Anil Singhvi strategy April 9: Important levels to track in Nifty50, Nifty Bank today

Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi sees support emerging at 22,550-22,625 levels and a strong buy zone at 22,425-22,525 levels for the headline Nifty50 index on Tuesday, April 9.

For the Nifty Bank, he expects support to come in at 48,250-48,425 levels and a strong buy zone at 47,900-48,075 levels.

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

• Global: Neutral

• FII: Neutral

• DII: Positive 

• F&O: Neutral

• Sentiment: Positive

• Trend: Positive

He expects a "blue-sky zone" for the headline index above above 22,725. 

For the banking index, Singhvi expects a higher zone at 48,650-48,725 levels and a blue-sky zone above 48,750. 

ANIL SINGHVI MARKET STRATEGY  

• FII index longs at 45 per cent vs 43 per cent the previous day

• Nifty put-call ratio (PCR) at 1.29 vs 1.03

• Nifty Bank PCR at 1.2 vs 1.32

• Volatility index India VIX up 2.4 per cent at 11.61

For existing long positions:

• Nifty intraday 22,500 and closing stop loss at 22,400

• Nifty Bank intraday 48,400 and closing stop loss at 48,000

For existing short positions:

• Nifty intraday and closing stop loss at 22,725
• Nifty Bank intraday and closing stop loss at 48,750

For new positions in Nifty:

• The best range to buy Nifty is 22,500-22,625 with a stop loss at 22,400 for targets of 22,675 and 22,700; above 22,725, one may hold their long positions with a trailing stop loss

• Sell Nifty only if it breaks 22,400

For new positions in Nifty Bank:

• The best range to buy Nifty Bank is 48,250-48,425 with a stop loss at 48,150 for targets of 48,500, 48,575, 48,625 and 48,700; above 48,750, hold the long positions with a trailing stop loss

• Sell Nifty Bank only if it breaks 47,900

F&O ban update

• New in ban: None

• Already in ban: Bandhan Bank, SAIL, ZEEL

• Out of ban: Hindustan Copper

Why are auto stocks rallying?

• Strong report by FADA; strong business at the dealer's level
• Strong growth expected on the back of launches, EV segment
• Strong margins expected in Q4

Stocks of the day

Buy Infosys futures with a stop loss at Rs 1,458 for targets of Rs 1,502, Rs 1,517 and Rs 1,528

• BofA has double upgraded the IT major's stock 'buy' from 'neutral' and raised its target to Rs 1,785 from Rs 1,735 
• IT stocks looking strong before results season

Buy PI Industries futures with a stop loss at Rs 3,950 for targets of Rs 4,030 and Rs 4,100

• Citi has raised its target to Rs 4,500 from Rs 4,100

Buy Can Fin Homes futures with a stop loss at Rs 795 for targets of Rs 811 and Rs 818

• NBFC stocks looking strong
• Morgan Stanley target at Rs 1,000

Block deals review:

Gland Pharma 

• The stock has already run before the block deal
• Don't be in a hurry to buy post-deal

Axis Bank

• With this, block deal-related selling to be over
• Buy at a lower level
• Rs 1,055-1,065 good levels to enter

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