Anil Singhvi strategy May 2: 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 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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