Stocks

Anil Singhvi Market Strategy for December 24: Key Levels for Nifty50 and Nifty Bank

Published December 24, 2024

Anil Singhvi Market Strategy: Anil Singhvi, Managing Editor of Zee Business, has shared his expectations for the stock market on December 24. He outlines the key support and resistance levels for the Nifty50 index and Nifty Bank, providing investors with essential insights.

Singhvi identifies support levels for Nifty50 at 23,575-23,650 and a stronger zone at 23,450-23,525. For Nifty Bank, he indicates support at 50,875-51,025 and a stronger support range at 50,625-50,775.

Trade Setup Summary

Global Trends: Positive
Foreign Institutional Investors (FII): Positive
Domestic Institutional Investors (DII): Positive
Futures & Options (F&O): Neutral
Market Sentiment: Neutral
Overall Trend: Neutral
FII long positions stand at 30%, slightly down from 31% previously
Nifty put-call ratio (PCR) is at 0.84 compared to 0.80
Nifty Bank PCR has increased to 0.59 from 0.52
Volatility index India VIX has decreased by 10% to 13.52

For the Nifty50, Singhvi further notes a potential upper zone at 23,850-23,950 and a strong selling zone at 24,000-24,150. Meanwhile, for Nifty Bank, he sees an elevated zone at 51,575-51,775 and a significant resistance level at 51,900-52,100.

Strategy for Existing Positions

For Long Positions:

Nifty: Set intraday stop loss at 23,625 and closing stop loss at 23,575
Nifty Bank: Set intraday stop loss at 51,000 and closing stop loss at 50,750

For Short Positions:

Nifty: Set intraday stop loss at 23,900 and closing stop loss at 24,000
Nifty Bank: Set intraday stop loss at 51,525 and closing stop loss at 51,625

Strategies for New Positions

In Nifty50:

Buying Range: 23,525-23,650 with a stop loss at 23,450; targets include 23,750, 23,800, 23,870, 23,950, 24,000, and 24,050
Selling Range: 23,870-24,000 with a stop loss at 24,100; targets include 23,800, 23,750, 23,650, 23,600, and 23,525

In Nifty Bank:

Buying Range: 50,625-50,775 with a stop loss at 50,500; targets include 50,875, 50,975, 51,025, 51,250, 51,325, and 51,400
Aggressive traders can initiate purchases with a strict stop loss at 50,950 aiming for targets of 51,575, 51,625, 51,775, 51,900, 52,000, and 52,150
Aggressive traders can also consider selling in the range of 51,625-51,775 with a stop loss at 51,850; target levels include 51,425, 51,325, 51,275, 51,025, 50,775, and 50,625

Stocks in F&O Ban

Out of ban: SAIL
Currently in ban: RBL Bank, Bandhan Bank, Manappuram Finance, Hindustan Copper, Granules India
No new stocks added to the ban list

Highlighted Stocks

Investors are advised to consider buying shares of EPACK Durable for targets of Rs 465, 472, and 480 with a stop loss set at Rs 445. This company is reportedly receiving investment interest from Chinese firm Hisense.

Additionally, PG Electroplast shares are also recommended for targets of Rs 960, 975, and 985 with a stop loss at Rs 940. The company has partnered with Whirlpool for the production of branded semi-automatic washing machines and saw a rise of 3.5% in its stock price on the previous trading day. Investors are cautioned against chasing the stock if it opens significantly higher.

Investment Pick: Sagility

Consider buying shares of Sagility for long-term targets of Rs 60 and 70. The firm is a key player in the US healthcare outsourcing sector, boasting robust expertise, strong client relationships, and solid operational performance with margins around 16-18%. Investors can expect a strong growth outlook, with an annual average growth rate expected to be around 50% in profit after tax (PAT) over the next three years. Furthermore, JPMorgan and Jefferies have initiated coverage on Sagility with favorable ratings and target prices.

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