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

Anil Singhvi Market Strategy: On December 24, Anil Singhvi, Managing Editor of Zee Business, shares his insights on the trading session. He anticipates key support levels for the Nifty50 index to be established between 23,575 and 23,650. Additionally, a more robust support zone is expected between 23,450 and 23,525. For the Nifty Bank, Singhvi identifies support within the range of 50,875 to 51,025, with a stronger support zone from 50,625 to 50,775.

Market Overview

As the market opens today, Singhvi summarizes the current trading environment as follows:

• Global Sentiment: Positive

• Foreign Institutional Investors (FII): Positive

• Domestic Institutional Investors (DII): Positive

• Futures & Options (F&O): Neutral

• Market Sentiment: Neutral

• Market Trend: Neutral

• FII Long Positions: 30% compared to 31% previously

• Nifty Put-Call Ratio (PCR): 0.84 compared to 0.80

• Nifty Bank PCR: 0.59 compared to 0.52

• India VIX: Down 10% at 13.52

Singhvi forecasts a higher target zone for the Nifty50 index, estimating levels between 23,850 and 23,950, with a significant selling zone anticipated at 24,000 to 24,150. For the Nifty Bank, the higher target zone is identified between 51,575 and 51,775, with a strong selling zone outlined at 51,900 to 52,100.

Trading Strategy Insights

For Existing Long Positions:

• Nifty Stop Loss: Intraday at 23,625 and closing at 23,575

• Nifty Bank Stop Loss: Intraday at 51,000 and closing at 50,750

For Existing Short Positions:

• Nifty Stop Loss: Intraday at 23,900 and closing at 24,000

• Nifty Bank Stop Loss: Intraday at 51,525 and closing at 51,625

For New Positions in Nifty50:

• The optimal buying range for Nifty is between 23,525 and 23,650, with a stop loss at 23,450 targeting levels of 23,750, 23,800, 23,870, 23,950, 24,000, and 24,050.

• The best selling range for Nifty is 23,870 to 24,000, with a stop loss at 24,100 targeting levels of 23,800, 23,750, 23,650, 23,600, and 23,525.

For New Positions in Nifty Bank:

• The recommended buying range for Nifty Bank is between 50,625 and 50,775, with a stop loss at 50,500 for targets of 50,875, 50,975, 51,025, 51,250, 51,325, and 51,400.

• Aggressive traders can buy at 50,950 with strict stop losses targeting levels of 51,575, 51,625, 51,775, 51,900, 52,000, and 52,150.

• Aggressive traders should consider selling Nifty Bank between 51,625 and 51,775, using a strict stop loss at 51,850 targeting levels of 51,425, 51,325, 51,275, 51,025, 50,775, and 50,625.

F&O Ban Stocks:

• Out of ban: SAIL
• Current ban: RBL Bank, Bandhan Bank, Manappuram Finance, Hindustan Copper, Granules India
• No new additions to the ban list.

Stocks of the Day:

Consider buying shares of EPACK Durable for targets of Rs 465, Rs 472 and Rs 480, with a stop loss at Rs 445. There are reports of a prospective investment from the Chinese company Hisense in the subsidiary of EPACK Durable.

Additionally, buying shares in PG Electroplast is advisable for targets of Rs 960, Rs 975, and Rs 985, with a stop loss at Rs 940. The company has partnered with Whirlpool for manufacturing branded semi-automatic washing machines, which has contributed to a stock increase of 3.5% on the previous day; caution is advised against chasing if there's a significant price jump.

Santa Pick | Sagility:

Recommended for a long-term buy at targets of Rs 60 and Rs 70. Sagility is a prominent player in the US Healthcare outsourcing sector, boasting strong operational performance and an impressive growth outlook, with estimates for a 50% compound annual growth rate (CAGR) for profit after tax over the next three years. With coverage initiation from JPMorgan recommending a target of Rs 54 and Jefferies listing a buy rating with a target of Rs 52, it is positioned well for future growth.

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Market, Strategy, Nifty