 19,625

  • Nifty Bank intraday and closing stop loss at 45,000

For new positions in Nifty:

  • Buy Nifty in the 19,440-19,525 range with a stop loss at 19,375 for targets of 19,560 and 19,590; above 19,600 Nifty in the blue sky zone

  • Sell trigger in Nifty will come only if it trades below 19,300

For new positions in Nifty Bank:

  • Buy Nifty Bank in the 44,550-44,675 range with a stop loss at 44,450 for targets of 44,750, 44,800, 44,850, 44,925 and 45,000

  • Aggressive traders can buy Nifty Bank with a strict stop loss at 44,500 for targets of 44,925, 45,000, 45,075, 45,125, 45,175, 45,225, 45,300 and 45,350

  • Sell Nifty Bank in the 45,075-45,225 range with a stop loss at 45,425 for targets of 45,000, 44,925, 44,850, 44,750, 44,675, 44,625 and 44,550

Stocks in F&O ban:

  • New in ban: RBL Bank
  • Out of ban: India Cements, Zee Entertainment
  • Already in ban: Delta Corp, Hindustan Copper, Manappuram Finance, Indiabulls Housing Finance, PNB

Stock of the day:

Sell Bandhan Bank with a stop loss at Rs 228 for targets of Rs 215, Rs 210 and Rs 206

  • Very weak results on all parameters
  • NII, NIM, profit below estimates
  • Weak asset quality
  • Stock down from Rs 270 to Rs 215 in last three months

Results review:

Avenue Supermarts

  • Margin and profit below estimates
  • Management commentary on outlook very strong

Netweb Tech IPO preview:

  • Apply for big listing gains and for the long term

Positives

  • Promoters' background strong 
  • Unique business model
  • Strong growth outlook
  • Reasonable valuations

Negatives

  • Low order book
  • Low capacity utilisation
  • Low margin business

Catch latest stock market updates here. For all other news related to business, politics, tech, sports and auto, visit Zeebiz.com.

Written By: ZeeBiz WebTeam
Updated: Mon, Jul 17, 2023
08:51 am
New Delhi, ZeeBiz WebDesk
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