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 shares his strategy for todays session on Dalal Street. Check out his take on key support and resistance levels for the Nifty and the Nifty Bank, and how he views the market.
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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