Nifty50 Strategy: Strong buy zone at 23,775-23,900, says Anil Singhvi—Key levels to track

Anil Singhvi Market Strategy Today: Zee Business Managing Editor Anil Singhvi expects support for the Nifty50 index to emerge at 23,925-24,000 levels and a strong buy zone at 23,775-23,900 levels on Tuesday, May 5. The market wizard sees support for the Nifty Bank at 54,150-54,450 levels and a stronger support area at 53,425-53,700 levels.

How market wizard sums up trade setup

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

• FII long positions at 11.66 per cent vs 11.49 per cent before Monday's trading session

• Nifty put-call ratio (PCR) at 0.80 vs 0.98

• Nifty Bank PCR at 0.87 vs 0.90

Add Zee Business as a Preferred Source

For the headline index, the market wizard expects a higher zone at 24,125-24,200 levels and a strong sell area at 24,240-24,350 levels.

For the banking index, he expects a higher zone at 55,250-55,400 levels and strong sell territory at 55,600-55,900 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 23,950
• Nifty Bank intraday and closing stop loss at 54,400

For existing short positions:

• Nifty intraday stop loss at 24,300 and closing stop loss at 24,200
• Nifty Bank intraday stop loss at 55,150 and closing stop loss at 55,400

For new positions in Nifty50:

• Sell Nifty with a stop loss at 24,200 for targets of 24,000, 23,950, 23,925, 23,900, 23,850 and 23,800

• Aggressive traders can buy Nifty in the 23,800-23,925 range with a strict stop loss at 23,700 for targets of 24,000, 24,050, 24,100, 24,125, 24,175 and 24,240

For new positions in Nifty Bank:

• Sell Nifty Bank with a stop loss at 55,150 for targets of 54,450, 54,350, 54,150, 53,700, 53,425, 53,275 and 53,200

• Buy Nifty Bank only if it sustains above the 55,150 level; use a strict stop loss at 54,850 for targets of 55,250, 55,400, 55,600, 55,750, 55,900 and 56,150

Futures & options (F&O) ban

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

ALSO READ: CAMS, KEI Industries, Petronet LNG, Manappuram Finance, other stocks worth tracking

Buzzing Stocks: Wockhardt, Manappuram, CAMS, BHEL, Petronet LNG

CAMS

• Strong results on all fronts
• Margin impressive at 46.3 per cent
• The company's highest-ever quarterly revenue at Rs 395 crore
• The stock has risen 11 per cent in a month
• CAMS futures have support at Rs 710
• A higher level expected at Rs 748

KEI Industries

• Strong results on all fronts
• The stock has rallied 25 per cent in a month
• Futures have support at Rs 4,990 and Rs 4,825
• Higher levels expected at Rs 5,145 and Rs 5,200

Petronet LNG

• Extraordinarily strong performance in a tough environment
• Some profit booking possible at higher levels due to war-related tensions
• Futures have support at Rs 265 and Rs 262
• Higher levels expected at Rs 284 and Rs 288

Manappuram Finance futures

• Strong results and positive commentary
• But missed RoE and RoA guidance
• Stock already ran 19% in one month
• Profit booking expected at higher levels
• Support at Rs 297
• Higher levels expected at Rs 313 and Rs 319

Wockhardt

• Buy Wockhardt shares in the spot market for targets of Rs 1,495, Rs 1,525 and Rs 1,545 with a stop loss at Rs 1,400
• Extraordinarily strong performance
• Margin impressive at 23 per cent
• EBITDA up 3.5 times

BHEL

• The stock rose 7 per cent post-results on Monday
• More upside left
• Buy on dips

Mazagon Dock Shipbuilders

• Defence stocks are in limelight again
• Buy on dips