Anil Singhvi strategy May 10: Important levels to track in Nifty50, Nifty Bank
Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi shares his strategy for the May 10 session on Dalal Street. Check out his take on the Indian share market, and key support and resistance levels for the Nifty and the Nifty Bank.
Zee Business Managing Editor Anil Singhvi expects support for the Nifty50 benchmark at 18,200-18,250 levels and a strong buy zone at 18,100-18,150 levels on Wednesday, May 10. For the Nifty Bank — whose 12 constituents include HDFC Bank, SBI, and Axis Bank, he sees support emerging at 43,000-43,125 levels and a strong base at 42,675-42,825 levels.
Here's how Anil Singhvi sums up the market setup on May 10:
- Global: Neutral
- FII: Positive
- DII: Positive
- F&O: Neutral
- Sentiment: Positive
- Trend: Positive
For the 50-scrip headline index, he expects a higher zone at 18,300-18,350 levels and a strong sell zone at 18,400-18,450 levels. For the banking index, he sees a higher zone at 43,350-43,500 levels and a profit-booking zone at 43,575-43,725 levels.
- FII index longs at 48 per cent on Tuesday vs 49 per cent the previous day
- Nifty put-call ratio (PCR) at 1 Vs 1.10
- Nifty Bank PCR at 0.74 Vs 0.90
- Fear index India VIX unchanged at 12.68
ANIL SINGHVI MARKET STRATEGY
For existing long positions:
- Nifty intraday and closing stop loss at 18,050
- Nifty Bank intraday and closing stop loss at 42,950
For existing short positions:
- Nifty intraday and closing stop loss at 18,350
- Nifty Bank intraday and closing stop loss at 43,750
For new positions in Nifty:
- Buy Nifty in the range of 18,150-18,225 with a strict stop loss at 18,050 for targets of 18,250, 18,275, 18,300, 18,350, 18,400
- Aggressive traders can sell Nifty in the 18,350-18,450 range with a stop loss at 18,525 for targets of 18,300, 18,275, 18,250, 18,225, 18,150
For new positions in Nifty Bank:
- Aggressive traders buy Nifty Bank in a range of 43,000-43,125 with a strict stop loss at 42,950 for targets of 43,200, 43,275, 43,350, 43,425, 43,500, 43,575
- Aggressive traders can sell Nifty Bank in the 43,425-43,575 range with a strict stop loss at 43,750 for targets of 43,350, 43,275, 43,200, 43,125, 43,075, 43,000
F&O ban
- New In Ban: Canara Bank
- Already In Ban: BHEL, GNFC, Manappuram Finance
- Out Of Ban: Nil
Stock Of The Day:
- Sell Rain Industries Futures:
- Stop loss 162.50 Target 152, 149, 144
- Extremely weak performance
- Revenue up 18% but EBITDA down 32%
- Margins fell sharply from 18% to 10%
- Profit down 62%
- Stock going out of F&O from July series
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