Anil Singhvi's Trading Strategy on Nifty50 & Nifty Bank Levels

In today's stock market strategy, Anil Singhvi, Managing Editor, outlines crucial support and resistance levels for traders to watch in the trading session. Highlighting the Nifty50 index, Singhvi notes that significant support is expected between the 21,425 and 21,500 marks, with a strong buying zone identified between 21,250 and 21,350. Regarding the Nifty Bank, the anticipated support levels are between 45,075 and 45,200, and a robust foundation can be found from 44,875 to 45,000.

Market Sentiment Analysis

The overall sentiment in the market appears to be positive with various indicators showing optimistic trends. Globally, conditions are favorable. The Foreign Institutional Investors (FIIs) are marked as negative, while the Domestic Institutional Investors (DIIs) and Futures & Options (F&O) signals are positive. Market sentiment and trends are also leaning towards the positive side.

Trading Indicators and Stop Loss Levels

Singhvi goes on to provide detailed trading indicators, noting that the volatility index India VIX has fallen by 10 percent to 14.46. For current long positions, the Nifty's intraday stop loss is at 21,650 and the closing stop loss is at 21,500, while the Nifty Bank's intraday and closing stop loss is at 45,650. In terms of short positions, the Nifty's intraday and closing stop loss is set at 21,850, and for the Nifty Bank, it is at 46,325.

Aggressive traders might consider buying opportunities with precise stop losses of 21,650 for Nifty and 45,950 for Nifty Bank, aiming for a series of ascending targets. On the flip side, traders could sell in specific ranges with exact stop losses and descending targets based on the current index ranges.

Market Outlook Post-Budget

Post the Interim Budget 2024, the market lightened after three significant events and is now expected to remain within a range with a positive bias. Both the Nifty and Nifty Bank are showing signs of continued leadership with key support levels outlined; fresh lifetime highs are projected once certain thresholds are closed above. Additionally, updates to the F&O ban and reviews of individual stock performance based on recent earnings are provided. These include highlights of strong results from Indian Hotels and Texmaco Rail & Engineering, among others, and critiques of Bata and Mphasis futures based on below expectation results.

strategy, markets, trading