Nifty50 Strategy: Strong buy zone at 24,000-24,125, 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 24,175-24,300 levels and a strong buy zone at 24,000-24,125 levels on Thursday, May 7. The market wizard sees support for the Nifty Bank at 55,400-55,750 levels and a strong buy zone at 55,100-55,275 levels.

How market wizard sums up trade setup

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

• FII long positions at 13.44 per cent vs 11.50 per cent before Wednesday's trading session

• Nifty put-call ratio (PCR) at 1.18 vs 1.07

• Nifty Bank PCR at 0.94 vs 0.85

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For the headline index, the market wizard expects a higher zone at 24,375-24,475 levels and a profit-booking zone at 24,500-24,600 levels.

For the banking index, he expects a higher zone at 56,275-56,450 levels and a profit-booking area at 56,575-56,850 levels.

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

For existing long positions:

• Nifty intraday stop loss at 24,175 and closing stop loss at 24,000
• Nifty Bank intraday and closing stop loss at 55,250

For existing short positions:

• Nifty intraday and closing stop loss at 24,400
• Nifty Bank intraday and closing stop loss at 56,150

For new positions in Nifty50:

• The best range to buy Nifty is 24,125-24,250 with a stop loss at 24,000 for targets of 24,325, 24,350, 24,400, 24,475, 24,500 and 24,575

• Aggressive traders can sell Nifty in the 24,475-24,600 range with a strict stop loss at 24,650 for targets of 24,400, 24,350, 24,325, 24,250, 24,200 and 24,175

For new positions in Nifty Bank:

• The best range to buy Nifty Bank is 55,400-55,750 with a stop loss at 55,100 for targets of 56,075, 56,275, 56,450, 56,575, 56,750 and 56,850

• Aggressive traders can sell Nifty Bank in the 56,575-56,850 range with a strict stop loss at 57,000 for targets of 56,450, 56,275, 56,150, 56,000, 55,750 and 55,400

Futures & options (F&O) ban

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

Buzzing Stocks: How market guru views RIL, Paytm, PB Fintech, Shree Cement, Blue Star

RIL

• The index heavyweight is once again a make-or-break level; an upmove in it has paused after six straight sessions of buying and five days of a higher-high-higher-low pattern
• In March and April, the stock traded in the intraday range of Rs 1,430-1,437 seven times; yet, it didn't close above Rs 1,430
• On May 4, the stock staged a breakout above the Rs 1,435 mark -- where its 100- and 200-day moving averages (DMAs) are placed
• In Wednesday's strong session, the stock fell 1.8 per cent to settle at Rs 1,438 -- a third straight closing above the breakout level of Rs 1,435
• A closing below Rs 1,430 will be a sign of weakness

HDFC Bank

• On Wednesday, the heavyweight rose 3.1 per cent -- its biggest intraday rise since the April 8 ceasefire
• The stock was the biggest mover in the Nifty50 and Nifty Bank indices, contributing 80 and 310 points, respectively
• A closing above its 50-DMA of Rs 818 is important for it to rally

Bajaj Auto

• Buy Bajaj Auto futures for targets of Rs 10,550 and Rs 10,675 with a stop loss at Rs 10,125
• Results better than estimates
• Record volume, revenue and profit
• A major buyback announced at Rs 12,000 per share -- a 16.3 per cent premium over the market price
• A 6-10 per cent EPS upgrade is expected

PB Fintech

• Buy PB Fintech futures for targets of Rs 1,742 and Rs 1,765 with a stop loss at Rs 1,670
• Strong revenue and profit growth in its insurance business
• Operationally strong results
• Positive commentary
• Its lending business was the only dampener, down 32 per cent

Godrej Consumer Products

• Its results are the weakest in the FMCG space so far
• Income and profit are slightly below expectations
• The company has indicated a near-term margin risk
• Some profit-booking is expected
• Futures have support at Rs 1,060 and Rs 1,072
• A higher level is expected at Rs 1,125

Blue Star

• Mixed results
• Income missed estimates
• Profit met the mark
• The summer trade is fading away slowly
• Futures have support at Rs 1,740 and Rs 1,760
• A higher level is expected at Rs 1,850

Paytm

• Overall weak results
• The company's financial service business remains strong
• Its payment business is sluggish
• Futures have support at Rs 1,078 and Rs 1,060
• Higher levels are expected at Rs 1,137 and Rs 1,158

Shree Cement

• Strong results on all fronts
• Volume growth is strong at 11 per cent
• There is major growth of 22 per cent in the premium product segment

SG Finserv

• Buy SG Finserv shares in the spot market for targets of Rs 596, Rs 600 and Rs 610 with a stop loss at Rs 585
• Promoters are regularly buying stake from the open market
• Last week, the company declared impressive results with a strong guidance
• The market guru recommended SG Finserv as a 'birthday pick’ on June 2