Anil Singhvi Market Strategy (April 17): Important levels to track in Nifty 50, Nifty Bank today—Wipro, Infosys 'stocks of the day'

Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi expects support for the headline Nifty50 index at 23,200-23,325 levels and a strong buy zone at 22,925-23,000 levels on Thursday, April 17. For the Nifty Bank, Singhvi expects support at 52,700-52,875 levels and a strong buy zone at 52,375-52,500 levels. Read on to learn about the market wizard's views for the day. 

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

• Global: Negative

• FII: Positive

• DII: Negative

• F&O: Neutral

• Sentiment: Neutral

• Trend: Neutral

• FII long positions unchanged at 28 per cent as before Wednesday's session

• Nifty put-call ratio (PCR) at 0.98 vs 0.93

• Nifty Bank PCR at 1.13 vs 1.02

• Volatility index India VIX down 2 per cent at 15.87

The market wizard sees a higher zone at 23,500-23,600 levels and a strong sell zone at 23,650-23,775 levels for the headline index. For the banking index, he expects a higher zone at 53,350-53,575 levels and a profit-booking zone at 53,600-53,775 levels. 

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

For existing long positions: 

• Nifty intraday stop loss at 23,275 and closing stop loss at 23,200

• Nifty Bank intraday stop loss at 52,875 and closing stop loss at 52,475

For existing short positions:

• Nifty intraday and closing stop loss at 23,575

• Nifty Bank intraday and closing stop loss at 53,350

For new positions in Nifty50:

• The best range to buy Nifty is 23,200-23,325 with a strict stop loss at 23,100 for targets of 23,375, 23,425, 23,500, 23,550, 23,600 and 23,650

• Aggressive traders can sell Nifty in the 23,525-23,650 range with a strict stop loss at 23,725 for targets of 23,450, 23,375, 23,325, 23,275 and 23,200

For new positions in Nifty Bank:

• The best range to buy Nifty Bank is 52,375-52,550 with a stop loss at 52,275 for targets of 52,700, 52,825, 52,925, 53,100, 53,175 and 53,350

• Aggressive traders can sell Nifty Bank in the 53,500-53,725 range with a strict stop loss at 53,925 for targets of 53,350, 53,175, 53,100, 52,925, 52,825 and 52,550

Is the world's largest economy sliding into a recession?

• Fed Chair Jerome Powell is concerned about the impact of the ongoing trade tariff war
• There is fear that trade war jitters might lead to higher unemployment as well as inflation 
• It might also hamper economic growth
• Uncertainty around government policies is bad for the American economy
• Yet, it has shown resilience until now
• There is no room for rate cuts even if Fed intends to
• As trade war looms large over the US economy, the Trump administration and the Fed not in sync 

Update on tariff war

• US has increased its tariff on select Chinese products to 245 per cent 
• No sign of negotiations from the Chinese side 
• US Vice President is scheduled to meet PM Narendra Modi in India on April 21 
• India is the only nation where the Trump administration is sending its Vice President for talks
• Tariff war is rather positive for India; its less worrisome for India compared to America's several other trade partners  

Should one buy or sell in case of a gap-down opening?

• Participants need to exercise caution ahead of the upcoming weekly F&O expiry and the long weekend (Good Friday market holiday)
• One may buy at important support levels and book profits at higher levels
• FII inflows are expected to support the market
• Tariff war-related worries are not out of the way
• One should exit long positions if Nifty and Nifty Bank close below 23,200 and 52,375 respectively
• Closing levels above 23,550 and 53,350 will strengthen the market further 
• In case of falls, it is better to buy into Nifty Bank than Nifty50

F&O Ban Update

• New in ban: IREDA

• Already in ban: NALCO, Manappuram Finance, Birlasoft, Hindustan Copper

• Out of ban: None

ANIL SINGHVI SHARES 'STOCKS OF THE DAY': INFOSYS AND WIPRO   

Wipro

Sell Wipro futures for targets of Rs 240, Rs 235 and Rs 232 with a stop loss at Rs 250 

Infosys

Sell Infosys futures for targets of Rs 1,400 and Rs 1,385 with a stop loss at Rs 1,431 

Angel One Results Review

• Results below expectations
• Q1 performance to also be weak only
• Sell Angel One futures for targets of Rs 2,265 and Rs 2,245 with a stop loss at Rs 2,316 

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