Anil Singhvi strategy December 8: Important levels to track in Nifty50, Nifty Bank today

Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi sees strong support for the headline Nifty50 index emerging at 20,800-20,850 levels and a strong buy zone at 20,675-20,725 levels on Friday, December 8, the day the RBI is due to announce the decision of its Monetary Policy Committee (MPC) after a bi-monthly review. 

For the Nifty Bank, he expects strong support at 46,500-46,650 levels and a strong buy zone at 46,225-46,425 levels.

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

Global: Positive

FII: Negative

DII: Neutral

F&O: Neutral

Sentiment: Positive

Trend: Positive

Singhvi expects a higher zone for the Nifty at 20,940-21,000 levels and a blue-sky zone above the 21,000 mark. For the banking index, he sees a higher zone coming in at 46,925-47,000 levels and a profit-booking zone above the 47,200-47,250 band.

ANIL SINGHVI MARKET STRATEGY 

FII index longs at 57 per cent vs 55 per cent the previous day
Nifty put-call ratio (PCR) at 1.34 vs 1.18
Nifty Bank PCR at 1.03 vs 0.98
Volatility index India VIX down 7.76 per cent at 12.67

For existing long positions:

Nifty intraday stop loss at 20,800 and closing stop loss at 20,675

Nifty Bank intraday stop loss at 46,650 and closing stop loss at 46,400

For existing short positions:

Nifty intraday and closing stop loss at 21,025

Nifty Bank intraday closing stop loss at 47,050

For new positions in Nifty:

The best range to buy Nifty is 20,700-20,850 with a stop loss at 20,650 for targets of 20,900, 20,935, 20,960, 20,990; a blue-sky zone above 21,000 

Aggressive traders sell Nifty near 21,000 with a strict stop loss at 21,050 for targets of 20,965, 20,935, 20,900, 20,850, 20,800 and 20,700

For new positions in Nifty Bank:

The best range to buy Nifty Bank is 46,450-46,650 with a stop loss at 46,350 for targets of 46,750, 46,825, 46,925, 46,975, 47,200 and 47,250

Aggressive traders can sell Nifty Bank in the 47,000-47,200 range with a strict stop loss at 47,300 for targets of 46,925, 46,850, 46,750, 46,650, 46,500 and 46,425

F&O ban update

New in ban: Balrampur Chini, NALCO

Already in ban: SAIL, Delta Corp, India Cements, Indiabulls Housing Finance, Zee Entertainment Enterprises

Out of ban: None

Stocks of the day

Buy Orchid Pharma shares with a stop loss at Rs 555 for targets of Rs 575, R 595 and Rs 610

A strong turnaround story with the new management
A strong growth outlook for the next three years

Buy IRB Infra shares with a stop loss at Rs 36.75 for targets of Rs 40, Rs 41.5 and Rs 42

Strong growth in toll collections

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