Anil Singhvi Market Strategy May 10: Important levels to track in Nifty50, Nifty Bank today

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Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi expects support for the headline Nifty50 index to emerge at 21,775-21,850 levels and a stronger support zone at 21,625-21,725 levels on Friday, May 10.

For the Nifty Bank, he expects support to come in at 47,075-47,250 levels followed by a stronger support zone at 46,600-46,900 levels.

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Here’s how Anil Singhvi sums up the market setup:

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

He expects a higher zone for the headline index at 22,000-22,075 levels and a strong profit-booking zone at 22,125-22,225 levels.

For the banking index, he expects a higher zone at 47,850-47,975 levels and a strong sell zone at 48,125-48,275 levels.

ANIL SINGHVI MARKET STRATEGY

FII index longs at 33 per cent vs 39 per cent the previous day
Nifty put-call ratio (PCR) at 0.9 vs 0.77
Nifty Bank PCR at 0.65 vs 0.81
Volatility index India VIX up 6.5 per cent at 18.20

For existing long positions:

Nifty intraday stop loss at 21,750 and closing stop loss at 21,900
Nifty Bank intraday and closing stop loss at 47,000

For existing short positions:

Nifty intraday and closing stop loss at 22,325
Nifty Bank intraday and closing stop loss at 48,000

For new positions in Nifty:

Aggressive traders can sell Nifty in the 22,075-22,175 range with a strict stop loss at 22,300 for targets of 22,000, 21,950, 21,900, 21,850, 21,825 and 21,775
Aggressive traders can buy Nifty in the 21,775-21,850 range with a strict stop loss at 21,700 for targets of 21,925, 21,950, 22,000, 22,075, 22,125 and 22,175

For new positions in Nifty Bank:

Aggressive traders can sell Nifty Bank in the 48,000-48,200 range with a strict stop loss at 48,300 for targets of 47,850, 47,700, 47,625, 47,500, 47,450 and 47,250
Aggressive traders can buy Nifty Bank in the 46,900-47,075 range with a strict stop loss at 46,800 for targets of 47,250, 47,425, 47,500, 47,625, 47,700 and 47,850

F&O ban update

New in ban: None
Already in ban: Zee Entertainment Enterprises, PNB, SAIL, Balrampur Chini, GMR Airports, AB Fashion, Vodafone Idea, Canara Bank, Piramal Ent
Out of ban: Biocon

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