Anil Singhvi strategy May 3: Important levels to track in Nifty 50, Nifty Bank

Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi shares his strategy for the May 3 session on Dalal Street. Check out his take on the Indian share market, and key support and resistance levels for the Nifty and the Nifty Bank.

Zee Business Managing Editor Anil Singhvi sees a strong buy zone for Nifty50 coming in at 17,925-18,000 levels on May 3.

Zee Business Managing Editor Anil Singhvi expects support for the Nifty50 benchmark at 18,050-18,100 levels and a strong buy zone at 17,925-18,000 levels on Wednesday, May 3. For the Nifty Bank — whose 12 constituents include HDFC Bank, SBI and Axis Bank, he sees support emerging at 42,825-43,000 levels and a strong buy zone at 42,625-42,750 levels.

Here's how Anil Singhvi sums up the market setup on May 3:

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

For the 50-scrip headline index, he expects a higher zone at 18,150-18,200 levels and a profit booking zone at 18,250-18,300 levels. For the banking index, he sees a higher zone at 43,350-43,475 levels and a strong sell zone at 43,575-43,700 levels.

TRENDING NOW

FII index longs at 51 per cent on Tuesday vs 43 per cent Friday
Nifty put-call ratio (PCR) at 1.16 vs 1.33
Nifty Bank PCR at 1 vs 1.21
Fear index India VIX up 9 per cent at 11.9

ANIL SINGHVI MARKET STRATEGY

For Existing Long Positions:

Nifty Intraday n Closing SL 17975
Bank Nifty Intraday n Closing SL 42950

For Existing Short Positions:

Nifty Intraday n Closing SL 18200
Bank Nifty Intraday n Closing SL 43500

For New Positions:

Buy Nifty in 18000-18100 range:
SL 17900 Tgt 18150, 18175, 18200, 18250, 18275, 18300

Sell Nifty:
SL 18200 Tgt 18100, 18075, 18025, 18000, 1792

For New Positions:

Buy Bank Nifty in 42825-43000 range:
SL 42600 Tgt 43150, 43225, 43275, 43350, 43475

Sell Bank Nifty:
SL 43500 Tgt 43275, 43150, 43000, 42875, 42825, 42750

No Stocks in F&O Ban

Result Review:
Tata Steel:
Strong operational performance from Indian business
Margins and profit better than estimates
Europe business is still in loss

Ambuja Cements:
Good result
Stable margins
Strong sales growth
Strong guidance on growth and cost savings

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