Nifty50 profit-booking zone at 23,675-23,800, 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 23,150-23,250 levels and a stronger support zone at 23,000-23,125 levels on Wednesday, May 13. The market wizard sees support for the Nifty Bank at 53,025-53,275 levels and a stronger support area at 52,600-52,775 levels.

How market wizard sums up trade setup

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

• FII long positions at 11.6 per cent vs 12.39 per cent before Tuesday's trading session

• Nifty put-call ratio (PCR) at 0.76 vs 0.93

• Nifty Bank PCR at 0.81 vs 0.86

For the headline index, the market wizard expects a higher zone at 23,465-23,600 levels and a profit-booking zone at 23,675-23,800 levels.

For the banking index, he expects a higher zone at 54,225-54,450 levels and a profit-booking area at 54,550-54,775 levels.

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

For existing long positions:

• Nifty intraday stop loss at 23,300 and closing stop loss at 23,125
• Nifty Bank intraday stop loss at 53,200 and closing stop loss at 52,600

For existing short positions:

• Nifty intraday stop loss at 23,500 and closing stop loss at 23,800
• Nifty Bank intraday stop loss at 53,700 and closing stop loss at 54,500

For new positions in Nifty50:

• The best range to buy Nifty in the 23,000-23,150 range with a stop loss at 22,850 for targets of 23,250, 23,350, 23,400, 23,465, 23,550 and 23,675
• The best range to sell Nifty is 23,550-23,750 with a stop loss at 23,850 for targets of 23,465, 23,400, 23,350, 23,250, 23,150 and 23,125

For new positions in Nifty Bank:

• The best range to buy Nifty Bank is 52,600-52,800 with a stop loss at 52,500 for targets of 53,450, 53,550, 53,700, 54,225, 54,350, 54,450 and 54,550
• Aggressive traders can sell Nifty Bank in the 54,225-54,550 range with a stop loss at 54,650 for targets of 53,550, 53,450, 53,275, 53,025, 52,775, 52,700 and 52,600

Futures & options (F&O) ban

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

How to Trade Buzzing Stocks: Vodafone Idea, Thermax,

Neuland Labs

• Buy Neuland Labs shares for targets of Rs 17,400, Rs 17,700 and Rs 18,000 with a stop loss at Rs 16,800
• Extraordinarily strong results

MTAR Tech

Buy MTAR Tech shares for targets of Rs 6,350, Rs 6,500 and Rs 6,600 with a stop loss at Rs 6,200
Outstanding results

Cohance Lifesciences

• Extremely weak results
• Buy at lower levels for investment

Vodafone Idea

• Buy Vodafone Idea futures for targets of Rs 12.15, Rs 12.30 and Rs 12.50 with a stop loss at Rs 11.65
• The company's board is scheduled to meet on May 16 to raise funds

Thermax

• Buy Thermax shares in the cash segment for targets of Rs 4,520, Rs 4,560 and Rs 4,650 with a stop loss at Rs 4,400
• The government is focusing on coal gasification
• Thermax is set to be a big beneficiary of this drive

Manappuram

• Buy Manappuram futures for targets of Rs 300, Rs 305 and Rs 308 with a stop loss at Rs 288
• The company is set to benefit from higher gold prices

Dr Reddy's Labs

• Sell Dr Reddy's futures for targets of Rs 1,220, Rs 1,207 and Rs 1,195 with a stop loss at Rs 1,290
• Extremely weak results on all parameters
• Weak operational performance

Tata Power

• Sell Tata Power futures for targets of Rs 412, Rs 405 and Rs 400 with a stop loss at Rs 426
• Extremely weak results
• Disappointing operational performance

Dixon Tech

• Sell Dixon Tech futures for targets of Rs 9,800 and Rs 9,400 with a stop loss at Rs 10,500
• Results operationally weak

Max Financial

• Numbers are in line with expectations
• Max Financial futures have support at Rs 6,110
• A higher level of Rs 1,705 is expected

Kalyan Jewellers, Titan, HZL

• Sell Kalyan Jewellers futures for targets of Rs 350, Rs 338 and Rs 333 with a stop loss at Rs 370
• Sell Titan futures for targets of Rs 4,000, Rs 3,900 and Rs 3,820 with a stop loss at Rs 4,125
• Buy HZL futures for targets of Rs 655 and Rs 665 with a stop loss at Rs 636
• Centre has raised import duty on gold and silver to 15 per cent from 6 per cent