Anil Singhvi strategy April 29: Important levels to track in Nifty50, Nifty Bank today

Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi sees support emerging at 22,300-22,375 levels and a strong buy zone at 22,150-22,200 levels for the headline Nifty50 index on Monday, April 29. For the Nifty Bank, he expects support to come in at 47,900-48,075 levels and a strong buy zone at 47,625-47,775 levels.

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

• Global: Positive 

  ADS

• FII: Negative

• DII: Positive  

• F&O: Neutral

• Sentiment: Neutral

• Trend: Positive

   

He expects a higher level for the headline index at 22,500-22,575 levels and a profit-booking zone at 22,625-22,700 levels. 

For the banking index, Singhvi expects a higher zone at 48,425-48,575 levels and a profit-booking zone at 48,625-48,725 levels. 

ANIL SINGHVI MARKET STRATEGY  

• FII index longs at 35 per cent vs 39 per cent the previous day

• Nifty put-call ratio (PCR) at  0.96 vs 1.28

• Nifty Bank PCR at 0.85 vs 1.16

• Volatility index India VIX up two per cent at 10.93

   

Editor’s take

• Global markets to support sentiment on Dalal Street
• FII outflows to cause pressure at higher levels
• Expect buying in midcap and smallcap stocks
• One may use a gap-up opening to book profit in the higher range
• Market participants have an eye on low voting turnout
• Nifty Bank to be supported by ICICI Bank and RBL Bank results

For existing long positions:

For existing short positions:

• Nifty Intraday n Closing SL 22625
  Bank Nifty Intraday n Closing SL 48725

For new positions in Nifty:

• SL 22300 Tgt 22475, 22500, 22550, 22575, 22625

  Sell Nifty, Best range to sell 22550-22625:
  SL 22700 Tgt 22500, 22450, 22425, 22400, 22375, 22300

For new positions in Nifty Bank:

• Buy Bank Nifty:
  SL 47900 Tgt 48425, 48475, 48575, 48625, 48675, 48725

  Aggressive Traders Sell Bank Nifty in 48500-48675 range:
  Strict SL 48750 Tgt 48425, 48300, 48200, 48100, 48025

F&O ban update

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

Results reviews

ICICI Bank 
Buy ICICI Bank futures with a stop loss at Rs 1,099 for targets of Rs 1,123 and Rs 1,138
Numbers strong on all parameters except no improvement in NIM
Operational performance very strong

RBL Bank 
Buy RBL Bank futures with a stop loss at Rs 262 for targets of Rs 271, Rs 273 and Rs 278
Performance strong on all parameters
Don’t buy if the stock makes a big gap-up start
Profit booking expected at higher levels

IFDC First Bank 
Results weak on all parameters
Futures have support at Rs 81 and Rs 82, and a higher level at Rs 88
Results in line with estimates
Nothing great, nothing bad

Yes Bank 
Operational performance weak
Recovery slow
Book profit in case of a gap-up opening

HCLTech 
Futures have support at Rs 1,443 and a higher level at Rs 1,510
Numbers below estimates on all parameters
The stock can see a small downside
Buying support expected at lower levels

Maruti Suzuki 
Futures have support at Rs 12,750 and Rs 12,690, and higher levels at Rs 12,930 and Rs 13,020
Strong topline
Profit and EBITDA below estimates
The stock may see a small downside

Stock Of The Day

Buy : SBI Cards Futures
SL 744 Tgt 770, 785, 800
Strong results, profit much above expectation
Stable asset quality
Revolver credit improved to 24% after 8 quarters
SBI Cards issues 3 new travel and leisure credit cards
Next quarter expected to be better

Patanjali Foods (Cash)
SL 1560, Tgt 1660, 1700
Investors keep Tgt of 1850
Patanjali Foods gets proposal to acquire non-food business from Patanjali Ayurved
Patanjali Foods to appoint valuers to evaluate proposal

Buy Shriram Finance Futures
SL 2465, Tgt 2580, 2610
Results came on Friday
Big upgrades from FII brokerages
Jefferies raised target to 2950 from 2750
JP Morgan and Citi also raised targets

Buy Supreme Industries
SL 4300 Tgt 4440, 4500, 4600
Results came on Friday during market hours
Stock may run due to strong internal

Buy : Buy AU Small Finance Bank Futures
SL 592 Tgt 616, 624, 638
RBI issues guidelines to convert small finance bank into full service bank is big positive

Buy Jana Small Finance Bank
SL  500 Tgt 520, 529
RBI issues guidelines to convert small finance bank into full service bank is big positive

Buy Shakti Pumps
SL 1765 Tgt 1845, 1890, 1940
Very strong results on weekend

Catch the latest stock market updates here. For all other news related to business, politics, tech and auto, visit Zeebiz.com.