Analysis

Anil Singhvi's Market Strategy for November 28: Key Levels to Monitor

Published November 28, 2024

Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi anticipates that support for the Nifty50 index will appear at levels between 24,125 to 24,200, with a crucial buying zone positioned between 23,900 and 23,950 this Thursday, November 28. For the Nifty Bank, he expects support at levels of 51,875 to 52,000, while a stronger support range is predicted between 51,575 and 51,775.

Market Overview

Global Sentiment: Neutral
Foreign Institutional Investors (FII): Neutral
Dome Retail Investors (DII): Positive
Futures & Options (F&O): Neutral
Market Sentiment: Positive
Market Trend: Neutral
FII long positions remain unchanged at 35 percent from the prior day
Nifty put-call ratio (PCR) is at 1.12 compared to 1.04
Nifty Bank PCR is at 1.06, down from 1.20
The India VIX has decreased by 4.5 percent to 14.63

Singhvi identifies a higher target zone for the Nifty index at levels of 24,350 to 24,400 and recommends profit booking if the index reaches between 24,425 and 24,525. For the Nifty Bank, the upper target zone is placed between 52,450 and 52,550, with profit-taking advised in the range of 52,750 to 52,950.

Detailed Market Strategy

For Existing Long Positions:

Nifty intraday and closing stop loss at 24,100
Nifty Bank intraday and closing stop loss at 51,950

For Existing Short Positions:

Nifty intraday stop loss at 24,400 and closing stop loss at 24,500
Nifty Bank intraday and closing stop loss at 52,550

For New Nifty50 Positions:

The optimal range to buy Nifty is between 24,000 and 24,150, with a stop loss at 23,900, targeting levels of 24,200, 24,275, 24,350, 24,400, 24,435, 24,465, and 24,500.
If Nifty closes below 23,900, it is advisable to exit all long positions and establish new short ones.
Aggressive traders can sell Nifty in the range of 24,400 to 24,500 with a strict stop loss at 24,550, aiming for targets including 24,350, 24,300, 24,275, 24,225, 24,200, 24,150, and 24,125.
If Nifty closes above 24,550, all short positions should be cut and fresh long positions taken.

For New Nifty Bank Positions:

The best price range to initiate a purchase in Nifty Bank is between 51,800 and 52,000, with a stop loss at 51,700 for targets of 52,075, 52,200, 52,300, 52,450, 52,500, and 52,550.
Aggressive traders can consider purchasing Nifty Bank with a strict stop loss at 51,950, targeting levels of 52,450, 52,550, 52,675, 52,750, 52,825, and 52,950.
Aggressive traders may sell Nifty Bank near 52,500, with a strict stop loss at 52,600, aiming for targets of 52,325, 52,200, 52,100, 52,000, 51,875, and 51,800.
If Nifty Bank closes above 52,550, all short positions should be exited, and new long ones opened.

No stocks are currently in the F&O ban.

Stock of the Day:

Investments in Ola Electric shares are recommended for a medium-term target between Rs 100 and 110. Following a recent surge with the stock hitting a 20 percent upper circuit on Wednesday, a 'buy on dips' strategy is suggested.

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Strategy, Market, Nifty