Anil Singhvi Market Strategy (May 8): Important levels to track in Nifty 50, Nifty Bank today

Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi expects support for the headline Nifty50 index at 24,225-24,335 levels and a strong buy zone at 24,050-24,175 levels on Thursday, May 8. For the Nifty Bank, Singhvi expects support at 54,175-54,275 levels and a stronger support zone at 53,750-53,925 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: 

• Global: Positive

• FII: Positive

• DII: Positive

• F&O: Neutral

• Sentiment: Positive

• Trend: Positive

• FII long positions at 50 per cent vs 49 per cent before Wednesday’s session

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

• Nifty Bank PCR unchanged at 0.86

• Volatility index India VIX up 0.34 per cent at 19.06

The market wizard sees a higher zone at 24,500-24,600 levels and a profit-booking zone at 24,650-24,750 for the headline index.

For the banking index, he sees a higher zone at 54,900-55,075 levels and a profit-booking zone at 55,175-55,350 levels. 

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

For existing long positions: 

• Nifty intraday stop loss at 24,200 and closing stop loss at 24,300

• Nifty Bank intraday stop loss at 53,900 and closing stop loss at 54,175

For existing short positions:

• Nifty intraday and closing stop loss at 24,525

• Nifty Bank intraday stop loss at 54,800 and closing stop loss at 55,100

For new positions in Nifty50:

• The best range to buy Nifty is 24,235-24,335 with a stop loss at 24,175 for targets of 24,365, 24,400, 24,450, 24,500, 24,575 and 24,650

• Aggressive traders can sell Nifty in the 24,575-24,700 range with a strict stop loss at 24,850 for targets of 24,525, 24,465, 24,425, 24,400, 24,365 and 24,335

For new positions in Nifty Bank:

• Aggressive traders can buy Nifty Bank in the 54,175-54,275 range with a strict stop loss at 53,900 for targets of 54,600, 54,675, 54,775, 54,925, 55,000 and 55,250

• Aggressive traders can sell Nifty Bank in the 54,975-55,175 range with a strict stop loss at 55,350 for targets of 54,800, 54,725, 54,625, 54,275, 54,175 and 53,925

Stocks in F&O ban

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

RESULTS REVIEWS 

Coal India

• Results in line with expectations
• Operational performance better than estimates
• Futures have support at Rs 370 and an expected higher level at Rs 394

STOCKS OF THE DAY

Buy Sonata Software shares for targets of Rs 401, Rs 406 and Rs 410 with a stop loss at Rs 390  

• Good results 
• EBIT up 14 per cent 
• Improved margin 

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