Anil Singhvi Market Strategy May 7: 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 22,350-22,400 levels and a strong buy zone at 22,250-22,325 levels on Tuesday, May 7. For the Nifty Bank, he expects support to come in at 48,650-48,800 levels followed by a stronger support zone at 48,425-48,575 levels.
Here's how Anil Singhvi sums up the market setup:
- Global: Positive
- FII: Negative
- DII: Positive
- F&O: Neutral
- Sentiment: Neutral
- Trend: Positive
He expects a higher zone for the headline index at 22,500-22,565 levels and a profit-booking zone at 22,600-22,650 levels. For the banking index, he expects a higher zone at 49,125-49,250 levels and a profit-booking zone at 49,400-49,600 levels.
ANIL SINGHVI MARKET STRATEGY
- FII index longs at 45 per cent vs 44 per cent the previous day
- Nifty put-call ratio (PCR) at 0.85 vs 0.89
- Nifty Bank PCR at 0.66 vs 0.68
- Volatility index India VIX up 13.5 per cent at 16.60
For existing long positions:
- Nifty intraday and closing stop loss at 22,325
- Nifty Bank intraday and closing stop loss at 48,650
For existing short positions:
- Nifty intraday and closing stop loss at 22,600
- Nifty Bank intraday and closing stop loss at 49,300
For new positions in Nifty:
- The best range to buy Nifty is 22,325-22,400 with a stop loss at 22,250 for targets of 22,450, 22,500, 22,550, 22,570 and 22,600
- Sell Nifty in the 22,575-22,650 range with a stop loss at 22,725 for targets of 22,500, 22,475, 22,450, 22,415, 22,375 and 22,350
For new positions in Nifty Bank:
- Aggressive traders can buy Nifty Bank in the 48,650-48,800 range with a strict stop loss at 48,475 for targets of 48,900, 48,975, 49,050, 49,125, 49,250 and 49,400
- Aggressive traders can sell Nifty Bank in the 49,250-49,400 range with a strict stop loss at 49,625 for targets of 49,125, 49,050, 48,975, 48,925, 48,800 and 48,650
F&O ban update
- New in ban: SAIL
- Already in ban: Balrampur Chini, GMR Airports, AB Fashion, Vodafone Idea, Biocon
- Out of ban: None
Results reviews
Godrej Consumer Products
- Buy Godrej Consumer Products futures with a stop loss at Rs 1,210 for targets of Rs 1,265 and Rs 1,280
- Results much better than estimates
- Volume growth strong at 12 per cent, best in sector
- Loss due to exceptional item of Rs 2,375 crore
- Operational performance very strong
Gujrat Gas
- Buy Gujrat Gas futures with a stop loss at Rs 542 for targets of Rs 558 and Rs 565
- Results better than estimates
- Operational performance strong
Lupin
- Lupin futures have support at Rs 1,655 and Rs 1,637 and higher levels at Rs 1,715 and Rs 1,730
- Operational performance strong
- Profit booking expected on a gap-up opening
- Management confident of FY25
Stocks of the Day
Buy Marico futures with a stop loss at Rs 526 for targets of Rs 540, Rs 545 and Rs 552
- Results came during market hours on Monday
- Commentary very strong
Buy HPCL futures with a stop loss at Rs 507 for targets of Rs 528, Rs 534 and Rs 540
- Crude oil trading lower
- BPCL and HPCL to consider bonus issues on May 9
Buy Titagarh Wagons shares with a stop loss at Rs 1,020 for targets of Rs 1,060 and Rs 1,075
- Morgan Stanley has initiated coverage with 'overweight' rating and Rs 1,285 target
- Railway stocks looking very strong
Buy Hindalco futures with a stop loss at Rs 637 for targets of Rs 654 and Rs 660
- Strong performance by Novalis in Q4
- Jefferies has raised target to Rs 810 from Rs 700, maintained 'buy' rating
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