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

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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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