Anil Singhvi strategy April 24: Important levels to track in Nifty 50, Nifty Bank

Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi shares his strategy for the April 24 session. Check out his take on key support and resistance levels for the Nifty and the Nifty Bank, and how he views the market.

Zee Business Managing Editor Anil Singhvi sees strong support for Nifty50 coming in at 17,500-17,575 levels on April 24.

Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi expects strong support for the Nifty50 benchmark at 17,500-17,575 levels on Monday, April 24. For the Nifty Bank — whose 12 constituents include HDFC Bank, SBI, Bank of Baroda and Axis Bank, he sees support emerging at 41,950-42,025 levels and a strong buy zone at 41,625-41,825 levels.

Here's how Anil Singhvi sums up the market setup on April 24:

Global: Neutral
FII: Negative

TRENDING NOW
DII: Positive
F&O: Neutral
Sentiment: Neutral
Trend: Neutral

For the 50-scrip headline index, he expects a higher zone at 17,675-17,725 levels and a strong sell zone at 17,750-17,825 levels. For the banking index, he sees a higher zone at 42,265-42,375 levels and a profit-booking zone at 42,500-42,600 levels.

FII longs at 39 per cent on Monday vs 38 per cent on Friday
Nifty put-call ratio (PCR) at 0.93 vs 1.01
Nifty Bank PCR at 0.78 vs 1.03
Fear index India VIX down 2.6 per cent at 11.63

ANIL SINGHVI MARKET STRATEGY

For existing long positions:

Nifty intraday and closing stop loss at 17,500
Nifty Bank intraday stop loss at 41,800 and closing stop loss at 42,000

For existing short positions:

Nifty intraday stop loss at 17,725 and closing stop loss at 17,825
Nifty Bank intraday stop loss at 42,625 and closing stop loss at 42,300

For new positions in Nifty:

Buy Nifty with a stop loss at 17,500 for targets of 17,625, 17,660, 17,700, 17,725, 17,750 and 17,800
Sell in the 17,725-17,825 range with a stop loss at 17,875 for targets of 17,700, 17,665, 17,625, 17,600 and 17,580

For new positions in Nifty Bank:

Sell Nifty Bank in the 41,825-42,025 range with a stop loss at 41,500 for targets of 42,000, 42,125, 42,200, 42,265 and 42,375
Aggressive traders can buy Nifty Bank with a strict stop loss at 41,900 for targets of 42,200, 42,265, 42,325, 42,375, 42,500 and 42,600
Aggressive traders can sell Nifty Bank in the 42,500-42,600 range with a strict stop loss at 42,750 for targets of 42,375, 42,275, 42,200, 42,125 and 42,025

No stocks in F&O ban

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