Anil Singhvi strategy October 31: Important levels to track in Nifty, 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.

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 Nifty index emerging at 19,050-19,125 levels and a strong buy zone at 18,925-19,025 levels on Tuesday, October 31. For the Nifty Bank, he expects support at 42,725-42,850 levels and a strong buy zone at 42,400-42,500 levels.

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

Global: Positive
FII: Negative

TRENDING NOW
DII: Positive
F&O: Neutral
Sentiment: Positive
Trend: Neutral

Singhvi expects a higher zone for the Nifty50 at 19,200-19,275 levels and a strong sell zone at 19,350-19,435 levels. For the banking index, he sees a higher zone coming in at 43,375-43,550 levels and a strong sell zone at 43,725-43,875 levels.

ANIL SINGHVI MARKET STRATEGY

31st October 2023: आज की स्ट्रैटेजी

Zee Business Live : https://t.co/S8CHODZknt #MarketStrategy #TradingTips #Nifty #banknifty pic.twitter.com/m1EBu9eA65

— CA Anil Singhvi Zee Business (@AnilSinghvi_) October 31, 2023

Singhvi points out lacklustre moves in GIFT Nifty futures amid rising Israel-Hamas tensions and persistent FII outflows despite strong signals from Wall Street. He suggests buying in case of a weak opening on Dalal Street.

The market wizard points out that foreign institutional investors' index long positions remain at 12 per cent and that the market is light despite two back-to-back sessions of strength. He sees strong support for the Nifty and the Nifty Bank coming in at 18,925-19,050 and 42,725-42,850 levels, and expects a recovery extending all the way to 19,250-19,350 and 43,725-43,875 levels, respectively.

FII index long positions unchanged at 12 per cent as the previous day
Nifty put-call ratio (PCR) at 1.10 vs 0.96
Nifty Bank PCR at 1.18 vs 0.93
Fear index India VIX up 5.36 per cent at 11.49

For existing long positions:

Nifty intraday and closing stop loss at 19,000
Nifty Bank intraday and closing stop loss at 42,700

For existing short positions:

Nifty intraday stop loss at 19,200 and closing stop loss at 19,300
Nifty Bank intraday and closing stop loss at 43,200

For new positions in Nifty:

The best range to buy Nifty is 19,025-19,125 with a stop loss at 18,925 for targets of 19,150, 19,200, 19,250, 19,275 and 19,350
The best range to sell Nifty is 19,250-19,350 with a stop loss at 19,450 for targets of 19,200, 19,160, 19,125, 19,075, 19,050 and 19,025

For new positions in Nifty Bank:

The best range to buy Nifty Bank is 42,725-42,850 with a stop loss at 42,650 for targets of 43,025, 43,125, 43,375, 43,550, 43,725 and 43,875
The best range to sell Nifty Bank is 43,725-43,875 with a stop loss at 44,000 for targets of 43,575, 43,400, 43,150, 43,050, 42,850 and 42,725

No stock in F&O ban

Results review:

Marico

A strong operational performance
Gross margins at a six-year high
Positive commentary for H2 though brokerages reduce targets

GMR Airports Infra

A strong operational performance
The margin improves to 35 per cent
The loss is due to exceptional items

Stocks of the day:

Buy DLF futures with a stop loss at Rs 550 for targets of Rs 565, Rs 571 and Rs 576

Very strong results
Free cash positive after paying a Rs 370 crore dividend
Pre-sales up nine per cent despite no new launch

Buy TVS Motor Company futures with a stop loss at Rs 1,590 for targets of Rs 1,617, Rs 1,630 and Rs 1,648

A strong operational performance
The highest ever EBITDA margin; still, the management guides for improvement
All brokerages raise targets

Buy Mangalore Chemicals shares with a stop loss at Rs 101 for targets of Rs 106, Rs 108 and Rs 110

Results strong on all parameters

Buy Blue Star with a stop loss at Rs 862 for targets of Rs 880, Rs 888 and Rs 898

Strong operational performance
Carry forward order book up by 44 per cent at Rs 6,000 crore

Buy Spandana Sphoorty shares with a stop loss at Rs 900 for targets of Rs 925, Rs 933 and Rs 940

Outstanding performance on all parameters

Honasa Consumer (Mamaearth) IPO preview:

Singhvi suggests only high risk taking investors to apply for the issue from a long-term perspective. He points out the following key points about the company:

Positive