Anil Singhvi Market Strategy (May 7): Important levels to track in Nifty 50, Nifty Bank today after India launches Operation Sindoor

Anil Singhvi Market Strategy on May 7 (Operation Sindoor): Zee Business Managing Editor Anil Singhvi expects support for the headline Nifty50 index at 24,050-24,200 levels and a stronger support zone at 23,800-23,900 levels on Wednesday, May 7. For the Nifty Bank, Singhvi expects support at 53,400-53,600 levels and a stronger support zone at 53,075-53,225 levels. In the early hours on Wednesday, India targeted terrorist infrastructure in nine locations in Pakistan and Pakistan Occupied Jammu and Kashmir (PoJK) under Operation Sindoor.  

How market guru Anil Singhvi sums up trade setup this morning: 

• Global: Neutral

• FII: Positive

• DII: Negative

• F&O: Neutral

• Sentiment: Cautious

• Trend: Positive

• FII long positions unchanged at 49 per cent as before Tuesday’s session

• Nifty put-call ratio (PCR) at 0.92 vs 0.97

• Nifty Bank PCR at 0.86 vs 0.93

• Volatility index India VIX up 3.5 per cent at 18.99

The market wizard sees a higher zone at 24,375-24,450 levels and a strong sell zone at 24,500-24,600 levels for the headline index.

For the banking index, he sees a higher zone at 54,275-54,475 levels and a profit-booking zone at 54,575-54,750 levels. 

ANIL SINGHVI MARKET STRATEGY | How to trade Nifty Bank and Nifty50?

For existing long positions: 

• Nifty intraday stop loss at 24,175 and closing stop loss at 24,300

• Nifty Bank intraday and closing stop loss at 53,900

For existing short positions:

• Nifty intraday and closing stop loss at 24,500
• Nifty Bank intraday and closing stop loss at 55,100

For new positions in Nifty50:

• Sell Nifty with a stop loss at 24,500 for targets of 24,250, 24,200, 24,125, 24,050, 23,900 and 23,850

• Aggressive traders can buy Nifty in the 23,900-24,075 range with a strict stop loss at 23,800 for targets of 24,175, 24,250, 24,300, 24,335, 24,365 and 24,400

For new positions in Nifty Bank:

• Sell Nifty Bank with a stop loss at 54,600 for targets of 54,025, 53,825, 53,600, 53,500, 53,400, 53,225, 53,150 and 53,075

• Aggressive traders can buy Nifty Bank only if it crosses and sustains above the 55,000 mark 

Stocks in F&O ban

• New in ban: CDSL
• Already in ban: Manppuram Finance, RBL Bank
• Out of ban: None

RESULTS REVIEWS 

HPCL

HPCL Futures:
Strong results on all parameters. Support Level 391, Higher level 411

BSE

BSE Futures:
Extraordinary strong results. Support Level 6010, Higher level 6440

KEI Industries

KEI Ind Futures:
Results better than expectations. Support Levels 3100 & 3040, Higher levels 3260 & 3300

Paytm

Paytm Futures:
Mixed results. Stock fell 6% yesterday. Support Level 787, Higher level 833

Godrej Consumer Products

Godrej Cons Futures:
Results slightly weak. Support Levels 1223 & 1210, Higher level 1277

PEL

PEL Futures:
Results slightly weak. Support Levels 920 & 895, Higher level 990

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