Market Strategy: Nifty50 strong support at 23,825-23,935? Here's what market guru says

Anil Singhvi Market Strategy Today: Zee Business Managing Editor Anil Singhvi expects support for the Nifty50 index to emerge at 24,000-24,100 levels and a stronger support area at 23,825-23,935 levels on Friday, April 17.

The market wizard sees support for the Nifty Bank coming in at 55,600-55,775 levels and stronger support territory at 55,150-55,325 levels.

How market wizard sums up trade setup

Add Zee Business as a Preferred Source

• Global: Positive
• FII: Neutral
• DII: Negative
• F&O: Neutral
• Sentiment: Neutral
• Trend: Positive

• FII long positions at 20.37 per cent vs 21.06 per cent before Thursday's trading session

• Nifty put-call ratio (PCR) at 0.98 vs 1.12

• Nifty Bank PCR at 0.87 vs 0.89

For the headline index, the market wizard expects a higher zone at 24,225-24,300 levels and a strong sell zone at 24,400-24,525 levels.

For the banking index, he expects a higher zone in the 56,300-56,500 levels and a strong sell area at 56,700-56,950 levels.

Positive cues for Dalal Street

• Donald Trump has given stronger signals of the war ending, announcing a 10-day ceasefire between Israel and Lebanon

• Signs of FII outflows abating

• S&P 500 and NASDAQ scale new lifetime highs for a second straight day

• India VIX remains weak, at a ‘make or break’ level

• Strong momentum in midcap and smallcap stocks

Negative cues

• Rising fear of crude crossing $100 per barrel

• FII inflows very small; net outflows

• DII outflows for a second straight day

• Some resistance around 24,500 in Nifty50 and 57,250 in Nifty Bank

• Slightly higher caution ahead of the weekend session

• Pressure likely on IT stocks due to weak results from Wipro

• HDFC Life results lack strong triggers

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

For existing long positions:

• Nifty intraday and closing stop loss at 24,000
• Nifty Bank intraday and closing stop loss at 55,500

For existing short positions:

• Nifty intraday and closing stop loss at 24,250
• Nifty Bank intraday and closing stop loss at 56,500

For new positions in Nifty50:

• Aggressive traders can buy Nifty in the 23,925-24,100 range with a strict stop loss at 23,800 for targets of 24,150, 24,225, 24,250, 24,300, 24,400 and 24,450

• Aggressive traders can buy Nifty Bank in the 55,325-55,600 range with a strict stop loss at 55,150 for targets of 55,700, 55,900, 56,100, 56,275, 56,500 and 56,775

For new positions in Nifty Bank:

• Sell Nifty with a stop loss at 24,400 for targets of 24,100, 24,050, 24,000, 23,925, 23,850 and 23,825

• Sell Nifty Bank with a stop loss at 56,500 for targets of 55,900, 55,775, 55,700, 55,600, 55,325 and 55,150

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 Wipro to HDFC Life...

How to trade Wipro

• Sell Wipro futures for targets of Rs 200, Rs 198 and Rs 195 with a stop loss at Rs 209
• Results below estimates
• Guidance weak
• Buyback better than expected
• The stock has risen 8 per cent in a month
• Some profit-booking cannot be ruled out

How to trade HDFC Life

• Nothing great in HDFC Life results
• Growth of 7-8 per cent is already priced in
• One should wait in case of a gap-down opening
• Futures have support at Rs 618 and Rs 611
• Higher levels are expected at Rs 637 and Rs 648

How to trade Angel One

• Angel One results strong on all fronts
• A ‘buy on dips’ opportunity
• Futures have support at Rs 285
• A higher level is expected at Rs 300