Anil Singhvi strategy April 10: Key market triggers, important levels to track in Nifty50, Nifty Bank as D-Street enters holiday-truncated week

Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi shares his strategy for the April 10 session, the first session of yet another holiday-truncated week on account of the Dr Baba Saheb Ambedkar Jayanti holiday on April 14. 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 support for Nifty50 at 17,500-17,550 levels on April 10.

Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi expects support for the Nifty50 benchmark at 17,500-17,550 levels, and a strong buy zone at 17,375-17,425 levels on Monday, April 10, as the market enters a holiday-truncated week on account of Dr Baba Saheb Ambedkar Jayanti on April 14.

For the Nifty Bank — whose 12 constituents include HDFC Bank, SBI, Bank of Baroda and Axis Bank, he sees support emerging at 40,700-40,825 levels and a strong buy zone in the 40,525-40,625 band.

Here's how Anil Singhvi sums up the market setup on April 10:

Global: Positive

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

For the 50-scrip headline index, he expects a higher zone at 17,650-17,700 levels and a strong sell zone at 17,750-17,800 levels. For the banking index, he sees a higher zone at 41,250-41,375 levels and a strong sell zone at 41,500-41,625 levels.

FII index longs at 18 per cent on Monday vs 17 per cent on Friday
Nifty put-call ratio (PCR) at 1.1 vs 1.39
Nifty Bank PCR at 0.85 vs 1.17
Fear index India VIX down five per cent at 11.8

What Anil Singhvi recommends today

Anil Singhvi believes one should adopt a 'buy on dips' strategy with support for the Nifty50 in the range of 17,200-17,300 and for the Nifty Bank at 40,000-40,200 levels. A pause in benchmark interest rates is important for the market, he says.

ANIL SINGHVI MARKET STRATEGY

For existing long positions:

Nifty50 intraday stop loss at 17,500 and closing stop loss at 17,400
Nifty Bank intraday stop loss at 40,800 and closing stop loss at 40,600

For existing short positions:

Nifty intraday stop loss at 17,650 and closing stop loss at 17,750
Nifty Bank intraday and closing stop loss at 41,500

For new positions in Nifty:

Buy Nifty in the 17,500-17,550 range with a stop loss at 17,400 for targets of 17,650, 17,675, 17,700, 17,750 and 17,800
Sell Nifty in the 17,700-17,800 range with a stop loss at 17,850 for targets of 17,650, 17,600, 17,550, 17,500, 17,425 and 17,400

For new positions in Nifty Bank:

Buy Nifty Bank in the 40,625-40,825 range with a stop loss at 40,500 for targets of 40,900, 41,000, 41,075, 41,250, 41,325 and 41,375
Sell Nifty Bank in the 41,500-41,675 range with a stop loss at 41,800 for targets of 41,375, 41,275, 41,075, 41,000, 40,875 and 40,825

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