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

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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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