Anil Singhvi strategy April 3: 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 17,250-17,300 levels, and a strong buy zone at 17,150-17,210 levels on Monday, April 3, as the market enters a three-session, holiday-truncated week on account of Mahavir Jayanti and Good Friday this week. 

For the Nifty Bank — whose 12 constituents include HDFC Bank, SBI, Bank of Baroda and Axis Bank, he sees support emerging at 40,175-40,350 levels and a strong buy zone in the 39,900-41,075 band.

Here's how Anil Singhvi sums up the market setup on April 3: 

• Global: Positive

• FII: Positive

• DII: Positive

• F&O: Cautious

• Sentiment: Positive

• Trend: Neutral

For the 50-scrip headline index, he expects a higher zone at 17,400-17,475 levels and a profit-booking zone at 17,500-17,550 levels.​ For the banking index, he sees a higher zone at 40,700-40,850 levels and a profit-booking zone at 40,950-41,100 levels.

• FII index longs still low at 11 per cent on Monday vs nine per cent on Friday
• Nifty put-call ratio (PCR) near overbought levels at 1.27 vs 1.05
• Nifty Bank PCR at 1.23 vs 0.94
• Fear index India VIX down five per cent at 12.94 

What Anil Singhvi makes of Friday's big moves

Anil Singhvi believes monthly GST collections and auto sales are likely to boost the market after Friday's big breakout in the Nifty50 and the Nifty Bank, though the spike in crude oil rates following the surprise production cut by the OPEC+ grouping of top producers may keep a lid on the upside. 

He points out 17,500-17,550 and 17,700-17,775 as big targets for the Nifty, and 41,000-41,200 and 41,800-42,000 for the banking index. It is important for the Nifty to hold 17,000 and the Nifty Bank to stay above 39,000, he adds. 

ALSO READ: Nifty sheds 431 pts in March F&O series, Nifty Bank slips 91 pts

ANIL SINGHVI MARKET STRATEGY

For existing long positions:

• Nifty50 intraday and closing stop loss at 17,150

• Nifty Bank intraday and closing stop loss at 40,000

For existing short positions:

• Nifty intraday stop loss at 17,425 and closing stop loss at 17,500
• Nifty Bank intraday stop loss at 40,700 and closing stop loss at 41,000

For new positions in Nifty:

• Buy Nifty with a stop loss at 17,200 for targets of 17,400, 17,450, 17,475, 17,500 and 17,550

• Aggressive traders can sell Nifty in the 17,475-17,550 range with a strict stop loss at 17,600 for targets of 17,425, 17,400, 17,375, 17,350, 17,300 and 17,250

For new positions in Nifty Bank:

• Buy Nifty Bank with a stop loss at 40,175 for targets of 40,700, 40,775, 40,850, 40,900, 40,975, 41,050 and 41,100

• Aggressive traders sell Nifty Bank in the 40,950-41,100 range with a strict stop loss at 41,250 for targets of 40,900, 40,850, 40,775, 40,700, 40,625 and 40,500

F&O ban update

• No stock in ban

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