Anil Singhvi strategy April 29: 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 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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