Anil Singhvi Market Strategy Today: Zee Business Managing Editor Anil Singhvi expects support for the Nifty50 index at 25,115-25,160 levels and a strong buy zone at 24,975-25,075 levels on Wednesday, September 17. For the Nifty Bank, the market wizard expects support at 54,900-55,000 levels and a strong buy zone at 54,675-54,800 levels.
How market guru Anil Singhvi sums up trade setup:
The market wizard expects a higher zone at 25,325-25,400 levels and a profit-booking zone at 25,450-25,550 for the headline index.
For the banking index, he expects a higher zone at 55,350-55,500 levels and a profit-booking zone at 55,550-55,750 levels.
Positive cues from India-US trade deal talks
- Talks between Indian and US officials went well on Tuesday
- US President Donald Trump calling PM Modi viewed as a positive sign
- Indications of improving relations between the two countries
Are there good signals from US markets today as well?
- S&P and Nasdaq hit an intraday high
- Wednesday’s Fed meeting on interest rates very crucial
- Dollar Index below 96 is highly positive for emerging markets like India
What major market data signals
- Nifty hit a two-month intraday high of 25,261; the index crossed the 25,250 mark for the first time since July 10
- Nifty made higher lows for seven consecutive days, buying visible at lower levels
- A breakout above the crucial 62 per cent retracement level of 25,160 between the June high and August low
- Nifty Bank closed higher for the 10th consecutive session
- Nifty Bank hit a three-week high of 55,185 in intraday trade; the index made higher highs for the fifth session in a row, closing above its 100-day exponential moving average (EMA) of 54,844 for a second straight day
- For the first time in eight years, Nifty Bank closed higher for 10 straight days
- Two key levels for the banking index now: 50 DMA at 55587 and 100 DMA at 55,657
- Midcap Index closed higher for an eighth straight day, at a one-month high
- Smallcap Index made higher lows for a seventh straight day, at a one-month high
- Metal Index at an 11-month high
- Energy Index at a one-month high
- FIIs net purchased stock futures worth Rs 797 crore on Tuesday; their total buying in cash, stock and index futures amounts to Rs 3,310 crore
- DIIs continued their buying streak for a 16th straight day, at Rs 1,519 crore
- Nasdaq hit a new intraday high for an eighth straight day
- S&P 500 hit a new lifetime intraday high
- Dollar Index below 96 — its lowest since February 2022
- Gold and silver hit record highs of Rs 1,10,666 and Rs 1,30,450 respectively
Key Nifty50 and Nifty Bank levels to watch out for
- The next target for Nifty50 is 25,450-25,650
- It is likely to move towards its June 30 high of 25,669
- Nifty Bank closed at a crucial level of 55,150; A closing above 55,200 on Wednesday will confirm a breakout
- After that, the August 18 high of 55,850-56,150 will be the next big target
ANIL SINGHVI MARKET STRATEGY | How to trade Nifty Bank and Nifty50?
For existing long positions:
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Nifty intraday stop loss at 25,125 and closing stop loss at 25,050
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Nifty Bank intraday stop loss at 54,900 and closing stop loss at 54,750
For existing short positions:
For new positions in Nifty50:
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The best range to buy Nifty is 25,075-25,160 with a stop loss at 25,000 for targets of 25,250, 25,325, 25,400, 25,450, 25,500 and 25,550
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Aggressive traders can sell Nifty in the 25,325-25,450 range with a strict stop loss at 25,550 for targets of 25,265, 25,200, 25,160, 25,140, 25,115 and 25,075
For new positions in Nifty Bank:
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The best range to buy Nifty Bank is 54,825-55,025 with a stop loss at 54,650 for targets of 55,150, 55,350, 55,500, 55,550, 55,625 and 55,750
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Aggressive traders can sell Nifty Bank in the 55,500-55,750 range with a strict stop loss at 55,900 for targets of 55,350, 55,175, 55,050, 54,900, 54,825 and 54,750
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