Anil Singhvi strategy May 3: Important levels to track in Nifty 50, Nifty Bank

Zee Business Managing Editor Anil Singhvi expects support for the Nifty50 benchmark at 18,050-18,100 levels and a strong buy zone at 17,925-18,000 levels on Wednesday, May 3. 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 42,625-42,750 levels.

Here's how Anil Singhvi sums up the market setup on May 3:

• Global: Negative
• 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 profit booking zone at 18,250-18,300 levels.​ For the banking index, he sees a higher zone at 43,350-43,475 levels and a strong sell zone at 43,575-43,700 levels.

• FII index longs at 51 per cent on Tuesday vs 43 per cent Friday
• Nifty put-call ratio (PCR) at 1.16 vs 1.33
• Nifty Bank PCR at 1 vs 1.21
• Fear index India VIX up 9 per cent at 11.9

ANIL SINGHVI MARKET STRATEGY 

For Existing Long Positions:

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

For Existing Short Positions:

Nifty Intraday n Closing SL 18200
Bank Nifty Intraday n Closing SL 43500

For New Positions:

Buy Nifty in 18000-18100 range:
SL 17900 Tgt 18150, 18175, 18200, 18250, 18275, 18300

Sell Nifty:
SL 18200 Tgt 18100, 18075, 18025, 18000, 1792

For New Positions:

Buy Bank Nifty in 42825-43000 range:
SL 42600 Tgt 43150, 43225, 43275, 43350, 43475

Sell Bank Nifty:
SL 43500 Tgt 43275, 43150, 43000, 42875, 42825, 42750

No Stocks in F&O Ban  

Result Review:
Tata Steel:
Strong operational performance from Indian business
Margins and profit better than estimates
Europe business is still in loss

Ambuja Cements:
Good result
Stable margins
Strong sales growth
Strong guidance on growth and cost savings