Market Guru's Strategy: Nifty50 profit-booking zone at 24,250-24,300, says Anil Singhvi—See how to trade

Anil Singhvi Market Strategy Today: Zee Business Managing Editor Anil Singhvi expects support for the Nifty50 index to emerge at 23,775-23,865 levels and a strong buy level 23,500-23,650 at 23,000-23,150 levels on Thursday, April 9, as investors await the onset of the Q4 earnings season due later in the day.

The market wizard sees support for the Nifty Bank coming in at 55,100-55,325 and 54,675-54,875 levels, and a strong buy zone at 54,100-54,400 levels.

How market wizard sums up trade setup

Add Zee Business as a Preferred Source

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

• FII long positions at 21.01 per cent vs 18.44 per cent before Wednesday's session

• Nifty put-call ratio (PCR) at 1.12 vs 1.13

• Nifty Bank PCR at 0.80 vs 0.85

For the headline index, the market wizard expects a higher zone at 24,000-24,125 levels and a profit-booking zone at 24,250-24,300 levels.

For the banking index, he expects a higher zone in the 55,775-56,000 and 56,275-56,375 ranges, and strong sell zone at 56,950-57,150 levels.

The market guru expects movements in crude oil to be a key deciding factor for Dalal Street now, with upsides supported by levels below $90 and a pause in the rally on in case of levels above $100 a barrel.

Signals around the reopening of the Strait of Hormuz could also serve as a key trigger, he believes.

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

For existing long positions:

• Nifty intraday and closing stop loss at 23,775
• Nifty Bank intraday and closing stop loss at 54,750

For existing short positions:

• Nifty intraday and closing stop loss at 24,125
• Nifty Bank intraday and closing stop loss at 56,000

For new positions in Nifty50:

• The best range to buy Nifty is 23,650-23,835 with a stop loss at 23,575 for targets of 23,865, 23,975, 24,025, 24,075, 24,125 and 24,250

• The best range to buy Nifty Bank is 55,000-55,325 with a stop loss at 54,750 for targets of 55,700, 55,775, 56,000, 56,275, 56,375 and 56,500

For new positions in Nifty Bank:

• Aggressive traders can sell Nifty with a strict stop loss at 24,125 for targets of 23,865, 23,835, 23,775, 23,650, 23,600 and 23,575

• Aggressive traders can sell Nifty Bank with a strict stop loss at 56,000 for targets of 55,325, 55,100, 54,875, 54,750, 54,400 and 54,150

Futures & options (F&O) ban

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

Key domestic and foreign market signals

• From their lifetime highs, Nifty50 and Nifty Bank have retreated 9.01 per cent and 9.81 per cent, respectively; Midcap Select is down 6.37 per cent and Smallcap down 16.12 per cent
• Nifty50 and Nifty Bank rallied for the fifth session in a row
• For the first time since November 17, 2025, Nifty50 and Nifty Bank have risen for five straight sessions
• Nifty50, Nifty Bank, Midcap Select and Smallcap indices have formed a higher high-higher low pattern each for a third straight day
• In intraday trade, Nifty has hit a 17-day high of 24,025 -- its biggest single-day surge in 11 months; Nifty Bank climbed to 55,778
• 41 Nifty stocks closed higher
• Nifty Bank saw its biggest single-day gain in five years at 5.7 per cent
• All 14 Nifty Bank stocks closed in the green
• Midcap Select remained strong for a third straight day -- its biggest gain in 18 months at 4.7 per cent
• 22 out of the 25 Midcap Select stocks closed in the green
• For the first time since February 26, the index closed above its 50-day moving average (DMA)
• The Smallcap index saw its biggest single-day gain in 4 years at 4.4 per cent
• 97 out of 100 Smallcap stocks closed in the green
• For the first time in two months, the index closed above its 50 DMA
• The PSU Bank and Energy indices closed above their 100 DMAs at three-week highs; the FMCG index at a two-week high
• The IT index hit a one-month intraday high but closed in the red
• India VIX fell for a third straight day, down 20.2 per cent at 19.70
• FII index futures long positions increased from 18.44 per cent to 21.01 per cent
• FIIs were marginal sellers in cash for a 26th straight day, offloading Rs 2,812 crore
• The last time when FIIs sold for 38 days in a row was in November 2024
• FIIs turned net buyers after 25 days, with Rs 4,783 crore net buying across cash, index and stock futures
• DIIs bought Rs 4,168 crore, marking the 28th consecutive day of buying
• The rupee strengthened for a fourth straight day, appreciating by 43 paise to close at 92.58; it has recovered by 263 paise from its lifetime low of 95.21
• Dollar Index remained flat below 99
• Crude oil recovered and hovered near $97/barrel

Stocks in News | Adani Enterprises, Adani Green, Adani Ports, Ambuja, Bosch...

Adani group in focus

• Stocks are set to stay strong
• One may buy at key support levels
• Focus on Adani Enterprises, Adani Ports and SEZ, Adani Green Energy and Ambuja Cement
• Oil company stocks may face some profit-taking

Bosch

Buy Bosch futures for targets of Rs 36,550, Rs 36,875 and Rs 37,100 with a stop loss at Rs 35,400

• The company is set to acquire the entire stake in Chassis Systems India from existing shareholders Robert Bosch
• The deal is worth Rs 9,069 crore