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:

  • Global: Positive
  • 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 22,750-22,800 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  

  • FII index longs at 53 per cent vs 52 per cent the previous day
  • Nifty put-call ratio (PCR) at 1.28 vs 1.11
  • Nifty Bank PCR at 0.83 vs 0.99
  • 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:

  • Nifty intraday and closing with stop loss at 22,550
  • 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:

  • 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
  • Sell Nifty only if it breaks below 22,550

For new positions in Nifty Bank:

  • 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
  • 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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