Anil Singhvi strategy May 2: Important levels to track in Nifty 50, Nifty Bank

Zee Business Managing Editor Anil Singhvi expects support for the Nifty50 benchmark at 17,750-17,825 levels and a strong buy zone at 17,875-17,925 levels on Tuesday, May 2. For the Nifty Bank — whose 12 constituents include HDFC Bank, SBI and Axis Bank, he sees support emerging at 42,825-43,000 levels and a strong buy zone at 42,675-42,750 levels.

Here's how Anil Singhvi sums up the market setup on May 2:

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

For the 50-scrip headline index, he expects a higher zone at 18,150-18,200 levels and a strong sell zone at 18,250-18,300 levels.​ For the banking index, he sees a higher zone at 43,425-43,575 levels and a strong sell zone at 43,700-43,850 levels.

• FII index longs at 43 per cent on Friday vs 41 per cent the previous day
• Nifty put-call ratio (PCR) at 1.33 vs 1.2
• Nifty Bank PCR at 1.21 vs 1.11
• Fear index India VIX up 4 per cent at 10.95

ANIL SINGHVI MARKET STRATEGY

For Existing Long Positions:

Nifty Intraday SL 17975 n Closing SL 17875
Bank Nifty Intraday SL 42950 n Closing SL 42800

For Existing Short Positions:

Nifty Intraday n Closing SL 18100
Bank Nifty Intraday n Closing SL 43500

For New Positions:

Buy Nifty with a stop loss at 17,975 for targets of 18,125, 18,150, 18,200, 18,250, 18,275, 18,300

Aggressive Traders Sell Nifty in 18,200-18,275 range with a strict stop loss at 18,350 for targets of 18,150, 18,100, 18,075, 18,025, 17,975

For New Positions:

Buy Nifty Bank in the 42,825-43,000 range with a stop loss at 42,600 for targets of 43,150, 43,225, 43,300, 43,375 and 43,425

Aggressive Traders Buy Bank Nifty with a strict stop loss at 42,950 for targets of 43,300, 43,375, 43,425, 43,475, 43,575, 43,625, 43,700, 43,850

Aggressive Traders Sell Bank Nifty in 43,575-43,700 range with a strict stop loss at 43,850 for targets of 43,475, 43,425, 43,375, 43,300, 43,225, 43,150, 43,000

No Stocks in F&O Ban  

Stock Of The Day:

Buy IDFC First Bank Futures:
SL 60 Tgt 64, 66
NIM at all time high 6.41%
Profit better than estimates
Asset quality best in 9 quarters
Brokerages raised price target

Buy Ultratech Futures:
SL 7520 Tgt 7720, 7790
Strong volume growth
Improved margins
Net debt reduction
Positive commentary

Sell RBL Bank Futures:
SL 168 Tgt 157, 155
Results as per expectations
No surprise No shock
Stock already ran before results, some profit booking expected

Result Review:
Kotak Bank:
Strong results, NIM at record high at 5.75%
Asset quality better
1-3% upside possible

M&M Finance:
Strong results on all parameters
Stock already ran before results, profit booking expected at higher levels

L&T Finance:
Mix to weak results, profit booking expected
Strong Retail loan growth

SBI Cards:
Mix results