Anil Singhvi Market Strategy (April 24): 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 24,125-24,250 levels and a strong buy zone at 23,900-24,075 levels on Thursday, April 24. For the Nifty Bank, Singhvi expects support at 55,000-55,150 levels and a strong buy zone at 54,475-54,675 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: Positive

• FII: Positive

• DII: Negative

• F&O: Neutral

• Sentiment: Positive

• Trend: Positive

• FII long positions at 33 per cent vs 32 per cent before Wednesday's sesson

• Nifty put-call ratio (PCR) unchanged at 1.10

• Nifty Bank PCR at 1.04 vs 1.16

• Volatility index India VIX up 5 per cent at 15.96

The market wizard sees a higher zone at 24,400-24,500 levels and a strong sell zone at 24,550-24,700 levels for the headline index.

For the banking index, he sees a higher zone at 55,500-55,650 levels and a profit-booking zone at 55,900-56,100 levels. 

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

For existing long positions: 

• Nifty intraday stop loss at 24,000 and closing stop loss at 24,100
• Nifty Bank intraday and closing stop loss at 55,000

For existing short positions:

• Nifty intraday and closing stop loss at 24,400
• Nifty Bank intraday and closing stop loss at 55,700

For new positions in Nifty50:

• The best range to buy Nifty is 24,075-24,200 with a stop loss at 23,950 for targets of 24,250, 24,325, 24,400, 24,435, 24,465, 24,500 and 24,550

• Aggressive traders can sell Nifty in the 24,465-24,600 range with a strict stop loss at 24,700 for targets of 24,435, 24,400, 24,365, 24,335, 24,250 and 24,200

For new positions in Nifty Bank:

• The best range to buy Nifty Bank is 54,475-54,675 with a stop loss at 54,250 for targets of 54,950, 55,150, 55,250, 55,300, 55,375 and 55,450

• Aggressive traders can buy Nifty Bank in the 55,000-55,150 range with a strict stop loss at 54,900 for targets of 55,300, 55,375, 55,450, 55,650, 55,950 and 56,075

• Sell Nifty Bank in the 55,900-56,100 range with a strict stop loss at 56,200 for targets of 55,650, 55,450, 55,375, 55,300, 55,250 and 55,175

F&O Ban Update

• Out of ban: Manappuram Finance

• Already in ban: RBL Bank

• New in ban: None

EARNINGS REVIEWS

Tata Consumer Products

• Results stable 
• All business is done very well except the Tea unit, which saw the impact of higher raw material costs
• One may buy on dips from an investment perspective
• Tata Consumer Products futures have support at Rs 1,122 and Rs 1,133
• A higher level is expected at Rs 1,167

Persistent Systems 

• A solid all-round performance
• The company's results are the best in the midcap IT space
• The company staged a strong operational performance
• Buy Persistent Systems futures for targets of Rs 5,240, Rs 5,350 and Rs 5,420 with a stop loss at Rs 5,075 

LTIMindtree 

• Results strong
• Top two clients stable
• Good TCV deals at $1.6 billion
• Some short covering on Wednesday; more expected from hedge funds
• Buy LTIMindtree futures at the support level of Rs 4,400
• A higher level is expected at Rs 4,675

Dalmia Bharat

• Results stable 
• Cement stocks are looking strong
• Buy at support levels
• Futures have support at Rs 1,850
• A higher level is expected at Rs 1,930

Syngene 

• Results very weak across parameters
• Outlook for the next year is even weaker
• Sell Syngene Futures for targets of Rs 737, Rs 728 and Rs 720 with a stop loss at Rs 760 

Bajaj Finance 'Stock of the Day' 

Buy Bajaj Finance futures for targets of Rs 9,425 and Rs 9,480 with a stop loss at Rs 9,265 

• On April 29, the company will consider a stock split and a bonus issue 
• Profit-booking is expected at higher levels
• Don’t buy if the stock makes a big gap-up opening

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