Nifty50 strong sell zone at 23,925-24,000, 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 23,550-23,675 levels and a stronger support area at 23,350-23,475 levels on Tuesday, May 12. The market wizard sees support for the Nifty Bank at 53,425-53,700 levels and a stronger support zone at 53,025-53,275 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 11.60 per cent vs 12.39 per cent before Monday'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 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 23,700
• Nifty Bank intraday and closing stop loss at 54,100

For existing short positions:

• Nifty intraday and closing stop loss at 24,000
• Nifty Bank intraday and closing stop loss at 55,100

For new positions in Nifty50:

• Sell Nifty with a stop loss at 23,900 for targets of 23,725, 23,675, 23,600, 23,550, 23,475 and 23,400

• Aggressive traders can buy Nifty in the 23,400-23,550 range with a strict stop loss at 23,300 for targets of 23,600, 23,675, 23,725, 23,775, 23,800 and 23,850

For new positions in Nifty Bank:

• Sell Nifty Bank with a stop loss at 54,600 for targets of 54,150, 53,700, 53,425, 53,275, 53,200 and 53,025

• Buy Nifty Bank only if it trades above 55,300 with strict stop loss at 55,000

Futures & options (F&O) ban

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

How to Trade Buzzing Stocks: Indian Hotels, Nuvama Wealth, JSW Energy...

Indian Hotels

• Strong results on all parameters
• Strong double digit 12-14 per cent revenue guidance for FY27
• Should buy if opens lower
• Futures have support at Rs 637
• A higher level of Rs 682 is expected

Nuvama Wealth

• Good results
• Strong performance in wealth business
• The stock has rallied 22 per cent in a month
• Futures have support at Rs 1,500
• A higher level of Rs 1,650 is expected

JSW Energy

• Results better than estimates on all parameters
• Buy on dips
• Futures have support at Rs 541 and Rs 538
• Higher levels of Rs 566 and Rs 576 are expected

Kalyan Jewellers

• High risk trade as stock fell 9 per cent on Monday
• One must apply a strict stop loss
• It is the most vulnerable jewellery stock due to aggressive store expansion and lower margins
• Sell Kalyan Jewellers shares for targets of Rs 365, Rs 355 and Rs 340 with a stop loss at Rs 398

HPCL

• Higher crude resulting into more losses
• Sell HPCL futures for targets of Rs 371, Rs 365 and Rs 350 with a stop loss at Rs 386

Canara Bank

• Mildly weak results (announced during Monday's market hours)
• PSU banks are looking weak
• Some more selling is expected
• Sell Canara Bank futures in the 134-135 range for targets of Rs 125 and Rs 123 with a stop loss at Rs 137

HZL

• The stock is seen benefiting from high silver prices
• One may buy in market weakness
• Futures have support at Rs 611
• A higher level of Rs 655 is expected

UPL

• Strong results
• Buy futures near support at Rs 658
• A higher level of Rs 685 is expected