Anil Singhvi Market Strategy May 6: Important levels to track in Nifty50, Nifty Bank today

Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi expects support for the headline Nifty50 index to emerge at 22,475-22,550 levels and a strong buy zone at 22,350-22,450 levels on Monday, May 6. For the Nifty Bank, he expects support to come in at 48,925-49,000 levels and a strong buy zone at 48,625-48,725 levels.

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

• Global: Positive

• FII: Negative

• DII: Neutral   

• F&O: Neutral

• Sentiment: Positive

• Trend: Positive

He expects a higher zone for the headline index at 22,600-22,675 levels and a profit-booking zone at 22,700-22,775 levels. For the banking index, he expects a higher zone at 49,250-49,400 levels and a profit-booking zone at 49,500-49,600 levels.

Traders stuck in Friday's wild swings on Dalal Street

• Nifty fell 450 points, Nifty Bank 950 points from day's highs on Friday
• Nifty50 faced selling pressure right after scaling a lifetime high
• Traders and investors worried; reason for fall unknown
• Some media reports suggested a possible increase in market tax following elections
• Finance Minister took to X (formerly Twitter) in the evening to dismiss reports 
• Finance Minister's swift and straight action important
• No more fears of increasing taxes on Dalal Street

Editor's take

• Concerns about higher taxes on Dalal Street now behind
• Global signals strong
• Huge FII outflows on Friday; net sales at Rs 15,000 crore across cash and derivatives segments
• FII index long positions at 44 per cent from 53 per cent
• Fresh buying and short covering expected on Monday
• Market may attempt to scale a fresh peak this week
• All eyes on Phase 3 voter turnout
• Nifty and Nifty Bank sliding into the red will be a sign of weakness

ANIL SINGHVI MARKET STRATEGY  

• FII index longs at 44 per cent vs 53 per cent the previous day

• Nifty put-call ratio (PCR) at 0.89 vs 1.28

• Nifty Bank PCR very light, at 0.68 vs 0.83

• Volatility index India VIX up nine per cent at 14.62

For existing long positions:

• Nifty intraday and closing stop loss at 22,450

• Nifty Bank intraday and closing stop loss at 48,900

For existing short positions:

• Nifty intraday and closing stop loss at 22,650
• Nifty Bank intraday stop loss at 49,150 and closing stop loss at 49,425

For new positions in Nifty:

• Buy Nifty stop loss at 22,450 for targets of 22,600, 22,625, 22,650, 22,700, 22,750 and 22,775

• Aggressive traders can sell Nifty in the 22,700-22,775 range with a strict stop loss at 22,825 for targets of 22,650, 22,625, 22,600, 22,570 and 22,500

For new positions in Nifty Bank:

• Buy Nifty Bank with a stop loss at 48,850 for targets of 49,125, 49,250, 49,400, 49,475 and 49,600

• Aggressive traders can sell Nifty Bank in the 49,400-49,600 range with a strict stop loss at 49,700 for targets of 49,250, 49,125, 49,050, 48,975 and 48,925

F&O ban update

• New in ban: Balrampur Chini, GMR Airports
• Already in ban: AB Fashion, Vodafone Idea, Biocon
• Out of ban: None

Buy Kotak Mahindra Bank futures stop loss at 1545 for targets of 1580, 1595, 1605

• Strong results on all parameters

Buy Britannia futures stop loss at 4735 for targets of 4790, 4815, 4830

• Results in line with estimates
• Volume growth impressive at 6.0 per cent
• Strong outlook

Buy M&M Finance futures stop loss at 263 for targets of 270, 275, 280

• Strong results
• NIMs improved to 7.1 per cent
• Asset quality strong 

Sell Titan futures stop loss at 3580 for targets of 3490, 3430, 3400

• Weak results
• Jewellery margin below estimates
• Increase in competition
• Margins to remain under pressure in near term

Catch all the latest stock market updates here. For all other news related to business, politics, tech and auto, visit Zeebiz.com.