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Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi expects support for the headline Nifty50 index at 24,300-24,400 levels and a strong buy zone at 24,125-24,250 levels on Tuesday, May 6. For the Nifty Bank, Singhvi expects support at 54,575-54,725 levels and a stronger support zone at 54,175-54,400 levels.

Read on to learn about the market wizard's views for the day. 

FII long positions at 49 per cent vs 47 per cent before Monday's session

Nifty put-call ratio (PCR) at 0.97 vs 0.91

Nifty Bank PCR at 0.93 vs 0.94

Volatility index India VIX up 0.5 per cent at 18.34

The market wizard sees a higher zone at 24,525-24,600 levels and a profit-booking zone at 24,650-24,750 levels for the headline index.

For the banking index, he sees a higher zone at 55,250-55,375 levels and a profit-booking zone at 55,475-55,675 levels. 

Strong FII & DII inflows set to boost Dalal Street?

Will Nifty50 touch 24,600 on Tuesday?

Why are pharma stocks in the spotlight?

For existing long positions: 

Nifty intraday and closing stop loss at 24,300

Nifty Bank intraday and closing stop loss at 54,700

For existing short positions:

For new positions in Nifty50:

The best range to buy Nifty is 24,300-24,400 with a stop loss at 24,225 for targets of 24,450, 24,525, 24,575, 24,600, 24,650 and 24,700

Aggressive traders can sell Nifty in the 24,600-24,750 range with a strict stop loss at 24,850 for targets of 24,525, 24,475, 24,400, 24,365, 24,335 and 24,300

For new positions in Nifty Bank:

Aggressive traders can buy Nifty Bank in the 54,575-54,725 range with a strict stop loss at 54,450 for targets of 54,975, 55,075, 55,175, 55,250, 55,300 and 55,375

Aggressive traders can sell Nifty Bank in the 55,350-55,550 range with a strict stop loss at 55,700 for targets of 55,250, 55,175, 55,100, 55,000, 54,775 and 54,675

Buy CCL Products for targets of Rs 600, Rs 610 and Rs 615 with a stop loss at Rs 585 

Buy DCM Shriram shares for targets of Rs 1,028, Rs 1,040 and Rs 1,050 with a stop loss at Rs 1,000 

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