Anil Singhvi Market Strategy May 10: Important levels to track in Nifty50, Nifty Bank today

Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi expects support for the headline Nifty50 index to emerge at 21,775-21,850 levels and a stronger support zone at 21,625-21,725 levels on Friday, May 10.

For the Nifty Bank, he expects support to come in at 47,075-47,250 levels followed by a stronger support zone at 46,600-46,900 levels.

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

• Global: Positive

• FII: Negative

• DII: Positive

• F&O: Neutral

• Sentiment: Negative

• Trend: Positive

He expects a higher zone for the headline index at 22,000-22,075 levels and a strong profit-booking zone at 22,125-22,225 levels.

For the banking index, he expects a higher zone at 47,850-47,975 levels and a strong sell zone at 48,125-48,275 levels.

ANIL SINGHVI MARKET STRATEGY  

• FII index longs at 33 per cent vs 39 per cent the previous day

• Nifty put-call ratio (PCR) at 0.9 vs 0.77

• Nifty Bank PCR at 0.65 vs 0.81

• Volatility index India VIX up 6.5 per cent at 18.20

Editor's take

• Make-or-break day for Dalal Street
• FII outflows across cash, index and stock futures segments amount to Rs 40,000 crore in six days
• Dow continues to rise for 7th day in a row
• Caution on Dalal Street ahead of election results
• Wild swings expected in market on Friday
• A gap-up start to be followed by profit-taking
• A recovery expected from lower levels
• Important for Nifty50 to close above 22,000 
• Strong support for index placed at 21,600-21,800 levels, for Nifty Bank at 46,600-46,900
• Buy if other investors panic
• Traders to keep positions light with caution

For existing long positions:

• Nifty intraday stop loss at 21,750 and closing stop loss at 21,900

• Nifty Bank intraday and closing stop loss at 47,000

For existing short positions:

• Nifty intraday and closing stop loss at 22,325
• Nifty Bank intraday and closing stop loss at 48,000

For new positions in Nifty:

• Aggressive traders can sell Nifty in the 22,075-22,175 range with a strict stop loss at 22,300 for targets of 22,000, 21,950, 21,900, 21,850, 21,825 and 21,775

• Aggressive traders can buy Nifty in the 21,775-21,850 range with a strict stop loss at 21,700 for targets of 21,925, 21,950, 22,000, 22,075, 22,125 and 22,175

For new positions in Nifty Bank:

• Aggressive traders can sell Nifty Bank in the 48,000-48,200 range with a strict stop loss at 48,300 for targets of 47,850, 47,700, 47,625, 47,500, 47,450 and 47,250

• Aggressive traders can buy Nifty Bank in the 46,900-47,075 range with a strict stop loss at 46,800 for targets of 47,250, 47,425, 47,500, 47,625, 47,700 and 47,850 

F&O ban update

• New in ban: None
• Already in ban: Zee Entertainment Enterprises, PNB, SAIL, Balrampur Chini, GMR Airports, AB Fashion, Vodafone Idea, Canara Bank, Piramal Ent
• Out of ban: Biocon

Results reviews

MGL 

• Sell MGL futures with a stop loss at Rs 1,350 for targets of Rs 1,325, Rs 1,312, Rs 1,300 and Rs 1,288
• Results below estimates on all fronts
• Don't short at lower levels

Abbott India 

Sell Abbott India futures with a stop loss at Rs 26,200 for targets of Rs 25,300 and Rs 25,050

• Results below estimates on all parameters

Stock of the Day  

Buy BPCL futures with a stop loss at Rs 584 for targets of Rs 604, Rs 609 and Rs 618

• Results above estimates
• Best Q4 among all OMCs
• Operational performance strong 
• A big reduction in debt
• 1:1 bonus
• Rs 21 per share dividend 

Buy SBI futures with a stop loss at Rs 797 for targets of Rs 822, Rs 830 and Rs 844

• Results strong 
• Internal data very strong
• CLSA (buy) and JPMorgan (overweight) have raised their targets to Rs 1.000

Buy Suryoday SFB shares in the cash segment with a stop loss at Rs 198 for targets of Rs 209, Rs 213 and Rs 218

• Results strong 
• NII up 29 per cent
• PAT up 56 per cent 
• Improvement in asset quality

Sell Asian Paints futures with a stop loss at Rs 2,745 for targets of Rs 2,677, Rs 2,645 and Rs 2,620

• Management commentary weak 
• Fear of increased competition 
• Margins to remain under pressure

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