Anil Singhvi strategy April 10: Key market triggers, important levels to track in Nifty50, Nifty Bank as D-Street enters holiday-truncated week

Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi expects support for the Nifty50 benchmark at 17,500-17,550 levels, and a strong buy zone at 17,375-17,425 levels on Monday, April 10, as the market enters a holiday-truncated week on account of Dr Baba Saheb Ambedkar Jayanti on April 14. 

For the Nifty Bank — whose 12 constituents include HDFC Bank, SBI, Bank of Baroda and Axis Bank, he sees support emerging at 40,700-40,825 levels and a strong buy zone in the 40,525-40,625 band.

Here's how Anil Singhvi sums up the market setup on April 10: 

• Global: Positive

• FII: Positive

• DII: Negative

• F&O: Neutral

• Sentiment: Positive

• Trend: Neutral

For the 50-scrip headline index, he expects a higher zone at 17,650-17,700 levels and a strong sell zone at 17,750-17,800 levels.​ For the banking index, he sees a higher zone at 41,250-41,375 levels and a strong sell zone at 41,500-41,625 levels.

• FII index longs at 18 per cent on Monday vs 17 per cent on Friday
• Nifty put-call ratio (PCR) at 1.1 vs 1.39
• Nifty Bank PCR at 0.85 vs 1.17
• Fear index India VIX down five per cent at 11.8

What Anil Singhvi recommends today

Anil Singhvi believes one should adopt a 'buy on dips' strategy with support for the Nifty50 in the range of 17,200-17,300 and for the Nifty Bank at 40,000-40,200 levels. A pause in benchmark interest rates is important for the market, he says. 

ANIL SINGHVI MARKET STRATEGY

For existing long positions:

• Nifty50 intraday stop loss at 17,500 and closing stop loss at 17,400

• Nifty Bank intraday stop loss at 40,800 and closing stop loss at 40,600

For existing short positions:

• Nifty intraday stop loss at 17,650 and closing stop loss at 17,750

• Nifty Bank intraday and closing stop loss at 41,500

For new positions in Nifty:

• Buy Nifty in the 17,500-17,550 range with a stop loss at 17,400 for targets of 17,650, 17,675, 17,700, 17,750 and 17,800

• Sell Nifty in the 17,700-17,800 range with a stop loss at 17,850 for targets of 17,650, 17,600, 17,550, 17,500, 17,425 and 17,400

For new positions in Nifty Bank:

• Buy Nifty Bank in the 40,625-40,825 range with a stop loss at 40,500 for targets of 40,900, 41,000, 41,075, 41,250, 41,325 and 41,375

• Sell Nifty Bank in the 41,500-41,675 range with a stop loss at 41,800 for targets of 41,375, 41,275, 41,075, 41,000, 40,875 and 40,825

F&O ban update

• No stock in ban

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