Anil Singhvi Market Strategy May 9: 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 22,175-22,225 levels and a strong buy zone at 22,000-22,075 levels on Thursday, May 9.

For the Nifty Bank, he expects support to come in at 47,700-47,850 levels followed by a stronger support zone at 47,500-47,625 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 22,350-22,400 levels and a strong sell zone at 22,450-22,550 levels.

For the banking index, he expects a higher zone at 48,200-48,325 levels and a strong sell zone at 48,475-48,625 levels.

ANIL SINGHVI MARKET STRATEGY  

• FII index longs at 39 per cent vs 42 per cent the previous day

• Nifty put-call ratio (PCR) at 0.77 vs 0.78

• Nifty Bank PCR at 0.81 vs 0.56

• Volatility index India VIX up 0.5 per cent at 17.08

What is negative for Dalal Street?

• FII outflows for five days in a row
• Six back-to-back days of negative closing for Nifty Bank and four days for Nifty50 
• Caution about election results among investors 
• Investors in no mood to park funds in the market
• In fact, investors eyeing opportunities to book profits at higher levels

What is positive for the market?

• Six back-to-back days of gains on Wall Street (Dow) 
• No big accident in mega-cap results 
• Phase 3 voter turnout only 1.6 per cent lower vs 2019 
• Signs of light positions ahead of election results

Editor's Take

• Supportive global signals
• Sentiment improving in PSU, midcap, smallcap stocks after Wednesday's recovery
• FII outflows continue to put pressure on the market
• Expect Dalal Street to move within a narrow range
• Nifty50 seen moving within the 22,000-22,500 band 
• It is important for Nifty50 to close in the green on the weekly F&O expiry on May 9
• Positions in Nifty Bank light after expiry on Wednesday
• In the cash segment, investors may buy stocks of companies posting good results

For existing long positions:

• Nifty intraday stop loss at 22,150 and closing stop loss at 22,275

• Nifty Bank intraday stop loss at 47,800 and closing stop loss at 47,950

For existing short positions:

• Nifty intraday stop loss at 22,400 and closing stop loss at 22,475
• Nifty Bank intraday stop loss at 48,300 and closing stop loss at 48,500

For new positions in Nifty:

• Aggressive traders can sell Nifty in the 22,375-22,475 range with a strict stop loss at 22,550 for targets of 22,300, 22,275, 22,235, 22,185 and 22,150

• Aggressive traders can buy Nifty in the 22,150-22,235 range with a strict stop loss at 22,050 for targets of 22,275, 22,300, 22,350, 22,400, 22,450 and 22,475

For new positions in Nifty Bank:

• Aggressive traders can sell Nifty Bank in the 48,325-48,475 range with a strict stop loss at 48,650 for targets of 48,225, 48,150, 48,050, 47,900 and 47,850

• Aggressive traders can buy Nifty Bank in the 47,700-47,850 range with a strict stop loss at 47,500 for targets of 47,975, 48,025, 48,150, 48,200, 48,275 and 48,325

F&O ban update

• New in ban: Canara Bank, Piramal Enterprises
• Already in ban: Zee Entertainment Enterprises, PNB, SAIL, Balrampur Chini, GMR Airports, AB Fashion, Voda Idea, Biocon
• Out of ban: None

L&T results review

Tata Power results review

• Results below expectations
• Futures have support at Rs 430 and Rs 422
• Higher levels for futures placed at Rs 443 and Rs 447

Stock of the Day

Buy TVS Motor futures with a stop loss at Rs 2,000 for targets of Rs 2,035, Rs 2,070 and Rs 2,090

• Strong quarterly performance
• Management commentary positive
• Better volume recovery expected than peers

Sell PEL futures with a stop loss at Rs 915 for targets of Rs 865, Rs 855 and Rs 845

• Extremely weak performance
• Weak core profit
• Jefferies has cut PAT estimate for FY25-26 by 22-27 per cent 

Buy HAL futures with a stop loss at Rs 3,825 for targets of Rs 3,900 and Rs 3,930

• Nomura has initiated coverage on the stock with a target of Rs 4,750 
• HAL is well positioned in fighter aircraft segment
• Significant capability upgrade a big positive

Buy SKF India shares with a stop loss at Rs 4,525 for targets of Rs 4,675, Rs 4,725 and Rs 4,800

• Operational performance strong 
• Revenue at 13-quarter high

Buy BEL futures with a stop loss at Rs 229 for targets of Rs 238, Rs 244 and Rs 249

• Nomura has placed its target at Rs 300 
• Company to benefit from its strong order book

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