Anil Singhvi strategy May 9: Important levels to track in Nifty50, Nifty Bank

Zee Business Managing Editor Anil Singhvi expects support for the Nifty50 benchmark at 18,150-18,200 levels and a strong buy zone at 18,050-18,100 levels on Tuesday, May 9. For the Nifty Bank — whose 12 constituents include HDFC Bank, SBI, and Axis Bank, he sees support emerging at 43,000-43,075 levels and a strong base at 42,675-42,825 levels.

Here's how Anil Singhvi sums up the market setup on May 9:

• Global: Neutral
• FII: Positive
• DII: Neutral
• 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 43,475-43,575 levels and a profit-booking zone at 43,675-43,750 levels.

• FII index longs at 49 per cent on Monday vs 47 per cent the previous day
• Nifty put-call ratio (PCR) at 1.10 Vs 0.85
• Nifty Bank PCR at 0.90 Vs 0.59
• Fear index India VIX up three per cent at 12.64

ANIL SINGHVI MARKET STRATEGY

The market wizard believes a strong support zone for the Nifty 50 exists at 18000-18100 levels, with the first sign of weakness expected below 18,000. 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 18,050
• Nifty Bank intraday and closing stop loss at 42,950

For existing short positions:

• Nifty intraday and closing stop loss at 18,300
• Nifty Bank intraday and closing stop loss at 43,750

For new positions in Nifty:

• Buy Nifty with a strict stop loss at 18,100 for targets of 18,300, 18,350, 18,400, 18,425, and 18,450
• Sell Nifty in the 18,400-18,450 range with a stop loss at 18,525 for targets of 18,350, 18,300, 18,275, 18,250, and 18,200

For new positions in Nifty Bank:

• Buy Nifty Bank with a strict stop loss at 42,950 for targets of 43,350, 43,425, 43,475, 43,575, 43,675, 43,725, 43,850, and 43,950
• Aggressive traders can sell Nifty Bank in the 43,575-43,725 range with a strict stop loss at 43,800 for targets of 43,500, 43,425, 43,350, 43,275, 43,225, 43,075, and 43,000

F&O ban

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

Mankind Pharma Listing Preview:

• Expected to list above 1200 against issue price of 1080
• Long Term Investors can HOLD, BUY more if you get around 1050
• Strong performance expected post listing

Stock Of The Day:

• Buy Birla Soft Futures on Dips: Stop loss Rs 278; target Rs 298, Rs 304
• Results better than estimates
• Strong revenue growth
• Better EBIT margins at 11.9%

Result Review:

MGL:

• Strong operational performance
• Realisations better than estimates
• Strong margins at 24% due to cost reduction
• But fall in volume is a concern

Pidilite:

• Weak operational performance
• Revenue, profit and margins below estimates
• Volume growth is just 7%
• Outlook from management is weak
• Stock highly expensive

Catch the latest stock market updates here. For all other news related to business, politics, tech, sports and auto, visit Zeebiz.com.