Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi expects support for the Nifty50 benchmark at 18,000-18,050 levels and a strong buy zone at 17,850-17,925 levels on Monday, May 8. For the Nifty Bank — whose 12 constituents include HDFC Bank, SBI and Axis Bank, he sees support emerging at 42,450-42,600 levels and a strong base at 42,275-42,375 levels.

Here's how Anil Singhvi sums up the market setup on May 8: 

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

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

For the 50-scrip headline index, he expects a higher zone at 18,100-18,150 levels and a strong sell zone at 18,175-18,250 levels.​ For the banking index, he sees a higher zone at 42,825-43,000 levels and a profit-booking zone at 43,075-43,225 levels.

  • FII index longs at 45 per cent on Monday vs 47 per cent the previous day
  • Nifty put-call ratio (PCR) at 0.85 vs 1.34
  • Nifty Bank PCR at 0.59 vs 1.28
  • Fear index India VIX up five per cent at 12.30

ANIL SINGHVI MARKET STRATEGY

The market wizard believes a strong support zone for the Nifty 50 exists at 17,800-18,000 levels, with the first sign of weakness expected below 18,000. One can expect strong follow-up moves once the Nifty 50 and the Nifty Bank close above the 18,250 and 43,350 levels respectively.

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 17,975
  • Nifty Bank intraday and closing stop loss at 42,400

For existing short positions:

  • Nifty intraday and closing stop loss at 18,250
  • Nifty Bank intraday and closing stop loss at 43,000

For new positions in Nifty:

  • Buy Nifty with a strict stop loss at 17,975 for targets of 18,100, 18,150, 18,175, 18,200 and 18,250
  • Sell Nifty in the 18,150-18,200 range with a stop loss at 18,275 for targets of 18,100, 18,075, 18,050, 18,000 and 17,925

For new positions in Nifty Bank:

  • Aggressive traders can buy Nifty Bank with a strict stop loss at 42,400 for targets of 42,825, 42,875, 43,000, 43,075 and 43,225
  • Aggressive traders can sell Nifty Bank in the 43,000-43,200 range with a strict stop loss at 43,400 for targets of 42,875, 42,825, 42,750, 42,675, 42,600 and 42,450

F&O ban

  • Already in ban: GNFC, Manappuram Finance
  • New in ban: None
  • Out of ban: None

Stocks of the day

Buy Paytm with a stop loss at Rs 670 for targets of Rs 710, Rs 722 and Rs 735

  • Strong revenue growth of 52 per cent
  • Improved margin at 55 per cent
  • In the second quarter, the company is positive on operating profit before ESOP

Sell AB Fashion futures with a stop loss at Rs 224 for targets of Rs 211, Rs 208 and Rs 202

  • FY25 EPS dilutive by 10-11 per cent
  • Will have to raise debt again
  • TCNS performance deteriorating, stock may fall further

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