Anil Singhvi strategy April 17: Key market triggers, important levels to track in Nifty50, Nifty Bank

Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi shares his strategy for the April 17 session, as the Indian share market resumes trading after a long weekend. 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 coming in at 17,650-17,725 levels on April 17.

Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi expects support for the Nifty50 benchmark at 17,650-17,725 levels, and a strong buy zone at 17,550-17,600 levels on Monday, April 17, as the Indian share market resumes trading after a long weekend.

For the Nifty Bank — whose 12 constituents include HDFC Bank, SBI, Bank of Baroda and Axis Bank, he sees support emerging at 41,575-41,725 levels and a strong buy zone in the 41,350-41,500 band.

Here's how Anil Singhvi sums up the market setup on April 17:

Global: Positive

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

For the 50-scrip headline index, he expects a higher zone at 17,825-17,875 levels and a strong sell zone at 17,925-17,975 levels. For the banking index, he sees a higher zone at 42,375-42,500 levels and a strong sell area at 42,550-42,725 levels.

FII index longs at 39 per cent on Monday vs 35 per cent on Thursday
Nifty put-call ratio (PCR) on higher side at 1.28 vs 1.27; profit booking expected at upper levels
Nifty Bank PCR at 1.34 vs 1.32
Fear index India VIX down three per cent at 11.91

ANIL SINGHVI MARKET STRATEGY

For existing long positions:

Nifty intraday stop loss at 17,700 and closing stop loss at 17,600
Nifty Bank intraday stop loss at 41,500 and closing stop loss at 41,350

For existing short positions:

Nifty intraday and closing stop loss at 17,850
Nifty Bank intraday and closing stop loss at 42,200

For new positions in Nifty:

Buy Nifty in the 17,650-17,725 range with a stop loss at 17,550 for targets of 17,800, 17,825, 17,875 and 17,925
Sell Nifty in the 17,875-17,975 range with a stop loss at 18,050 for targets of 17,825, 17,800, 17,750, 17,725, 17,700 and 17,650

For new positions in Nifty Bank:

Buy Nifty Bank in the 41,500-41,625 range with a stop loss at 41,300 for targets of 41,725, 41,775, 41,975, 42,075, 42,125 and 42,175
Sell Nifty Bank in the 42,450-42,625 range with a stop loss at 42,750 for targets of 42,275, 42,200, 42,125, 42,000 and 41,775
Aggressive traders can sell Nifty Bank with a strict stop loss at 42,300 for targets of 42,000, 41,775, 41,675, 41,625, 41,550, 41,500 and 41,400

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