Anil Singhvi strategy today, October 11: Check Nifty and Bank Nifty support and buy levels

Anil Singhvi strategy today, October 11: Amid negative global cues and negative FIIs and positive DIIs activities, the short term trend for the Indian stock market is positive, according to Zee Business Managing Editor Anil Singhvi. At 8:00 am, SGX Nifty was trading at 17,188, down by 40 points or 0.23 per cent. Dow Future and Nasdaq Futures were also quoting negative, down by nearly 0.40 per cent each. Earlier on Monday, Sensex and Nifty extended losses for the second consecutive day. While the 30-pack Sensex tumbled 200 points or 0.34 per cent to settle at 7991, Nifty50 finished 73 points lower at 17241. Meanwhile, the US stock market on Monday extended losses with the tech heavyweight Nasdaq Composite index falling to the lowest level in two years as tech shares continue to be the hardest hit in this bear market because of spiking interest rates. The index fell 1% to finish at 10542-– its lowest since September 2020. The S&P 500 fell 0.7% Monday while the Dow Jones finished with 0.3% cut at 29202.

Given below is Anil Singhvi’s strategy for Monday, October 11:  

Global: Negative
FII:  Negative
DII: Positive
F&O: Neutral
Sentiment: Neutral
Trend: Positive  

Nifty support zone 17075-17125, Below that 16950-17025 Strong Buy zone

Nifty higher zone 17275-17325, Above that 17375-17425 Profit booking zone

Bank Nifty support zone 38650-38825, Below that 38375-38500 Strong Buy zone

Bank Nifty higher zone 39400-39600, Above that 39700-39900 Profit booking zone

Nifty support levels 17225, 17175, 17125, 17075, 17025

Nifty higher levels 17275, 17325, 17360, 17375, 17425

Bank Nifty support levels 38950, 38825, 38650, 38500, 38375

Bank Nifty higher levels 39175, 39225, 39300, 39400, 39550, 39600, 39700, 39800

FIIs Index Long still near lowest level at 18% Vs 20%
PCR at 1.05 Vs 0.97
BankNifty PCR at 0.99 Vs 0.87
India VIX up by 4% at 19.62
For Existing Long Positions:

Nifty Intraday SL 17000 n Closing SL 17100
BankNifty Intraday SL 38500 n Closing SL 38600

For Existing Short Positions:

Nifty Intraday n Closing SL 17350         
BankNifty Intraday n Closing SL 39625
For New Positions:

Buy Nifty in 17075-17125 range:
SL 16975 Tgt 17175, 17225, 17250, 17275, 17325, 17360, 17380, 17425

Sell Nifty in 17375-17425 range:
SL 17500 Tgt 17325, 17275, 17250, 17225, 17175, 17125, 17075

For New Positions:

Buy BankNifty in 38650-38825 range:
SL 38500 Tgt 39100, 39175, 39225, 39300, 39550, 39600

Sell BankNifty in 39550-39600 range:
SL 39700 Tgt 39300, 39225, 39175, 39100, 38825, 38650, 38500

F&O Ban Update:
New In Ban: India Cements, Indiabulls housing finance
Out Of Ban: Nil
Already In Ban: Nil

Tracxn Technologies IPO Preview:
NEUTRAL RATING

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Unique Business model
Experienced Promoter
Small size, small price IPO

Negatives:
Company yet to show profit track record
Growth not very impressive 
Valuations reasonable, not very attractive