Anuj Singhal, a seasoned expert, suggests an investment strategy for Nifty-Bank Nifty based on key support levels. He advises traders to closely monitor the 19,563 level and act accordingly. Here are the highlights of his analysis:
Nifty Investment Strategy:
Anuj Singhal recommends keeping a close eye on the 19,563 level for Nifty. Traders are advised to go long if Nifty surpasses this level and short if it falls below. The first support for Nifty is at 19,704, which aligns with yesterday’s low. A major support level for Nifty stands at 19,650, as indicated by options data. For those considering buying Nifty, Anuj suggests the range of 19,650-19,704 with a stoploss set at 19,563 for all long positions.
Nifty Bank Investment Strategy:
Similarly, for Nifty Bank, the expert highlights the first support at 45,471, which is yesterday’s low. The major support level for Nifty Bank is at 45,362 (20 DEMA). Day and swing traders are advised to keep a stoploss at 45,362. For positional longs, the stoploss should be set at 45,100. Traders looking to buy Nifty Bank should consider the range of 45,400-45,500 with a stoploss set at 45,362.
Market Signals and Economic Outlook:
Anuj Singhal provides insights into the market and the economy. He mentions Ashok Leyland’s strong July sales figures, reflecting a robust commercial vehicle (CV) cycle, which signals a positive outlook for the economy. However, he cautions about the potential risks posed by rising commodity prices and inflation. While the market anticipates a decline in interest rates, any surge in commodity prices could lead to a resurgence of inflation.
