Nifty50 Strategy: Strong buy zone at 23,775-23,850, 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 23,900-24,000 levels and a strong buy zone at 23,775-23,850 levels on Wednesday, May 6. The market wizard sees support for the Nifty Bank at 54,150-54,450 levels and a stronger support zone at 53,425-53,700 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 11.50 per cent vs 11.66 per cent before Tuesday's session

• Nifty put-call ratio (PCR) at 1.07 vs 0.80

• Nifty Bank PCR at 0.85 vs 0.87

Add Zee Business as a Preferred Source

For the headline index, the market wizard expects a higher zone at 24,175-24,300 levels and a strong sell zone at 24,335-24,475 levels.

For the banking index, he expects a higher zone at 54,875-55,100 and 55,275-55,400 levels, and a strong sell area at 55,600-55,900 levels.

READ MORE: Vodafone Idea, Tata Power, Larsen & Toubro, Coforge, Paytm, Shree Cement, Bajaj Auto, other stocks worth tracking

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

For existing long positions:

• Nifty intraday stop loss at 23,800 and closing stop loss at 24,000
• Nifty Bank intraday and closing stop loss at 54,100

For existing short positions:

• Nifty intraday and closing stop loss at 24,200
• Nifty Bank intraday and closing stop loss at 54,900

For new positions in Nifty50:

• Buy Nifty with a stop loss at 23,950 for targets of 24,125, 24,175, 24,200, 24,240, 24,290, 24,350 and 24,375

• Aggressive traders can sell Nifty in the 24,240-24,400 range with a strict stop loss at 24,500 for targets of 24,200, 24,175, 24,125, 24,050, 24,000 and 23,950

For new positions in Nifty Bank:

• Aggressive traders can buy Nifty Bank with a strict stop loss at 54,100 for targets of 54,725, 54,875, 55,100, 55,250, 55,400, 55,600 and 55,750

• Aggressive traders can sell the banking index in the 55,100-55,400 range with a strict stop loss at 55,600 for targets of 54,900, 54,725, 54,550, 54,450, 54,225 and 54,150

Futures & options (F&O) ban

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

ALSO READ: Should you buy, sell or hold Hero MotoCorp shares post-Q4 results?

Buzzing stocks

L&T

• Strong results as expected
• The stock has rallied sharply post-US-Iran ceasefire, up 12 per cent in a month
• Some profit-booking expected
• One should buy only when war nears end
• Futures have support at Rs 3,945 and Rs 3,910
• Higher levels expected at Rs 4,125 and Rs 4,175

Hero MotoCorp

• Strong results as expected
• Wait for guidance in concall at 10:30 am on Wednesday
• Futures have support at Rs 4,950 and Rs 5,000
• Higher levels are expected at Rs 5,185, Rs 5,235 and Rs 5,275

Coforge

• Buy Coforge futures for targets of Rs 1,186, Rs 1,205 and Rs 1,220 with a stop loss at Rs 1,145
• Strong results on all parameters
• Revenue in line with estimates, margins better
• FY27 margin guidance very strong
• The stock can be the rockstar of the day

SRF

• Extraordinarily strong results on all fronts
• EBITDA up 20 per cent, PAT up 30 per cent -- both higher than expected
• Concall at 11 am
• Futures have support at Rs 2,480
• Higher levels are expected at Rs 2,585 and Rs 2,610

M&M

• Buy M&M futures for targets of Rs 3,245, Rs 3,270 and Rs 3,300 with a stop loss at Rs 3,180
• The stock rose 3.5 per cent on Tuesday post-results
• FY27 guidance strong
• Expect to run on Day 2 after results

Cummins

• Buy Cummins futures for targets of Rs 5,330, Rs 5,380 and Rs 5,450 with a stop loss at Rs 5,160
• The parent MNC posted good results and strong guidance

Ajanta Pharma

• Buy Ajanta Pharma shares in the cash segment for targets of Rs 2,920, Rs 2,950 and Rs 2,990 with a stop loss at Rs 2,850
• The stock rose 3.5 per cent post-results on Tuesday
• The stock is expected to perform well on Wednesday
• Pharma stocks are reacting to positive news and results