Anil Singhvi strategy April 10: Important levels to track in Nifty50, Nifty Bank today

Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi sees support emerging at 22,550-22,625 levels and a strong buy zone at 22,425-22,525 levels for the headline Nifty50 index on Wednesday, April 10, ahead of the Id-Ul-Fitr (Ramzan Id) market holiday the next day.

For the Nifty Bank, he expects support to come in at 48,425-48,575 levels and a strong buy zone at 48,075-48,250 levels.

Here's how Anil Singhvi sums up the market setup:

• Global: Neutral

• FII: Neutral

• DII: Neutral

• F&O: Neutral

• Sentiment: Positive

• Trend: Positive

He expects a higher level for the headline index at 22,700-22,775 levels and a "blue-sky zone" above 22,825. 

For the banking index, Singhvi expects a higher zone at 48,950-49,050 levels and a blue-sky zone above 49,100. 

ANIL SINGHVI MARKET STRATEGY  

• FII index longs unchanged at 51 per cent vs 45 per cent the previous day

• Nifty put-call ratio (PCR) at 1.09 vs 1.29

• Nifty Bank PCR at 1.15 vs 1.2

• Volatility index VIX down 2.2 per cent at 11.36

For existing long positions:

• Nifty intraday stop loss at 22,500 and closing stop loss at 22,400

• Nifty Bank intraday and closing stop loss at 48,400

For existing short positions:

• Nifty intraday stop loss at 22,825 and closing stop loss at 22,700
• Nifty Bank intraday stop loss at 49,050 and closing stop loss at 48,800

For new positions in Nifty:

• The best range to buy Nifty is 22,500-22,625 with a stop loss at 22,400 for targets of 22,675, 22,700, 22,750 and 22,800; above 22,825, one may hold their long positions position with a trailing stop loss

• Sell Nifty only if it breaks below 22,400

For new positions in Nifty Bank:

• The best range to buy Nifty Bank is 48,425-48,575 with a stop loss at 48,300 for targets of 48,625, 48,725 and 48,950; above 49,050, hold your long positions with a trailing stop loss

• Sell Nifty Bank only if it breaks below 48,400

F&O ban update

• New in ban: Exide Industries, Hindustan Copper, Vodafone Idea, India Cements

• Already in ban: Bandhan Bank, SAIL, ZEEL

• Out of ban: None

Stocks of the day

Buy MCX futures with a stop loss at Rs 3,700 for targets of Rs 3,800 and Rs 3,850

• Extremely bullish on exchange stocks
• New product launch and options volume to drive growth
• Motilal Oswal Financial Services has raised target from Rs 3,940 to Rs 4,300

Buy Vedanta futures with a stop loss at Rs 333 for targets of Rs 346, Rs 348 and Rs 353

• Metal stocks in strong bull run
• Most underowned metal stock 
• Although the stock went from Rs 250 to Rs 350 in a month, there seems to be some upside left
• CLSA has raised its target from Rs 260 to RS 390

Buy IndiGo futures with a stop loss at Rs 3,620 for targets of Rs 3,700, Rs 3,750 and Rs 3,800

• Vistara's loss is IndiGo's gain
• Airfares surge 25 per cent in major routes
• IndiGo expects to gain market share also

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