Anil Singhvi strategy April 21: Important levels to track in Nifty 50, Nifty Bank

Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi expects strong support for the Nifty50 benchmark at 17,500-17,575 levels on Friday, April 21. For the Nifty Bank — whose 12 constituents include HDFC Bank, SBI, Bank of Baroda and Axis Bank, he sees support emerging at 42,000-42,125 levels and a strong buy zone at 41,625-41,825 levels.

Here's how Anil Singhvi sums up the market setup on April 21: 

• Global: Neutral

• FII: Neutral

• DII: Positive

• F&O: Neutral

• Sentiment: Positive

• Trend: Neutral

For the 50-scrip headline index, he expects a higher zone at 17,675-17,725 levels and a strong sell zone at 17,750-17,825 levels.​ For the banking index, he sees a higher zone at 42,375-42,500 levels and a profit-booking zone at 42,600-42,725 levels.

• FII index longs at 38 per cent on Friday vs 36 per cent the previous day
• Nifty put-call ratio (PCR) at 1.01 vs 0.84
• Nifty Bank PCR at 1.03 vs 0.9
• Fear index India VIX down two per cent at 11.94

ANIL SINGHVI MARKET STRATEGY

The market wizard points out that the Nifty is close to strong support at 17,500, and investors should continue with a 'buy on dips' approach in the market as long as the 50-scrip index and the Nifty Bank close above 17,500 and 42,000 respectively.

The market is bound to strengthen more once the Nifty and the banking index take out 17,850 and 42,500 levels on a closing basis, he says.

For existing long positions:

• Nifty Intraday n Closing SL 17450
  Bank Nifty Intraday n Closing SL 42000

For existing short positions:

• Nifty Intraday SL 17725 n Closing SL 17825
  Bank Nifty Intraday SL 42625 n Closing SL 42300

For new positions in Nifty:

• Buy Nifty in 17500-17575 range:
  SL 17450 Tgt 17625, 17660, 17700, 17725, 17750, 17800

  Sell Nifty in 17725-17825 range:
  SL 17875 Tgt 17700, 17665, 17625, 17600, 17580

For new positions in Nifty Bank:

• Buy Bank Nifty in 41625-41825 range:
  SL 41500 Tgt 42000, 42125, 42200, 42265, 42375

  Aggressive Traders Buy Bank Nifty in 42025-42150 range:
  Strict SL 41950 Tgt 42265, 42375, 42500, 42600, 42725, 42825

  Aggressive Traders Sell Bank Nifty in 42500-42600 range:
  Strict SL 42750 Tgt 42375, 42275, 42200, 42125, 42025

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