rewrite this title and make it good for SEOAnil Singhvi Market Strategy December 23: Important levels to track in Nifty50, Nifty Bank today

Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi expects support to emerge at 23,450-23,550 levels and a stronger support zone at 23,250-23,350 levels for the headline Nifty50 index on Monday, December 23. For the Nifty Bank, he expects support at 50,175-50,375 levels and a strong buy zone at 49,800-50,075 levels. 

Here’s how the market guru sums up the trade setup this morning: 

Global: Positive

FII: Negative

DII: Positive

F&O: Neutral

Sentiment: Negative

Trend: Neutral

FII long positions at 31 per cent vs 33 per cent before the previous session

Nifty put-call ratio (PCR) at 0.80 vs 0.91

Nifty PCR unchanged at 0.52

Volatility index India VIX up four per cent at 15.07  

The market wizard sees a higher zone for the headline index at 23,775-23,875 levels and a strong sell zone at 23,950-24,050 levels. For the banking index, he sees a higher zone at 51,100-51,275 levels and a profit-booking zone at 51,475-51,625 levels.

ANIL SINGHVI MARKET STRATEGY

For existing long positions:

Nifty intraday and closing stop loss at 23,500

Nifty Bank intraday and closing stop loss at 50,450

For existing short positions:

Nifty intraday stop loss at 23,700 and closing stop loss at 24,075

Nifty Bank intraday stop loss at 51,000 and closing stop loss at 51,650

For new positions in Nifty50:

Buy Nifty with a stop loss at 23,500 for targets of 23,675, 23,775, 23,850, 23,950, 24,000 and 24,050

Aggressive traders can sell Nifty in the 23,875-24,000 range with a strict stop loss at 24,100 for targets of 23,800, 23,675, 23,625, 23,575 and 23,550

For new positions in Nifty Bank:

Buy Nifty Bank with a stop loss at 50,500 for targets of 50,975, 51,150, 51,250, 51,475, 51,575, 51,625 and 51,775

Aggressive traders can sell Nifty Bank in the 51,500-51,775 range with a strict stop loss at 52,000 for targets of 51,275, 51,150, 51,000, 50,775, 50,625 and 50,550

Will FIIs stop selling and start buying soon?

On Friday, FIIs pulled out a net Rs 5,900 crore from Indian shares across the cash, stock and index futures segments`
Recent FII trends trend has dealt a blow to market
One can expect short-covering the market till the monthly F&O expiry
Even some buying by FIIs on Monday will trigger a strong upmove in the market

Should you adopt a ‘sell on rise’ strategy?

Traders should trim their positions on rise
Light positions will enable them to understand new positions clearly
Maintain light overnight positions for now
Investors were advised to keep taking positions till Friday
They can look for buying opportunities till the first week of January now
A surge is expected from the second week of the month till Budget
Banking, metal, midcap and smallcap stocks expected to see strong buying interest during a recovery

Important closing levels to track

Resistance appears to be in the 24,050-24,200 and 51,575-51,800 ranges for Nifty and Nifty Bank respectively 
A closing above 24,075 will signal the end of weakness for Nifty50 
Similarly, a close above 51,650 will signal the end of weakness for the banking index
Closing levels above 24,200 and 52,150 will lead to further buying in Nifty and Nifty Bank respectively
Very strong support at 23,275-23,450 and 49,800-50,075 respectively
It is important for the market to form a double-bottom pattern at its November 21 lows

Stocks in F&O Ban ​

New in ban: RBL Bank
Out of ban: NMDC, PVR
Already in ban: Bandhan Bank, Manappuram Finance, SAIL, Hindustan Copper, Granules India

Stocks of the Day

Buy JSW Infra shares for targets of Rs 313 and Rs 318 with a stop loss at Rs 304 

Infra stocks offer good investment opportunity before Budget
Pre-Budget buying expected after good correction

Buy Zomato futures for targets of Rs 285, Rs 288 and Rs 291 with a stop loss at Rs 274

Buy Swiggy shares in the cash segment for targets of Rs 605, Rs 610 and Rs 620 with a stop loss at Rs 585 

No GST imposed on food delivery platforms in council meeting

Buy Aurobindo Pharma futures for targets of Rs 1,255, Rs 1,268 and Rs 1,275 with a stop loss at Rs 1,230 

The company’s UK subsidiary has received approval for a cancer drug

Buy JSW Steel futures for targets of Rs 942, Rs 935 and Rs 952 with a stop loss at Rs 912 

Buy JSPL futures for targets of Rs 919, Rs 925 and Rs 935 with a stop loss at Rs 899 

A duty hike is likely amid a surge in steel imports; DGTR has notified anti-dumping investigation

Sell Dalmia Bharat futures for targets of Rs 1,770 and Rs 1,745 with a stop loss at Rs 1,825 

Chief technology officer Rajeev Bansal has resigned

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