Anil Singhvi strategy May 8: Important levels to track in Nifty 50, Nifty Bank

Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi shares his strategy for the May 8 session on Dalal Street. Check out his take on the Indian share market, and key support and resistance levels for the Nifty and the Nifty Bank.

Zee Business Managing Editor Anil Singhvi sees support for Nifty50 coming in at 18,000-18,050 levels on May 8.

Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi expects support for the Nifty50 benchmark at 18,000-18,050 levels and a strong buy zone at 17,850-17,925 levels on Monday, May 8. For the Nifty Bank — whose 12 constituents include HDFC Bank, SBI and Axis Bank, he sees support emerging at 42,450-42,600 levels and a strong base at 42,275-42,375 levels.

Here's how Anil Singhvi sums up the market setup on May 8:

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

For the 50-scrip headline index, he expects a higher zone at 18,100-18,150 levels and a strong sell zone at 18,175-18,250 levels. For the banking index, he sees a higher zone at 42,825-43,000 levels and a profit-booking zone at 43,075-43,225 levels.

FII index longs at 45 per cent on Monday vs 47 per cent the previous day
Nifty put-call ratio (PCR) at 0.85 vs 1.34
Nifty Bank PCR at 0.59 vs 1.28
Fear index India VIX up five per cent at 12.30

ANIL SINGHVI MARKET STRATEGY

The market wizard believes a strong support zone for the Nifty 50 exists at 17,800-18,000 levels, with the first sign of weakness expected below 18,000. One can expect strong follow-up moves once the Nifty 50 and the Nifty Bank close above the 18,250 and 43,350 levels respectively.

Singhvi is of the view that the dips should be utilised to buy midcap and smallcap shares.

For existing long positions:

Nifty intraday and closing stop loss at 17,975
Nifty Bank intraday and closing stop loss at 42,400

For existing short positions:

Nifty intraday and closing stop loss at 18,250
Nifty Bank intraday and closing stop loss at 43,000

For new positions in Nifty:

Buy Nifty with a strict stop loss at 17,975 for targets of 18,100, 18,150, 18,175, 18,200 and 18,250
Sell Nifty in the 18,150-18,200 range with a stop loss at 18,275 for targets of 18,100, 18,075, 18,050, 18,000 and 17,925

For new positions in Nifty Bank:

Aggressive traders can buy Nifty Bank with a strict stop loss at 42,400 for targets of 42,825, 42,875, 43,000, 43,075 and 43,225
Aggressive traders can sell Nifty Bank in the 43,000-43,200 range with a strict stop loss at 43,400 for targets of 42,875, 42,825, 42,750, 42,675, 42,600 and 42,450

F&O ban