Anil Singhvi strategy April 30: Important levels to track in Nifty50, Nifty Bank today

Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi sees support emerging at 22,550-22,625 levels and a strong buy zone at 22,425-22,500 levels for the headline Nifty50 index on Tuesday, April 30. For the Nifty Bank, he expects support to come in at 48,900-49,050 levels and a strong buy zone at 48,500-48,675 levels.

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

• Global: Positive

• FII: Positive

• DII: Positive  

• F&O: Neutral

• Sentiment: Positive

• Trend: Positive

He expects a higher level for the headline index at 22,700-22,775 levels and a "blue sky" zone above the 22,800 mark. 

For the banking index, Singhvi expects a blue sky zone above 49,575 and the next target at around 49,900-50,000 levels. 

ANIL SINGHVI MARKET STRATEGY  

• FII index longs at 43 per cent vs 35 per cent the previous day

• Nifty put-call ratio (PCR) at 1.23 vs 0.96

• Nifty Bank PCR higher, at 1.54 vs 0.85

• Volatility index India VIX up 12 per cent at 12.24

Editor's take

• Global markets strong for a second straight day
• FIIs pause after selling spree, emerge buyers after five days of back-to-back selling
• Strong moves expected on Dalal Street despite mild buying by FIIs and DIIs; generally, markets tend to jump on the slightest easing of outflow pressure
• Strong support for Nifty50 at 22,400-22,500 levels, for Nifty Bank at 48,500-48,700 levels
• One may buy midcap & smallcap firms posting good results

For existing long positions:

• Nifty intraday stop loss at 22,500 and closing stop loss at 22,400

• Nifty Bank intraday and closing stop loss at 48,900

For existing short positions:

• Nifty intraday and closing stop loss at 22,800
• Nifty Bank intraday and closing stop loss at 49,575

For new positions in Nifty:

• Buy Nifty stop loss at 22,500 for targets of 22,675, 22,700, 22,750 and 22,775; above 22,800, one may hold their position with a trailing stop loss 

• Sell Nifty only if it breaks below 22,400; aggressive traders can sell Nifty near 22,750-22,775 levels with a strict stop loss at 22,825

For new positions in Nifty Bank:

• Buy Nifty Bank with a stop loss at 49,250 for a target of 49,500; above 49,575, Nifty Bank in a blue sky zone where one may hold their position with a trailing stop loss

• Next logical target at 49,900-50,000 levels

• Sell Nifty Bank only if it breaks below 48,900, with a strict stop loss at 49,100 

F&O ban update

• New in ban: Biocon
• Already in ban: Vodafone Idea
• Out of ban: None

JNK India shares to enter the listed space today; here's what to expect: 

• The IPO received a huge response, subscribed 28 times
• A strong listing expected; debut expected at Rs 515-530 levels vs issue price of Rs 415
• The market wizard advised applying for the IPO from a long-term perspective
• Short-term investors can keep a stop loss at Rs 480 and hold

Stocks of the day

Sell Tata Chemicals futures with a stop loss at Rs 1,120 for targets of Rs 1,070 and Rs 1,055

• Results very weak on all parameters
• Margin down at 12.7 per cent from 22 per cent 
• Management's outlook cautious 

Sell Birlasoft futures with a stop loss at Rs 689 for targets of Rs 669 and Rs 662 

• Results slightly below estimates
• Nomura has lowered its target from Rs 950 to Rs 850

Buy Can Fin Homes futures with a stop loss at Rs 735 for targets of Rs 760 and Rs 770

• Results in line with expectations
• Asset quality stable 
• Stock may see some short covering
• NIM improved

Buy Poonawalla Fincorp shares with a stop loss at Rs 480 for targets of Rs 500 and Rs 510

• Results strong on all parameters
• Profit up 83 per cent 
• Asset quality improved

Buy Hindustan Copper futures with a stop loss at Rs 384 for targets of Rs 399, Rs 404 and Rs 408

• Metals in a strong uptrend
• LME copper up two per cent on Monday

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