Market Strategy: Nifty50 strong buy zone at 23,900-24,050, says Anil Singhvi

Anil Singhvi Market Strategy Today: Zee Business Managing Editor Anil Singhvi expects support for the Nifty50 index to emerge at 24,100-24,250 levels and a strong buy zone at 23,900-24,050 levels on Thursday, April 23.

The market wizard sees support for the Nifty Bank at 56,575-55,825 levels and a strong buy area at 56,300-56,500 levels.

How market wizard sums up trade setup

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• Global: Negative
• FII: Negative
• DII: Negative
• F&O: Neutral
• Sentiment: Neutral
• Trend: Positive
• FII long positions at 21.72 per cent vs 22.66 per cent before Wednesday's trading session

• Nifty put-call ratio (PCR) at 1.01 vs 1.18

• Nifty Bank PCR at 0.99 vs 1.07

For the headline index, the market wizard expects a higher zone at 24,350-24,475 levels and a profit-booking area at 24,500-24,600 levels.

For the banking index, he expects higher territory at 57,125-57,375 levels and a profit-booking zone at 57,450-57,600 levels.

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

For existing long positions:

• Nifty intraday stop loss at 24,150 and closing stop loss at 24,225
• Nifty Bank intraday stop loss at 56,700 and closing stop loss at 56,500

For existing short positions:

• Nifty intraday stop loss at 24,525 and closing stop loss at 24,600
• Nifty Bank intraday and closing stop loss at 57,500

For new positions in Nifty50:

• Sell Nifty in the 24,575-24,700 range with a stop loss at 24,525 for targets of 24,250, 24,200, 24,100, 24,075, 24,025 and 23,900

• Low risk traders can buy Nifty only if it crosses the 24,600 using a strict stop loss below 24,475

• Aggressive traders can buy Nifty in the 24,000-24,150 range with a stop loss at 23,800 for targets of 24,200, 24,240, 24,275, 24,350, 24,375 and 24,475

For new positions in Nifty Bank:

• Sell Nifty Bank with a stop loss at 57,500 for targets of 56,850, 56,700, 56,600, 56,500, 56,350 and 56,100

• Low risk traders can buy Nifty Bank only if it crosses the 57,500 level using a strict stop loss below 57,300

• Aggressive traders can buy Nifty Bank in the 56,500-56,800 range with a stop loss at 56,300 for targets of 57,000, 57,125, 57,250, 57,375, 57,425 and 57,600

Futures & options (F&O) ban

• Already in ban: SAIL
• Out of ban: None
• New in ban: None

How to Trade Buzzing Stocks: Trent, SBI Life, OFSS...

Trent

• Buy Trent futures for targets of Rs 4,480, Rs 4,525 and Rs 4,590 with a stop loss at Rs 4,400
• Results are extraordinarily strong
• Fifth straight quarter of margin expansion
• Strong SSSG growth in the 2-4 per cent range
• 1:2 bonus

OFSS

• Buy OFSS futures
• Results are extraordinarily strong, with a robust operational performance
• An interim dividend of Rs 270

SBI Life

• Results are in line with estimates
• Gross premium and profit slightly better than estimates
• Futures have support at Rs 1,860 and a higher level expected at Rs 1,925