Market Strategy: Nifty50 strong buy zone at 24,000-24,150, says Anil Singhvi

Anil Singhvi Market Strategy Today: Zee Business Managing Editor Anil Singhvi expects support for the Nifty50 index to emerge at 24,200-24,300 levels and a strong buy area at 24,000-24,150 levels on Monday, April 20.

The market wizard sees support for the Nifty Bank coming in at 56,100-56,300 levels and a strong buy zone at 55,600-55,850 levels.

How market wizard sums up trade setup

• Global: Neutral
• FII: Positive
• DII: Neutral
• F&O: Neutral
• Sentiment: Neutral
• Trend: Positive
• FII long positions at 20.80 per cent vs 20.36 per cent before Friday's trading session
• Nifty put-call ratio (PCR) at 1.09 vs 0.98
• Nifty Bank PCR at 0.93 vs 0.87

• Volatility index India VIX down 5 per cent at 17.20

For the headline index, the market wizard expects a higher zone at 24,400-24,500 levels and a profit-booking zone at 24,535-24,600 levels.

For the banking index, he expects a higher zone at 56,750-56,950 levels and a profit-booking area at 57,150-57,300 levels.

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

For existing long positions:

• Nifty intraday stop loss at 24,200 and closing stop loss at 24,050
• Nifty Bank intraday stop loss at 56,250 and closing stop loss at 56,050

For existing short positions:

• Nifty intraday stop loss at 24,400 and closing stop loss at 24,250
• Nifty Bank intraday and closing stop loss at 56,900

For new positions in Nifty50:

• Buy Nifty with a stop loss at 24,150 for targets of 24,400, 24,450, 24,500, 24,550, 25,575 and 24,600

• Aggressive traders can buy Nifty Bank with a strict stop loss at 56,250 for targets of 56,750, 56,825, 56,950, 57,150 and 57,275

For new positions in Nifty Bank:

• Aggressive traders can sell Nifty in the 24,450-24,600 range with a strict stop loss at 24,700 for targets of 24,400, 24,350, 24,300, 24,275, 24,250, 24,200 and 24,150

• Aggressive traders can sell Nifty Bank in the 57,150-57,300 range with a strict stop loss at 57,400 for targets of 56,950, 56,850, 56,750, 56,625, 56,500 and 56,300

Futures & options (F&O) ban

• Already in ban: Sammaan Capital, SAIL
• Out of ban: None
• New in ban: None

How to Trade Buzzing Stocks | From HDFC Bank to ICICI Bank to BHEL to Trent...

HDFC Bank

• Strong results
• Decent deposit growth
• No reason to worry
• Buy on dips
• Futures have support at Rs 785
• A higher level is expected at Rs 816

ICICI Bank

• Strong results
• Strong loan growth after many quarters
• Some profit-booking expected at higher levels
• Futures have support at Rs 1,332
• Higher levels are expected at Rs 1,368, Rs 1,378 and Rs 1,385

Yes Bank

• Strong results
• Futures have support at Rs 20
• A higher level is expected at Rs 21

BHEL

• Buy BHEL futures for targets of Rs 320, Rs 323 and Rs 327 with a stop loss at Rs 310

Bajaj Consumer

• The stock has already risen 10 per cent in the run-up to results
• One can buy the stock now for more upside possible on Monday
• Support at Rs 455
• A higher level is expected at Rs 490

Sterlite Tech

• Buy Sterlite Tech shares for targets of Rs 266, Rs 269 and Rs 275 with a stop loss at Rs 259
• There is strong action in optic fibre cable companies

Trent

• Buy Trent futures for targets of Rs 4,165, Rs 4,220 and Rs 4,282 with a stop loss at Rs 4,000
• The company's board is set to meet on April 22 to consider bonus and rights issues