te Anil Singhvi strategy November 22: Important levels to track in Nifty50, Nifty Bank today | Zee Business

Anil Singhvi strategy November 22: 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. 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 November 22: Important levels to track in Nifty50, Nifty Bank today
Here is what Zee Business Managing Editor Anil Singhvi makes of the market today.

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

    TRENDING NOW

  • DII: Positive

  • F&O: Neutral

  • Sentiment: Positive

  • Trend: Positive

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

Catch the 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: Thu, Nov 23, 2023
08:37 am
New Delhi, ZeeBiz WebDesk
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