Anil Singhvi strategy April 29: Important levels to track in Nifty50, Nifty Bank today

Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi sees support emerging at 22,300-22,375 levels and a strong buy zone at 22,150-22,200 levels for the headline Nifty50 index on Monday, April 29. For the Nifty Bank, he expects support to come in at 47,900-48,075 levels and a strong buy zone at 47,625-47,775 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 level for the headline index at 22,500-22,575 levels and a profit-booking zone at 22,625-22,700 levels. 

For the banking index, Singhvi expects a higher zone at 48,425-48,575 levels and a profit-booking zone at 48,625-48,725 levels. 

ANIL SINGHVI MARKET STRATEGY  

• FII index longs at 35 per cent vs 39 per cent the previous day

• Nifty put-call ratio (PCR) at  0.96 vs 1.28

• Nifty Bank PCR at 0.85 vs 1.16

• Volatility index India VIX up two per cent at 10.93

Editor's take

• Global markets to support sentiment on Dalal Street
• FII outflows may cause pressure at higher levels
• Expect buying in midcap and smallcap stocks
• One may use a gap-up opening to book profit in the higher range
• Market participants have an eye on low voting turnout
• Nifty Bank to be supported by ICICI Bank and RBL Bank results

For existing long positions:

• Nifty intraday and closing stop loss at 22,300

• Nifty Bank intraday and closing stop loss at 48,000

For existing short positions:

• Nifty intraday and closing stop loss at 22,625
• Nifty Bank intraday and closing stop loss at 48,725

For new positions in Nifty:

• Buy Nifty with a stop loss at 22,300 for targets of 22,475, 22,500, 22,550, 22,575 and 22,625

• The best range to sell Nifty is 22,550-22,625 with a stop loss at 22,700 for targets of 22,500, 22,450, 22,425, 22,400, 22,375 and 22,300

For new positions in Nifty Bank:

• Buy Nifty Bank with a stop loss at 47,900 for targets of 48,425, 48,475, 48,575, 48,625, 48,675 and 48,725

• Aggressive traders can sell Nifty Bank in the 48,500-48,675 range with a strict stop loss at 48,750 for targets of 48,425, 48,300, 48,200, 48,100 and 48,025

F&O ban update

• Already in ban: Vodafone Idea
• New in ban: None
• Out of ban: None

Results reviews

ICICI Bank 

• Buy ICICI Bank futures with a stop loss at Rs 1,099 for targets of Rs 1,123 and Rs 1,138
• Numbers strong on all parameters except no improvement in NIM
• Operational performance very strong

RBL Bank 

• Buy RBL Bank futures with a stop loss at Rs 262 for targets of Rs 271, Rs 273 and Rs 278
• Performance strong on all parameters
• Don't buy if the stock makes a big gap-up start
• Profit booking expected at higher levels

IDFC First Bank 

• Results weak on all parameters
• Futures have support at Rs 81 and Rs 83, and a higher level at Rs 88
• Results in line with estimates
• Nothing great, nothing bad

Yes Bank 

• Operational performance weak
• Recovery slow
• Book profit in case of a gap-up opening

HCLTech 

• Futures have support at Rs 1,443 and a higher level at Rs 1,510
• Numbers below estimates on all parameters
• The stock can see a small downside
• Buying support expected at lower levels

Maruti Suzuki 

• Futures have support at Rs 12,750 and Rs 12,690, and higher levels at Rs 12,930 and Rs 13,020
• Strong topline
• Profit and EBITDA below estimates
• The stock may see a small downside

Stocks Of The Day

Buy SBI Card futures with a stop loss at Rs 744 for targets of Rs 770, Rs 785 and Rs 800

• Results strong 
• Profit much above expectation
• Stable asset quality
• Revolver credit improved to 24 per cent after eight quarters
• SBI Card has issued three new travel and leisure credit cards
• Next quarter expected to be better

Buy Patanjali Foods shares in the cash segment with a stop loss at Rs 1,560 for targets of Rs 1,660 and Rs 1,700

• Investors keep a target of Rs 1,850
• Patanjali Foods gets proposal to acquire non-food business from Patanjali Ayurved
• Patanjali Foods to appoint valuers to evaluate proposal

Buy Shriram Finance futures with a stop loss at Rs 2,465 for targets of Rs 2,580 and Rs 2,610

• Results came on Friday
• Big upgrades from FII brokerages
• Jefferies has raised its target to Rs 2,950 from Rs 2,750
• JPMorgan and Citi have raised targets

Buy Supreme Industries with a stop loss at Rs 4,300 for targets of Rs 4,440, Rs 4,500 and Rs 4,600

• Results came during market hours on Friday 
• Stock may run due to strong internal

Buy AU Small Finance Bank futures with a stop loss at Rs 592 for targets of Rs 616, Rs 624 and Rs 638

• RBI issues guidelines to convert the small finance bank into a full service bank; this is a big positive

Buy Jana Small Finance Bank shares with a stop loss at Rs 500 for targets of Rs 520 and Rs 529

• RBI issues guidelines to convert the small finance bank into a full service bank; this is a big positive

Buy Shakti Pumps shares with a stop loss at Rs 1,765 for targets of Rs 1,845, Rs 1,890 and Rs 1,940

• Results very strong 

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