Anil Singhvi Market Strategy (April 28): 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 23,800-23,870 levels and a strong buy zone at 23,550-23,700 levels on Monday, April 28. For the Nifty Bank, Singhvi expects support at 54,175-54,300 levels and a stronger support zone at 53,400-53,600 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: Positive

• F&O: Neutral

• Sentiment: Cautious

• Trend: Positive

• FII long positions at 38 per cent vs 41 per cent before Friday's session

• Nifty put-call ratio (PCR) at 0.87 vs 1.03

• Nifty Bank PCR at 1.03 vs 1.15

• Volatility index India VIX up 5.5 per cent at 17.16

The market wizard sees a higher zone at 24,175-24,300 levels and a profit-booking zone at 24,350-24,500 levels for the headline index.

For the banking index, he sees a higher zone at 55,000-55,200 levels and a profit-booking zone at 55,250-55,450 levels. 

The market wizard believes that weakness will persist in the market in case Nifty and Nifty Bank make persistent moves below 23,800 and 54,000 respectively.

On the other hand, moves past 24,350 and 55,650 on the upside will strengthen it, he adds. 

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

For existing long positions: 

• Nifty intraday stop loss at 23,800 and closing stop loss at 24,000
• Nifty Bank intraday and closing stop loss at 54,150

For existing short positions:

• Nifty intraday and closing stop loss at 24,400
• Nifty Bank intraday and closing stop loss at 55,000

For new positions in Nifty50:

• Aggressive traders can buy Nifty with a strict stop loss at 23,800 for targets of 24,125, 24,175, 24,250, 24,300, 24,325 and 24,350

• Aggressive traders can sell Nifty in the 24,250-24,350 range with a strict stop loss at 24,400 for targets of 24,175, 24,125, 24,075, 24,000, 23,900 and 23,850

For new positions in Nifty Bank:

• Aggressive traders can buy Nifty Bank in the 54,175-54,300 range with a strict stop loss at 53,950 for targets of 54,450, 54,650, 54,950, 55,150, 55,250 and 55,350

• The best range to sell Nifty Bank is 55,175-55,375 with a stop loss at 55,550 for targets of 55,075, 54,675, 54,475, 54,400, 54,300 and 54,175

No stock in F&O ban

EARNINGS REVIEWS

RIL

• Good performance
• Strong guidance 
• EBIDTA in line with estimates 
• Good margins in O2C and retail businesses
• For the first time, the management is confident of consumer growth
• The stock will not underperform now onwards
• Buy RIL futures for targets of Rs 1,320 and Rs 1,335 with a stop loss at Rs 1,280  

RBL Bank 

• Pathetic results
• Higher provisioning in the microfinance business
• Slippages being only at 4.7% is a positive surprise
• Now, it’s a 'buy' as stress stabilises due to the normalisation of its loan portfolio
• The stock trades at an attractive valuation of Rs 0.7 BV
• Buy at lower levels; don’t sell at all
• Buy RBL Bank futures near the Rs 181-183 range with a stop loss at Rs 178 for targets of Rs 188, Rs 194 and Rs 199

IDFC First Bank

• Weak results once again
• The stock has rallied 16 per cent in a month
• Due to the recent fund raising, the stock will get support at lower levels
• IDFC First Bank futures have support at Rs 63 and an expected higher level at Rs 71

IGL 

• Weak results
• EBITDA misses estimates
• Results below expectations on both volume and margin fronts
• IGL futures have support at Rs 167 and Rs 170
• Higher levels are expected at Rs 182 and Rs 184

OFSS 

• Mixed results
• Revenue growth not impressive but the operational performance is strong 
• The stock has risen 9 per cent in a month
• OFSS futures have support at Rs 8,280 and a higher level at Rs 8,940

Poonawala Fincorp 

• Results below expectations
• The stock has rallied 20 per cent in 3 months
• Some profit-booking can be expected
• Sell Poonawala Fincorp futures for targets of Rs 365 and Rs 355 with a stop loss at Rs 387 

L&T Finance

• Mixed results
• Nothing great, nothing bad
• L&T Finance futures have support at Rs 163 and Rs 161 and expected higher levels at Rs 176 and Rs 179

Tata Tech 

• Extremely weak results on all parameters
• Sell Tata Tech futures for targets of Rs 671 and Rs 663 with a stop loss at Rs 709 

STOCK OF THE DAY: INDUS TOWERS

Buy Indus Tower futures for targets of Rs 405, Rs 410 and Rs 416 with a stop loss at Rs 387 

• The company's board is set to meet on April 30 to consider bonus and buyback proposals

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