Anil Singhvi Market Strategy May 3: Important levels to track in Nifty50, Nifty Bank today
Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi shares his strategy for today's 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 expects support for the headline Nifty50 index to emerge at 22,600-22,650 levels and a strong buy zone at 22,500-22,575 levels on Friday, May 3. For the Nifty Bank, he expects support to come in at 49,000-49,125 levels and a strong buy zone at 48,725-48,875 levels.
Here's how Anil Singhvi sums up the market setup:
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Global: Positive
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FII: Positive
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DII: Positive
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F&O: Neutral
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Sentiment: Positive
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Trend: Positive
He expects a higher zone for the headline index at 22,750-22,800 levels and a "blue-sky zone" above 22,825. For the banking index, he expects a higher zone at 49,400-49,525 levels and the next logical target range after 49,600 at 49,900-50,000 levels.
ANIL SINGHVI MARKET STRATEGY
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FII index longs at 53 per cent vs 52 per cent the previous day
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Nifty put-call ratio (PCR) at 1.28 vs 1.11
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Nifty Bank PCR at 0.83 vs 0.99
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Volatility index India VIX up 4.5 per cent at 13.45
Editor's take
- Strong global signals to take Dalal Street to life highs
- FII inflows to support the market
- Domestic funds continue to buy
- Corporate results in line with expectations
- Strong support for Nifty50 at 22,425-22,550 levels
- Nifty and Nifty Bank look set to move towards 23,000 and 50,000 respectively
- Trim positions only if the indices close below 22,550 and 48,950 respectively
For existing long positions:
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Nifty intraday and closing with stop loss at 22,550
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Nifty Bank intraday and closing with stop loss at 48,950
For existing short positions:
- Nifty intraday and closing stop loss at 22,800
- Nifty Bank intraday and closing stop loss at 49,600
For new positions in Nifty:
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Buy Nifty: with stop loss at 22,550 for targets of 22,750 and 22,775; above 22,825, one may hold their positions with a trailing stop loss
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Sell Nifty only if it breaks below 22,550
For new positions in Nifty Bank:
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Buy Nifty Bank with a stop loss at 48,950 for targets of 49,400, 49,475 and 49,525; above 49,600, the next big target range is 49,900-50,000
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Sell Nifty Bank in the 49,900-50,000 range with a stop loss at 50,100 for targets of 49,700, 49,525, 49,425, 49,250 and 49,125
F&O ban update
- New in ban: AB Fashion
- Already in ban: Vodafone Idea, Biocon
- Out of ban: None
Results review
Coal India
- Coal India staged a mixed quarterly performance
- Results mixed; nothing good, nothing bad
- Lots of adjustments in results
- Futures have support at Rs 438 and Rs 443 and higher levels at Rs 460 and Rs 466
Stocks of the Day
Sell Coforge futures with a stop loss at Rs 5,040 for targets of Rs 4,770 and Rs 4,655
- Results very weak
- Margin much below estimates
- Jefferies reduced its target to Rs 4,290 from Rs 7,650
- Market not excited with Cigniti acquisition
- Stock down 20 per cent in three months as company raised money through QIP
- Stock may fall big but don’t short at lower levels
- Fresh new buying expected on a big fall
Buy Bajaj Finance futures with a stop loss at Rs 6,780 for targets of Rs 7,050, Rs 7,130, Rs 7,250 and Rs 7,300
- RBI lifts restrictions on eCOM, Insta EMI Card with immediate effect
Buy Ajanta Pharma shares with a stop loss at Rs 2,200 for targets of Rs 2,325, Rs 2,385 and Rs 2,450
- Extraordinary strong results
- Buyback worth Rs 285 crore announced, at Rs 2,770 per share
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09:58 AM IST