Anil Singhvi strategy April 24: 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 sees support emerging at 22,300-22,375 levels and a strong buy zone at 22,150-22,200 levels for the headline Nifty50 index on Wednesday, April 24.
For the Nifty Bank, he expects initial support to come in at 47,825-47,900 levels followed by a strong buy zone at 47,575-47,675 levels.
Here's how Anil Singhvi sums up the market setup:
- Global: Positive
- FII: Neutral
- DII: Positive
- F&O: Neutral
- Sentiment: Positive
- Trend: Positive
He expects a higher level for the headline index at 22,450-22,500 levels and a strong sell zone at 22,500-22,600 levels.
For the banking index, Singhvi expects a higher zone at 48,250-48,325 levels and a strong sell zone at 48,425-48,575 levels.
ANIL SINGHVI MARKET STRATEGY
- FII index longs unchanged at 34 per cent as the previous day
- Nifty put-call ratio (PCR) at 1.06 vs 1.14
- Nifty Bank PCR at 0.90 vs 1.02
- Volatility index India VIX down 20 per cent at 10.20
Editor's take
- Strong global signals for fourth day in a row
- US, India volatility indices drop sharply
- Signs of the end of wild swings in the market
- Mixed institutional flow numbers; strong buying by domestic funds
- Market expected to make a gap-up start followed by rangebound moves throughout the day
- One can buy near key support levels and book profits at higher levels
- closing levels below 22,300 and 47,800 in Nifty50 and Nifty Bank will be the first sign of weakness
- 22,500-22,600 good levels to buy Nifty
- 48,500-48,700 a good range to book profit
- Smallcap stocks offer better buying opportunities than their midcap and largecap counterparts
For existing long positions:
- Nifty intraday stop loss at 22,300 and closing stop loss at 22,150
- Nifty Bank intraday and closing stop loss at 47,500
For existing short positions:
- Nifty intraday and closing stop loss at 22,500
- Nifty Bank intraday and closing stop loss at 48,325
For new positions in Nifty:
- Buy Nifty with a stop loss at 22,300 for targets of 22,425, 22,450, 22,500, 22,525, 22,550 and 22,600
- The best range to sell Nifty is 22,475-22,550 with a stop loss at 22,625 for targets of 22,425, 22,375, 22,350, 22,325, 22,275 and 22,200
For new positions in Nifty Bank:
- Buy Nifty Bank with a stop loss at 47,800 for targets of 48,125, 48,250, 48,300, 48,425, 48,475 and 48,575
- Aggressive traders can sell Nifty Bank in the 48,300-48,475 range with a strict stop loss at 48,600 for targets of 48,300, 48,250, 48,150, 48,075, 48,000 and 47,925
F&O ban update
- Out of ban: PEL, SAIL, Biocon
- Already in ban: Hindustan Copper, Vodafone Idea, ZEEL
- New in ban: None
Results review
MCX
- Results strong but below estimates
- Stock in a strong bull run
- Book profit if the stock makes a gap-up opening
- Futures have support at Rs 3,910 and Rs 3,970, and higher levels at Rs 4,075 and Rs 4,120
Stocks of the day
Sell Tata Consumer Products futures with a stop loss at Rs 1,188 for targets of Rs 1,155, Rs 1,145 and Rs 1,135
- Results a mixed bag
- Revenue below estimate
- India business underperforming
Sell ICICI Pru futures with a stop loss at Rs 600 for targets of Rs 580 and Rs 570
- Results below estimates on all parameters
Buy 360 WAM shares with a stop loss at Rs 760 for targets of Rs 780, Rs 795 and Rs 810
- Results outstanding
- Strong growth in revenue and profit
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