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.

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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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