Nifty50 strong sell zone at 23,900-24,000, says Anil Singhvi—Key levels to track

Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi expects support for the Nifty50 index to emerge at 23,425-23,575 levels and a strong buy zone at 23,265-23,375 levels on Friday, May 15. The market wizard sees support for the Nifty Bank at 53,200-53,550 levels and a strong buy area at 52,600-52,800 levels.

How market wizard sums up trade setup

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

• FII long positions at 11.86 per cent vs 10.83 per cent before Thursday's trading session

• Nifty put-call ratio (PCR) at 1.17 vs 0.93

• Nifty Bank PCR at 0.82 vs 0.74

For the headline index, the market wizard expects a higher zone at 23,775-23,850 levels and a strong sell area at 23,900-24,000 levels.

For the banking index, he expects a higher zone at 54,400-54,725 levels and a strong sell area at 54,775-55,000 levels.

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

For existing long positions:

• Nifty intraday stop loss at 23,575 and and closing stop loss at 23,375
• Nifty Bank intraday stop loss at 53,700 and closing stop loss at 53,450

For existing short positions:

• Nifty intraday and closing stop loss at 23,850
• Nifty Bank intraday and closing stop loss at 54,600

For new positions in Nifty50:

• Aggressive traders can buy Nifty in the 23,425-23,575 range with a strict stop loss at 23,350 for targets of 23,675, 23,775, 23,800, 23,835, 23,900 and 23,950

• Aggressive traders can sell Nifty in the 23,775-23,900 range with a strict stop loss at 24,000 for targets of 23,700, 23,600, 23,550, 23,465, 23,425 and 23,375

For new positions in Nifty Bank:

• Aggressive traders can buy Nifty Bank in the 53,200-53,550 range with a strict stop loss at 53,000 for targets of 54,100, 54,375, 54,450, 54,550, 54,725 and 54,875

• Aggressive traders can sell Nifty Bank in the 54,400-54,775 range with a strict stop loss at 55,000 for targets of 54,150, 53,700, 53,550, 53,450, 53,200 and 52,800

Futures & options (F&O) ban

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

Market guru's views on buzzing stocks

JSW Steel

• Buy JSW Steel futures for targets of Rs 1,313, Rs 1,326 and Rs 1,340 with a stop loss at Rs 1,277
• Better-than-expected results on all fronts
• Strong operational performance

Tata Motors PV

• Buy Tata Motors PV futures for targets of Rs 344, Rs 348 and Rs 355 with a stop loss at Rs 333
• Strong performance
• JLR business bottomed out
• FY27 looks better for both JLR and Indian business

United Spirits

• Strong operational performance
• Impressive margin
• Volume falling 5.6 per cent is a major concern
• All eyes on conference call at 4 pm
• United Spirits futures have support at Rs 1,250
• A higher level of Rs 1,350 is expected

Voltas

• Mixed results
• Weak operational performance
• 4.52% margins much below expectation
• Q1 seems promising
• Don’t short at lower levels
• Voltas futures have support at Rs 1,248
• A higher level of 1,330 is expected

Muthoot Finance

• Strong results
• Asset quality under pressure
• Management confident about growth outlook of FY27
• The stock has already rallied
• One can book profit and sell at higher levels
• Muthoot Finance futures have support at Rs 3,480 and Rs 3,430
• A higher level of Rs 3,605 is expected

KRN Heat Exchanger

• Strong overall performance
• The stock has rallied 66 per cent in three months

Kaynes Tech

• The stock fell 22 per cent on Thursday
• Brokerage cut their earnings estimates by 20 per cent
• Do not rush to buy
• Rising debt is a major cause for concern
• Every higher level may see profit-booking until the company manages to strengthen its balance sheet
• Support at Rs 3,000, Rs 2,850 and Rs 2,700
• A closing above the Rs 3,550 mark will be a sign of returning strength in the counter

HAL

• It will be important to track concall at 4 pm on Friday
• The stock is set to take direction from the CMD's commentary on Tejas aircraft

Good results in cash market

• Apollo Tyres
• Chambal Fertilser
• Siemens Energy
• Kirloskar Oil Engine