Anil Singhvi strategy April 3: Important levels to track in Nifty50, Nifty Bank today

Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi sees support emerging at 22,325-22,375 levels and a strong buy zone at 22,175-22,250 levels for the headline Nifty50 index on Wednesday, April 3.

For the Nifty Bank, he expects support to come in at 47,025-47,175 levels and a stronger support zone at 46,800-46,950 levels.

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

• Global: Negative

• FII: Negative

• DII: Positive

• F&O: Neutral

• Sentiment: Positive

• Trend: Positive

He expects a higher zone for the headline index at 22,500-22,525 levels and a "blue sky zone" above 22,550. 

For the banking index, Singhvi expects a higher zone at 47,650-47,725 levels and a strong sell zone at 47,825-47,975 levels. 

ANIL SINGHVI MARKET STRATEGY  

• FII index longs at 47 per cent vs 45 per cent the previous day

• Nifty put-call ratio (PCR) at 1.00 vs 1.07

• Nifty Bank PCR at 0.93 vs 1.07

• Volatility index India VIX down 3.5 per cent at 11.65

The market wizard points out the emergence of weakness in global markets with a surge in bond yields and supply-related concerns owing to an earthquake in Taiwan. He also highlights strong buying in gold as a safety net, selling by FIIs in both cash and futures segments after several days, and negative domestic sentiments on account of a rise in crude oil benchmarks towards $90 a barrel. 

He points out the emergence of profit-taking in largecaps near lifetime highs and suggests buying into the market in case of a big gap-down opening. 

He also says that midcap and smallcap stocks look relatively better but suggests investors remain selective in both following eight days of rapid buying in the segments. 

Singhvi sees strong support for the Nifty50 emerging at 21,800-22,000 levels and predicts a strong move if it closes above 22,550 but with the possibility of some consolidation afterwards. He also warns of profit-taking in bank stocks. 

The market guru says traders will get ample opportunities to act on both sides. 

For existing long positions:

• Nifty intraday and closing stop loss at 22,300

• Nifty Bank intraday stop loss at 47,350 and closing stop loss at 47,000

For existing short positions:

• Nifty intraday and closing stop loss at 22,550
• Nifty Bank intraday and closing stop loss at 47,750

For new positions in Nifty:

• The best range to buy Nifty is 22,200-22,325 with a strict stop loss at 22,150 for targets of 22,375, 22,400, 22,425, 22,450 and 22,500

• Sell Nifty with a strict stop loss at 22,550 for targets of 22,375, 22,325, 22,300, 22,250, 22,200 and 22,175

For new positions in Nifty Bank:

• Sell Nifty Bank with a strict stop loss at 47,750 for targets of 47,425, 47375, 47200, 47125, 47025, 46950

• Buy Nifty Bank in the 46,800-46,950 range with a strict stop loss at 46,600 for targets of 47,025, 47,125, 47,200, 47,325, 47,400 and 47,500

• Aggressive traders can buy Nifty Bank in the 47,025-47,175 range with a strict stop loss at 46,950 for targets of 47,375, 47,425, 47,550, 47,650 and 47,700

F&O ban update

• Out of ban: None

• Already in ban: None

• New in ban: Hindustan Copper

Stocks of the day

Buy Tech Mahindra futures with a stop loss at Rs 1,225 for targets of Rs 1,262 and Rs 1,280 

• Buy IT stocks in case of weakness before results
• CLSA has upgraded the stock to 'buy' from 'outperform' with a reduced target of Rs 1,508 instead of Rs 1,518

Sell Bharat Forge futures with a stop loss at Rs 1,180 for targets of Rs 1,145, Rs 1,130 and Rs 1,118

• North America Class 8 truck sales down 29 per cent on a month-on-month basis

Catch the latest stock market updates here. For all other news related to business, politics, tech and auto, visit Zeebiz.com.