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Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi expects support for the headline Nifty50 index at 24,050-24,150 and 23,800-23,900 levels, and an even stronger support zone at 23,550-23,650 levels on Friday, May 9, after India not only blocked but also responded firmly to Pakistan's attempts to target several parts alongside the Line of Control. For the Nifty Bank, Singhvi expects support at 53,725-53,925 and 53,400-53,600 levels and an even stronger support zone at 53,075-53,225 levels. 

Read on to learn more about the market wizard's throughts on Dalal Street for the day.

Global: Positive

FII: Positive

DII: Neutral

F&O: Neutral

Sentiment: Cautious

Trend: Positive

FII long positions at 52 per cent vs 50 per cent before Thursday's session

Nifty put-call ratio (PCR) at 1.00 vs 0.97

Nifty Bank PCR at 0.84 vs 0.86

Volatility index India VIX up 10 per cent at 21

The market wizard sees a higher zone at 24,350-24,450 for the headline index.

For the banking index, he sees a higher zone at 54,600-54,775 levels and a strong sell zone at 54,925-55,175 levels. 

What happens in Delhi today?

When levels to track to trim buying positions?

What's driving gains on Wall Street?

What should market participants do?

For existing long positions: 

Nifty intraday stop loss at 24,150 and closing stop loss at 24,000

Nifty Bank intraday and closing stop loss at 53,900

For existing short positions:

Nifty intraday and closing stop loss at 24,500

Nifty Bank intraday and closing stop loss at 55,000

For new positions in Nifty50:

Sell Nifty with a strict stop loss at 24,500 for targets of 24,150, 24,050, 23,900, 23,800, 23,725 and 23,650

Buy Nifty only if it crosses 24,500; very aggressive traders can buy Nifty in the 23,800-23,900 range with a strict stop loss at 23,700 for targets of 24,000, 24,050, 24,125, 24,175, 24,225 and 24,275

For new positions in Nifty Bank:

Sell Nifty Bank with a strict stop loss at 54,800 for targets of 54,175, 53,925, 53,725, 53,600, 53,500, 53,400, 53,225 and 53,100

Buy Nifty Bank only if it crosses 55,050 

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