Anil Singhvi strategy April 30: 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 22,550-22,625 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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