Anil Singhvi strategy May 10: Important levels to track in Nifty50, Nifty Bank

Zee Business Managing Editor Anil Singhvi expects support for the Nifty50 benchmark at 18,200-18,250 levels and a strong buy zone at 18,100-18,150 levels on Wednesday, May 10. For the Nifty Bank — whose 12 constituents include HDFC Bank, SBI, and Axis Bank, he sees support emerging at 43,000-43,125 levels and a strong base at 42,675-42,825 levels.

Here's how Anil Singhvi sums up the market setup on May 10:

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

For the 50-scrip headline index, he expects a higher zone at 18,300-18,350 levels and a strong sell zone at 18,400-18,450 levels.​ For the banking index, he sees a higher zone at 43,350-43,500 levels and a profit-booking zone at 43,575-43,725 levels.

• FII index longs at 48 per cent on Tuesday vs 49 per cent the previous day
• Nifty put-call ratio (PCR) at 1 Vs 1.10
• Nifty Bank PCR at 0.74 Vs 0.90
• Fear index India VIX unchanged at 12.68

ANIL SINGHVI MARKET STRATEGY

For existing long positions:

• Nifty intraday and closing stop loss at 18,050
• Nifty Bank intraday and closing stop loss at 42,950

For existing short positions:

• Nifty intraday and closing stop loss at 18,350
• Nifty Bank intraday and closing stop loss at 43,750

For new positions in Nifty:

• Buy Nifty in the range of 18,150-18,225 with a strict stop loss at 18,050 for targets of 18,250, 18,275, 18,300, 18,350, 18,400
• Aggressive traders can sell Nifty in the 18,350-18,450 range with a stop loss at 18,525 for targets of 18,300, 18,275, 18,250, 18,225, 18,150

For new positions in Nifty Bank:

• Aggressive traders buy Nifty Bank in a range of 43,000-43,125 with a strict stop loss at 42,950 for targets of 43,200, 43,275, 43,350, 43,425, 43,500, 43,575
• Aggressive traders can sell Nifty Bank in the 43,425-43,575 range with a strict stop loss at 43,750 for targets of 43,350, 43,275, 43,200, 43,125, 43,075, 43,000

F&O ban

• New In Ban: Canara Bank
• Already In Ban: BHEL, GNFC, Manappuram Finance
• Out Of Ban: Nil

Stock Of The Day:

• Sell Rain Industries Futures:
• Stop loss 162.50 Target 152, 149, 144
• Extremely weak performance
• Revenue up 18% but EBITDA down 32%
• Margins fell sharply from 18% to 10%
• Profit down 62%
• Stock going out of F&O from July series

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