Anil Singhvi strategy April 24: 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 Monday, April 24. For the Nifty Bank — whose 12 constituents include HDFC Bank, SBI, Bank of Baroda and Axis Bank, he sees support emerging at 41,950-42,025 levels and a strong buy zone at 41,625-41,825 levels.

Here's how Anil Singhvi sums up the market setup on April 24: 

• Global: Neutral

• FII: Negative

• DII: Positive

• F&O: Neutral

• Sentiment: Neutral

• 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 42,265-42,375 levels and a profit-booking zone at 42,500-42,600 levels.

• FII longs at 39 per cent on Monday vs 38 per cent on Friday
• Nifty put-call ratio (PCR) at 0.93 vs 1.01 
• Nifty Bank PCR at 0.78 vs 1.03 
• Fear index India VIX down 2.6 per cent at 11.63 

ANIL SINGHVI MARKET STRATEGY

For existing long positions:

• Nifty intraday and closing stop loss at 17,500
  Nifty Bank intraday stop loss at 41,800 and closing stop loss at 42,000

For existing short positions:

• Nifty intraday stop loss at 17,725 and closing stop loss at 17,825
• Nifty Bank intraday stop loss at 42,625 and closing stop loss at 42,300

For new positions in Nifty:

• Buy Nifty with a stop loss at 17,500 for targets of 17,625, 17,660, 17,700, 17,725, 17,750 and 17,800

• Sell in the 17,725-17,825 range with a stop loss at 17,875 for targets of 17,700, 17,665, 17,625, 17,600 and 17,580

For new positions in Nifty Bank:

• Sell Nifty Bank in the 41,825-42,025 range with a stop loss at 41,500 for targets of 42,000, 42,125, 42,200, 42,265 and 42,375

• Aggressive traders can buy Nifty Bank with a strict stop loss at 41,900 for targets of 42,200, 42,265, 42,325, 42,375, 42,500 and 42,600

• Aggressive traders can sell Nifty Bank in the 42,500-42,600 range with a strict stop loss at 42,750 for targets of 42,375, 42,275, 42,200, 42,125 and 42,025

No stocks in F&O ban

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