Nifty50 Strategy: Strong support 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 stronger support area at 23,775-23,850 levels on Monday, May 11. The market wizard sees support for the Nifty Bank at 54,550-54,800 levels and strong support territory at 54,150-54,450 levels.

How market wizard sums up trade setup

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

• FII long positions at 12.39 per cent vs 13.75 per cent before Friday's trading session

• Nifty put-call ratio (PCR) at 0.93 vs 1.08

• Nifty Bank PCR at 0.86 vs 0.93

For the headline index, the market wizard expects a higher zone at 24,125-24,200 levels and a strong sell area at 24,250-24,350 levels.

For the banking index, he expects a higher zone at 55,300-55,600 levels and a strong sell area at 55,775-56,000 levels.

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

For existing long positions:

• Nifty intraday and closing stop loss at 23,975
• Nifty Bank intraday stop loss at 55,000 and closing stop loss at 54,550

For existing short positions:

• Nifty intraday and closing stop loss at 24,250
• Nifty Bank intraday and closing stop loss at 56,000

For new positions in Nifty50:

• Sell Nifty with a stop loss at 24,250 for targets of 24,050, 24,000, 23,950, 23,925, 23,850 and 23,800

• Aggressive traders can buy Nifty in the 23,800-24,900 range with a strict stop loss at 23,700 for targets of 23,950, 24,000, 24,050, 24,100, 24,125 and 24,175

For new positions in Nifty Bank:

• Sell Nifty Bank with a stop loss at 55,600 for targets of 54,900, 54,800, 54,725, 54,600, 54,450, 54,225 and 54,150

• Buy Nifty Bank, only if it trades above 56,100, with a strict stop loss at 55,900

• Aggressive traders can buy Nifty Bank in the 54,225-54,450 range with a strict stop loss at 54,100 for targets of 54,550, 54,725, 54,800, 55,050, 55,300 and 55,600

Futures & options (F&O) ban

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

Buzzing stocks

Tata Consumer Products

Buy Tata Consumer Products futures for targets of Rs 1,195 and Rs 1,210 with a stop loss at Rs 1,158

• Strong results on all parameters
• Strong double digit revenue growth guidance for FY27
• Expect little bit improvement in margins

Oberoi Realty

• Buy Oberoi Realty futures for targets of Rs 1,732, Rs 1,750 and Rs 1,780 with a stop loss at Rs 1.665
• Strong results
• Margins slightly lower than expected
• Bookings nearly doubled
• Strong demand for luxury homes

ABB India

• Sell ABB futures for targets of Rs 6,900 and Rs 6,810 with a stop loss at Rs 7,210
• Weak results on all fronts
• The stock has rallied 21 per cent in three months
• Even Siemens may see some selling pressure due to ABB resutlts

MCX

• Strong results
• Margin slightly lower at 74.9 per cent
• The stock has rallied 19 per cent in a month
• Futures have support at Rs 3,000
• A higher level is expected at Rs 3,180

Swiggy

• Results are better than estimates
• The company has narrowed its losses
• Its food delivery business is at a 15-quarter high
• Futures have support at Rs 270
• A higher level is expected at Rs 289

Bank of India

• Strong results on all parameters
• Futures have support at Rs 134
• A higher level is expected at Rs 136

Bank of Baroda

• Strong results on all fronts
• Futures have support at Rs 255
• A higher level is expected at Rs 271

Physicswallah

• Buy Physicswallah for targets of Rs 110.5, Rs 113 and Rs 115 with a stop loss at Rs 105
• HSBC has upgraded the stock with a target of Rs 135