Anil Singhvi strategy May 2: Important levels to track in Nifty50, Nifty Bank today

Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi sees support for the headline Nifty50 index emerging at 22,500-22,575 levels and a strong buy zone at 22,375-22,450 levels on Thursday, May 2. For the Nifty Bank, he expects support to come in at 49,050-49,250 levels and a strong buy zone at 48,725-48,875 levels.

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

• Global: Negative

• FII: Positive

• DII: Positive   

• F&O: Neutral

• Sentiment: Positive

• Trend: Positive

He expects a higher zone for the headline index at 22,625-22,700 levels and a profit-booking zone at 22,750-22,800 levels. 

For the banking index, Singhvi expects the next target range after 49,575 at 49,825-49,975 levels. 

ANIL SINGHVI MARKET STRATEGY  

• FII index longs at 52 per cent vs 43 per cent the previous day

• Nifty put-call ratio (PCR) at 1.11 vs 1.23

• Nifty Bank PCR at 0.99 vs 1.54

• Volatility index India VIX up five per cent at 12.87

Editor's take

• Dow Jones has lost 500 points in two days
• Dalal Street scaled a record high on Tuesday but saw sharp selling in the last hour of trade
• Perhaps market participants anticipated weakness in US in advance
• Strong FII inflows on Tuesday; net purchases to the tune of Rs 12,000 crore across cash and derivative segments
• Monthly GST collections at a record high
• Traders may adopt a 'buy on dips' strategy and make sure to buy at key support levels

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 stop loss at 50,000 and closing stop loss at 49,500

For new positions in Nifty:

• The best range to buy Nifty is 22,450-22,550 with a stop loss at 22,350 for targets of 22,600, 22,625, 22,650, 22,700, 22,750 and 22,775

• Aggressive traders can sell Nifty in the 22,650-22,750 range with a strict stop loss at 22,800 for targets of 22,600, 22,575, 22,550, 22,500, 22,450 and 22,425

For new positions in Nifty Bank:

• Aggressive traders can buy Nifty Bank in the 48,975-49,050 range with a strict stop loss at 48,850 for targets of 49,250, 49,400 and 49,475; above 49,575, the target range is 49,825-49,975

• Aggressive traders can sell Nifty Bank in the 49,825-49,975 range with a strict stop loss at 50,075 for targets of 49,700, 49,525, 49,425, 49,250 and 49,050

F&O ban update

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

Results reviews

Havells 

• Extraordinary strong performance
• Lloyd’s profit a big surprise
• Strong signs of demand revival
• Buy Havells futures with a stop loss at Rs 1,659 for targets of Rs 1,708, Rs 1,725, Rs 1,755 and Rs 1,800

Ambuja 

• Weak operational performance
• Realisations down seven per cent sequentially
• Sell Ambuja futures with a stop loss at Rs 630 for targets of Rs 603, Rs 592 and Rs 580

Indus Towers 

• Strong results
• Strong tower editions
• Good results already priced in
• The stock has already run up 52 per cent in three months
• Indus Towers futures have support at Rs 343 and a higher level at Rs 367

IndiaMART InterMESH

• Mixed results
• Nothing bad, nothing great
• IndiaMART futures have support at Rs 2,580 and Rs 2,625 and higher levels at Rs 2,710 and Rs 2,755

Stocks of the Day

Buy Godrej Industries futures with a stop loss at Rs 955 for targets of Rs 995 and Rs 1,020

Buy Godrej Properties futures with a stop loss at Rs 2,622 for targets of Rs 2,720 and Rs 2,755

• Godrej group announces family settlement
• Positive for group holding company Godrej Industries
• Don’t buy if the stock makes a gap-up opening
• It has already run up six per cent in the previous session

Buy Netweb Technology shares with a stop loss at Rs 1,670 for targets of Rs 1,720, Rs 1,740 and Rs 1,775

• Strong results
• Record EBITDA
• Order book strong at Rs 411 crore 

Buy Federal Bank futures with a stop loss at Rs 160 for targets of Rs 168 and Rs 171

• Kotak Mahindra Bank joint MD has resigned
• Rumours of him joining Federal Bank

Buy REC futures with a strict stop loss at Rs 500 for targets of Rs 520 and Rs 530

• Strong results on Tuesday
• Follow-up buying expected in the stock after nine per cent upmove
• Don’t chase a gap-up opening

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