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.

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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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