Anil Singhvi strategy April 22: Important levels to track in Nifty, Nifty Bank today

Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi sees support emerging at 22,075-22,150 levels and a stronger support zone at 21,950-22,000 levels for the headline Nifty50 index on Monday, April 22.

For the Nifty Bank, he expects initial support to come in at 47,250-47,425 levels followed by a stronger support zone at 47,000-47,125 levels.

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

• Global: Positive  

• FII: Neutral

• DII: Neutral  

• F&O: Neutral

• Sentiment: Neutral  

• Trend: Positive

He expects a higher level for the headline index at 22,200-22,275 levels and a profit-booking zone at 22,325-22,425 levels. 

For the banking index, Singhvi expects a higher zone at 47,825-47,975 levels and a profit-booking zone at 48,075-48,250 levels. 

ANIL SINGHVI MARKET STRATEGY  

• FII index longs at 35 per cent vs 32 per cent the previous day

• Nifty put-call ratio (PCR) at 1.03 vs 0.93

• Nifty Bank PCR at 0.99 vs 0.70

• Volatility index India VIX up three per cent at 13.46

Editor's take

• No argument, no escalation between Israel and Iran
• Crude oil at $87 a barrel very positive for India
• Dow, Dow futures recovery to support Dalal Street
• Weekend results better than neutral
• FIIs refrained from selling on Friday after having withdrawn a net Rs 50,000 crore in the cash and futures segments over four days
• Strong FII inflows in futures

Has the market formed a short-term bottom?

• All bad news is largely known
• A delay in US rate cuts is old news
• Hopes of no further escalation in Israel-Iran conflict
• Big selling by FIIs seems to be largely behind
• Crude oil may stay under $90 per barrel
• No further tensions emanating from Israel-Iran situation may spell a short-term bottom for Dalal Street
• Fresh bouts of weakness only once Nifty50 and Nifty Bank close below 21,950 and 46,900, respectively

For existing long positions:

• Nifty intraday and closing stop loss at 21,950

• Nifty Bank intraday and closing stop loss at 46,975

For existing short positions:

• Nifty intraday and closing stop loss at 22,300
• Nifty Bank intraday and closing stop loss at 47700

For new positions in Nifty:

• Buy Nifty stop loss at 22,050 for targets of 22,200, 22,250, 22,275, 22,325, 22,375 and 22,425

• Aggressive traders sell Nifty in the 22,325-22,425 range with a strict stop loss at 22,525 for targets of 22,275, 22,225, 22,175, 22,150, 22,125 and 22,075

For new positions in Nifty Bank:

• Buy Nifty Bank with a stop loss at 47,300 for targets of 47,675, 47,725, 47,825, 47,900, 47,975 and 48,075

• Aggressive traders can sell Nifty Bank in the 47,975-48,075 range with a strict stop loss at 48,250 for targets of 47,825, 47,725, 47,625, 47,575, 47,500 and 47,425

F&O ban update

• New in ban: Biocon
• Out of ban: NALCO, GNFC, Hindustan Copper
• Already in ban: Exide Industries, Vodafone Idea, Bandhan Bank, SAIL, Metropolis, PEL, Balrampur Chini, ZEEL

Results reviews

HDFC Bank 

• Improvement in NIMs QoQ a positive surprise
• Strong deposit growth a big relief
• Profit below estimates due to one-time expenses
• Stock up two per cent on Friday (ahead of results)
• Futures have support at Rs 1,500 and higher levels at Rs 1,555 and Rs 1,575

HDFC AMC 

Futures have support at Rs 3,660 and a higher level at Rs 3,785

• One-off expenses in core earnings
• Overall good numbers
• Strong performance expected going forward

Wipro

Buy Wipro futures with a stop loss at Rs 440 for targets of Rs 458 and Rs 465

• Numbers and guidance in line with estimates
• IT stocks on  arecovery path
• Commentary from new CEO okay

Persistent Systems

• Results as per estimates
• Nothing great, nothing bad
• Futures have support at Rs 3,855 and higher levels at Rs 4,000 and Rs 4,050

Stock of the day

Buy Lupin futures with a stop loss at Rs 1,525 for targets of Rs 1,575 and Rs 1,598

• Company hs launched Mirabegron in the US

Buy IREDA shares with a stop loss at Rs 157 for targets of Rs 165, Rs 167 and Rs 169

• Strong performance on all parameters

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