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 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 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
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