Nifty 50 Strategy: Strong buy zone at 23,775-23,900, says Anil Singhvi—Note down crucial levels

Anil Singhvi Market Strategy Today: Zee Business Managing Editor Anil Singhvi expects support for the Nifty50 index to emerge at 23,950-24,000 levels and a strong buy zone at 23,775-23,900 levels on Monday, May 4. The market wizard sees support for the Nifty Bank at 54,625-54,875 levels and a strong support area at 54,150-54,450 levels.

How market wizard sums up trade setup

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

• FII long positions at 11.49 per cent vs 12.61 per cent before Thursday's session

• Nifty put-call ratio (PCR) at 0.98 vs 1.04

• Nifty Bank PCR at 0.90 vs 0.94

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For the headline index, the market wizard expects a higher zone at 24,125-24,240 levels and a profit-booking zone at 24,300-24,400 levels.

For the banking index, he expects a higher zone at 55,275-55,400 and 55,750-55,900 levels, and a strong sell area at 56,150-56,450 levels.

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

For existing long positions:

• Nifty intraday stop loss at 23,775 and closing stop loss at 24,000
• Nifty Bank intraday and closing stop loss at 54,400

For existing short positions:

• Nifty intraday and closing stop loss at 24,200
• Nifty Bank intraday and closing stop loss at 55,500

For new positions in Nifty50:

• Buy Nifty with a stop loss at 23,900 for targets of 24,125, 24,175, 24,240, 24,300, 24,350, 24,375 and 24,400

• Aggressive traders can sell Nifty in the 24,300-24,400 range with a strict stop loss at 24,500 for targets of 24,250, 24,200, 24,175, 24,125, 24,050 and 24,000

For new positions in Nifty Bank:

• Aggressive traders can buy Nifty Bank with a strict stop loss at 54,400 for targets of 55,275, 55,400, 55,750, 55,900, 56,150, 56,275 and 56,450

• The best range to sell Nifty Bank is 55,750-55,900 with a strict stop loss at 56,000 for targets of 55,400, 55,300, 55,100, 54,875, 54,625 and 54,450

• Aggressive traders can sell Nifty Bank near 55,400 with a strict stop loss at 55,500 for targets of 55,275, 55,100, 54,875, 54,625, 54,450 and 54,150

Futures & options (F&O) ban

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

How To Trade Buzzing Stocks: DMart, Indus Towers, Mazagon Dock, Adani Enterprises

Kotak Mahindra Bank

Buy Kotak Mahindra Bank futures for targets of Rs 389, Rs 398 and Rs 404 with a stop loss at Rs 380

• Strong results on all parameters
• Impressive 15% deposit growth

Adani Enterprises

• Strong revenue growth but weak on all other parameters
• Adani Enterprises futures have support at Rs 2,305 and Rs 2,335
• Higher levels of Rs 2,440 and Rs 2,480 are expected

Sona BLW Precision

• Buy futures for targets of Rs 615 and Rs 624 with a stop loss at Rs 597
• Strong results on all parameters
• Highest ever quarterly revenue, EBITDA and PAT

Mazagon Dock

• Outstanding results on all parameters
• Strong operational performance
• Margins improved from 3.8 per cent to 14.1 per cent
• Profit doubled from Rs 325 cr to Rs 674 crore
• The stock has rallied sharply
• It is an ideal day for booking profit, not for buying
• Futures have support at Rs 2,680
• A higher level is expected at Rs 2,785

APL Apollo

• Solid performance on all parameters
• Futures have support at Rs 1,850
• Higher levels of Rs 1,940 and Rs 1,970 are expected

Avenue Supermarts (DMart)

• Outstanding results on all parameters
• Impressive growth in new stores opening
• Strong 10.8 per cent growth in two-year-old stores
• Futures have support at Rs 4,490
• A higher level is expected at Rs 4,700

CDSL

• Mixed results
• Stable revenue growth
• Weak operational performance
• Futures have support at Rs 1,220
• A higher level is expected at Rs 1,305

Indus Towers

• Results in line with estimates
• Sentimental positive impact of Voda Idea AGR news
• Futures have support at Rs 400
• Higher levels of Rs 418 and Rs 423 are expected

Jindal Steel and Power Ltd (JSPL)

• Strong performance on all parameters
• Its margin is impressive at 18.1 per cent

Equitas Small Finance Bank

• Strong results on all parameters

IdeaForge Tech

• Impressive performance
• The company has returned to profit from loss

ESAF Small Finance Bank

• Overall strong performance

Sundaram Fasteners

• Strong performance

RailTel

• Strong results on all fronts

Aster DM Health

• Impressive all-round performance