Anil Singhvi strategy April 8: Important levels to track in Nifty50, Nifty Bank today

Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi sees support emerging at 22,450-22,525 levels and a strong buy zone at 22,300-22,425 levels for the headline Nifty50 index on Monday, April 8.

For the Nifty Bank, he expects support to come in at 48,075-48,250 levels and a strong buy zone at 47,825-47,975 levels.

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

• Global: Positive

• FII: Negative

• DII: Negative

• F&O: Neutral

• Sentiment: Positive  

• Trend: Positive

He expects a higher zone for the headline index at 22,625 and a "blue-sky zone" above 22,650. 

For the banking index, Singhvi expects a higher zone at 48,625 and a blue-sky zone above 48,650. 

ANIL SINGHVI MARKET STRATEGY  

• FII index longs unchanged at 43 per cent as the previous session

• Nifty put-call ratio (PCR) at 1.03 vs 1.17

• Nifty Bank PCR at 1.32 vs 1.05

• Volatility index India VIX up one per cent at 11.34

The market wizard expects Dalal Street to benefit from a global recovery, easing crude oil prices, and the first instance of buying by FIIs in the cash segment though it is also the first instance of strong selling by domestic funds. 

He expects both Nifty50 and Nifty Bank to scale fresh highs amid strong momentum in the market. Day traders should avoid shorting as long as the indices hold 22,300 and 47,700 levels, he says. 

Singhvi expects buying to pick up in midcap and smallcap stocks.

For existing long positions:

• Nifty intraday and closing stop loss at 22,400

• Nifty Bank intraday and closing stop loss at 48,000

For existing short positions:

• Nifty intraday and closing stop loss at 22,650
• Nifty Bank intraday and closing stop loss at 48,650

For new positions in Nifty:

• The best range to buy Nifty is 22,350-22,450 with a stop loss at 22,300 for targets of 22,500, 22,525 and 22,600; above 22,650, one may hold their positions with a trailing stop loss

• Sell Nifty only if it breaks 22,275

For new positions in Nifty Bank:

• The best range to buy Nifty Bank is 48,075-48,250 with a stop loss at 47,900 for targets of 48,450, 48,550 and 48,625; above 48,650, one may hold their positions with a trailing stop loss

• Sell Nifty Bank only if it breaks 47,700

F&O ban update

• New in ban: Bandhan Bank

• Already in ban: Hindustan Copper, SAIL, Zee Entertainment Enterprises

• Out of ban: None

Stocks of the day

Buy Wipro futures with a stop loss at Rs 475 for targets of Rs 492, Rs 499 and Rs 510

• Resignation of MD and CEO Thierry Delaporte
• Srinivas Pallia Wipro appointed as new MD and CEO

Sell Nestle futures with a stop loss at Rs 2,575 for targets of Rs 2,490 and Rs 2,455

• Swiss promoter increased royalty to 5.25 per cent 
• Investors must buy if the stock sees a big fall

Buy Info Edge futures with a stop loss at Rs 5,620 for targets of Rs 5,720 and Rs 5,785

• Strong quarterly update
• Standalone billing increased 10.5 per cent on a year-on-year basis 

Buy Chola Investment futures with a stop loss at Rs 1,204 for targets of Rs 1,239 and Rs 1,255

• Strong quarterly update

Buy Kalyan Jewellers shares with a stop loss at Rs 425 for targets of Rs 438, Rs 443 and Rs 448

• Strong quarterly update

Stock review:

Bandhan Bank 

• Sudden resignation of MD and CEO Chandra Shekhar Ghosh a setback
• However, the bank didn’t perform extraordinary well under his leadership
• Stock in F&O ban also

Vodafone Idea 

• Keep a stop loss at Rs 13 and hold long positions 
• Promoters equity investment very positive
• Total Rs 20,000 crore equity investment via QIP or FPO will be crucial

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