Anil Singhvi strategy April 16: 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 22,000-22125 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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