Anil Singhvi strategy April 9: 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 22,550-22,625 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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