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

Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi sees support emerging at 21,725-21,850 levels and a stronger support zone at 21,550-21,675 levels for the headline Nifty50 index on Friday, April 19, as the country enters the first phase of a seven-phase polling process under the 2024 Lok Sabha elections.

For the Nifty Bank, he expects initial support to come in at 46,250-46,400 levels followed by a stronger support zone at 45,825-46,025 levels.

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

• Global: Neutral

• FII: Negative

• DII: Positive  

• F&O: Neutral

• Sentiment: Negative

• Trend: Positive

He expects a higher level for the headline index at 21,975-22,075 levels and a strong sell zone at 22,150-22,250 levels. 

For the banking index, Singhvi expects a higher zone at 46,975-47,075 levels and a strong sell zone at 47,250-47,325 levels. 

ANIL SINGHVI MARKET STRATEGY  

• FII index longs at 32 per cent vs 44 per cent the previous day

• Nifty put-call ratio (PCR) at 0.93 vs 0.76

• Nifty Bank PCR at 0.70 vs 0.85

• Volatility index India VIX up 3.5 per cent at 13.04

Editor's take

• Wait for official statements from Iran and Israel amid reports of escalation
• Any retaliatory action by Iran will be very bad for markets
• Concerns about delayed rate cuts persist on Wall Street 
• Strong selling by FIIs on Dalal Street
• Last support at 21,600-21,800 for Nifty50, 45,825-46,325 for Nifty Bank

What can happen next?

• Can China, Russia, Gulf nations support Iran?
• Which countries can support Israel?
• US stance to be most important amid changing circumstances
• US may look to avoid participation in election year
• China & Russia already dealing with own problems
• Matter can stabilise unless Saudi comes into the picture

For existing long positions:

• Nifty intraday stop loss at 21,700 and closing stop loss at 21,800

• Nifty Bank intraday stop loss at 46,500 and closing stop loss at 47,300

For existing short positions:

• Nifty intraday stop loss at 22,225 and closing stop loss at 22,150
• Nifty Bank intraday and closing stop loss at 47,325

For new positions in Nifty:

• Sell Nifty with a stop loss at 22,100 for targets of 21,850, 21,800, 21,775, 21,725, 21,675 and 21,625

• Buy Nifty only if it trades above 22,100

• Aggressive traders can buy in very small quantities in the 21,625-21,800 range with a strict stop loss at 21,500 for targets of up to 21,975

For new positions in Nifty Bank:

• Sell Nifty Bank with a stop loss at 47,325 for targets of 46,675, 46,525, 46,400, 46,325, 46,250, 46,025 and 45,825

• Buy Nifty Bank only if it trades above 47,325

• Aggressive traders can buy in very small quantities in the 46,025-46,325 range with a strict stop loss at 45,800 for targets of up to 46,775 and 46,975

F&O ban update

• New in ban: Exide Industries 
• Already in ban: Vodafone Idea, Bandhan Bank, SAIL, GNFC, Metropolis, PEL, Balrampur Chini, Hindustan Copper, NALCO, ZEEL
• Out of ban: None

Results reviews

Infosys

• Weak results
• Stock already down almost 12 per cent over the last few weeks
• A 3-5 per cent fall will offer a good buying opportunity 
• Futures have support at Rs 1,355 and Rs 1,375; a higher level at Rs 1,445

Bajaj Auto

• Results strong on all parameters
• Book profit on gap-up opening
• Support at Rs 8800 and Rs 8,920; higher levels at Rs 9,175 and Rs 9,235

Stock of the day

Sell IndiGo futures with a stop loss at Rs 3,630 for targets of Rs 3,555, Rs 3,540 and Rs 3,510

• Tensions in Israel and Iran to impact flight operations

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