Anil Singhvi strategy April 16: Important levels to track in Nifty50, Nifty Bank today

Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi sees support emerging at 22,000-22125 levels and a stronger support zone at 21,825-21,950 levels for the headline Nifty50 index on Tuesday, April 16.

For the Nifty Bank, he expects initial support to come in at 47,025-47,250 levels followed by a stronger support zone at 47,725-47,975 levels.

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

• Global: Negative

• FII: Negative

• DII: Positive  

• F&O: Neutral

• Sentiment: Negative

• Trend: Positive

He expects a higher level for the headline index at 22,300-22,425 levels and a strong sell zone at 22,450-22,550 levels. 

For the banking index, Singhvi expects a higher zone at 47,900-48,075 and a strong sell zone at 48,250-48,475 levels. 

ANIL SINGHVI MARKET STRATEGY  

• FII index longs at 49 per cent vs 56 per cent the previous day

• Nifty put-call ratio (PCR) at 0.81 vs 0.87

• Nifty Bank PCR at 0.60 vs 0.76

• Volatility index up 6.5 per cent at 12.28

For existing long positions:

• Nifty intraday and closing stop loss at 22,150

• Nifty Bank intraday and closing stop loss at 47,500

For existing short positions:

• Nifty intraday and closing stop loss at 22,425
• Nifty Bank intraday and closing stop loss at 48,250

For new positions in Nifty:

• Sell Nifty with a stop loss at 22,425 for targets of 22,175, 22,125, 22,050, 22,025, 22,000 and 21,950

• Aggressive traders can buy Nifty in the 21,900-22,050 range with a strict stop loss at 21,800 for targets of 22,125, 22,200, 22,250, 22,275, 22,325 and 22,375

For new positions in Nifty Bank:

• Sell Nifty Bank with a stop loss at 48,000 for targets of 47,500, 47,375, 47,125, 47,025, 46,875 and 46,775

• Aggressive traders can buy Nifty Bank in the 46,975-47,125 range with a strict stop loss at 46,850 for targets of 47,375, 47,500, 47,625, 47,725, 47,775 and 47,900

F&O ban update

• New in ban: Bandhan Bank, Exide Industries, SAIL

• Out of ban: Vodafone Idea

• Already in ban: GNFC, Metropolis, PEL, Balrampur Chini, Hindustan Copper, India Cements, NALCO, ZEEL

Stocks of the day

Sell Apollo Tyres futures with a stop loss at Rs 482 for targets of Rs 465 and Rs 460

• Leading tyre manufacturers reduced tyre prices

Buy Varun Beverages with a stop loss at Rs 1,365 for targets of Rs 1,400 and Rs 1,412

• Morgan Stanley has initiated coverage with 'overweight' rating and a target of Rs 1,701

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