Anil Singhvi's Strategy on Key Market Levels for Nifty50 and Nifty Bank

Market expert Anil Singhvi provided his insights on critical support and resistance levels for Nifty50 and Nifty Bank today. Highlighting the positional outlook for both indices, he pointed out the relevant benchmarks for traders to monitor during the session.

Support and Resistance for Nifty50

According to Singhvi, the Nifty50 index has immediate support at the 19,665 to 19,700 range with a stronger buy zone identified between 19,575 and 19,625. On the upside, investors could expect resistance near the 19,750 to 19,800 zone, advancing to a profit-booking level around 19,840 to 19,900. Singhvi elaborates that if the market maintains positive momentum, we might see the Nifty50 aiming for an upper range of 19,800 to 19,900.

Support and Resistance for Nifty Bank

For Nifty Bank, support levels are projected around 43,275 to 43,425, with a stronger buying interest potentially witnessed at 43,050 to 43,150 areas. In terms of upward movement, the higher zone is expected between 43,800 and 43,900, leading up to a profit-booking region of 43,975 to 44,050. Singhvi adds that given the current market outlook, the Nifty Bank could push towards 44,000 to 44,200 levels.

Market Sentiment and Trends

The overall market sentiment is characterized as positive, bolstered by a favorable global backdrop. However, Foreign Institutional Investors (FII) activity remains negative while Domestic Institutional Investors (DII) hold a neutral stance. The Futures and Options (F&O) sentiment and overall market trend are deemed positive, potentially led by strength in the metal and IT sectors, as well as key stock players like Reliance.

Instructions for Position Holders

For those currently holding long positions, Singhvi recommends an intraday and closing stop loss at 19,575 for Nifty50 and 43,300 for Nifty Bank. Conversely, for existing short positions, intraday and closing stop loss levels are advised at 19,800 and 19,800 for Nifty50 and 43,750 and 44,000 for Nifty Bank, respectively.

Trading Strategy for New Positions

Traders looking to take new positions should consider buying Nifty50 with a stop loss at 19,650 and target levels extending from 19,750 to 19,900. For Nifty Bank, a stop loss at 43,300 is suggested with potential targets ranging from 43,675 to 44,050. Selling strategies for Nifty50 are preferable at 19,800 to 19,875 with a stop loss at 19,925. For Nifty Bank, the optimal selling range is 43,900 to 44,050 with a stop loss not exceeding 44,200.

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