Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi expects support for the headline Nifty50 index at 24,050-24,150 and 23,800-23,900 levels, and an even stronger support zone at 23,550-23,650 levels on Friday, May 9, after India not only blocked but also responded firmly to Pakistan’s attempts to target several parts alongside the Line of Control. For the Nifty Bank, Singhvi expects support at 53,725-53,925 and 53,400-53,600 levels and an even stronger support zone at 53,075-53,225 levels.
Read on to learn more about the market wizard’s throughts on Dalal Street for the day.
How market guru Anil Singhvi sums up trade setup:
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Global: Positive
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FII: Positive
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DII: Neutral
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F&O: Neutral
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Sentiment: Cautious
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Trend: Positive
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FII long positions at 52 per cent vs 50 per cent before Thursday’s session
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Nifty put-call ratio (PCR) at 1.00 vs 0.97
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Nifty Bank PCR at 0.84 vs 0.86
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Volatility index India VIX up 10 per cent at 21
The market wizard sees a higher zone at 24,350-24,450 for the headline index.
For the banking index, he sees a higher zone at 54,600-54,775 levels and a strong sell zone at 54,925-55,175 levels.
ANIL SINGHVI MARKET STRATEGY | How to trade Nifty Bank and Nifty50?
For existing long positions:
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Nifty intraday stop loss at 24,150 and closing stop loss at 24,000
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Nifty Bank intraday and closing stop loss at 53,900
For existing short positions:
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Nifty intraday and closing stop loss at 24,500
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Nifty Bank intraday and closing stop loss at 55,000
For new positions in Nifty50:
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Sell Nifty with a strict stop loss at 24,500 for targets of 24,150, 24,050, 23,900, 23,800, 23,725 and 23,650
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Buy Nifty only if it crosses 24,500; very aggressive traders can buy Nifty in the 23,800-23,900 range with a strict stop loss at 23,700 for targets of 24,000, 24,050, 24,125, 24,175, 24,225 and 24,275
For new positions in Nifty Bank:
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Sell Nifty Bank with a strict stop loss at 54,800 for targets of 54,175, 53,925, 53,725, 53,600, 53,500, 53,400, 53,225 and 53,100
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Buy Nifty Bank only if it crosses 55,050
Stocks in F&O ban
- New in ban: CDSL, Manppuram Finance, RBL Bank
- Already in ban: None
- Out of ban: None
RESULTS REVIEWS
L&T
- Numbers better than expectations
- Revenue in line with estimates
- Futures have support at Rs 3,285 and Rs 3,255, and expected higher levels at Rs 3,360, Rs 3,375 and Rs 3,415
Titan
- Very strong results
- Commentary even better
- Titan futures have support at Rs 3,300 and Rs 3,285
- Higher levels expected at Rs 3,415 and Rs 3,460
MCX
- Sell MCX Futures for targets of Rs 5,815, Rs 5,750 and Rs 5,680 with a stop loss at Rs 6,070
Results weak on all parameters
Pidilite
Results slightly better than estimates
- Futures have support at Rs 2,930 and Rs 2,900
- Higher levels expected at Rs 2,975 and Rs 3,020
Jindal Stainless
- Mixed results
- Outlook weak
- Futures have support at Rs 565
- A higher expected level at Rs 605
- Biocon
- Good numbers due to new launches
- Futures have support at Rs 330 and an expected higher level at Rs 350
REC
- Mixed results
- Futures have support at Rs 380, Rs 375 and Rs 365
- Higher levels expected at Rs 410 and Rs 415
Britannia
- Results better than estimates
- Futures have support at Rs 5,245 and Rs 5,190
- Expected higher levels at Rs 5,485 and Rs 5,510
STOCK OF THE DAY
- Sell Indigo futures for targets of Rs 5,000, Rs 4,900 and Rs 4,850 with a stop loss at Rs 5,125
- Aviation stocks set to take a hit due to the war situation
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