Anil Singhvi strategy April 12: Important levels to track in Nifty50, Nifty Bank today

Anil Singhvi, the Managing Editor of Zee Business, is a well-known figure in the Indian stock market world, known for providing insightful market strategies and analysis. On April 12, 2023, he shared his views on the key support and resistance levels that investors and traders should keep an eye on in the Nifty50 and the Nifty Bank index for the upcoming trading session on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).

Firstly, let us understand what support and resistance levels are in the context of stock market analysis. Support levels are the price levels at which a stock or an index finds buying interest, preventing it from declining further. Resistance levels are the price levels at which a stock or an index faces selling pressure, making it difficult for the price to rise above that level.

Now, let us delve into Anil Singhvi's strategy for the Nifty50 and the Nifty Bank index on April 12, 2023.

Nifty50:

According to Anil Singhvi, the key support level for the Nifty50 is around the 16,800 mark, which is a significant psychological level and a previous resistance level that has now turned into support. If the Nifty50 manages to hold above this level, it could potentially test the resistance level of 17,100-17,150. However, if the index fails to hold above the support level of 16,800, it could lead to a further decline towards the next support level of 16,600.

Nifty Bank:

In the case of the Nifty Bank index, Anil Singhvi identified the key support level at around 33,800-33,900, which is a significant horizontal support level that has held the index well in the past. If the Nifty Bank manages to hold above this level, it could potentially test the resistance level of 34,600-34,800. However, if the index fails to hold above the support level of 33,800-33,900, it could lead to a further decline towards the next support level of 33,400-33,500.

It is important to note that these levels are not guaranteed and are subject to change based on market conditions and news developments. Therefore, investors and traders should exercise caution and consider their risk appetite before making any investment decisions based on this information.

In summary, Anil Singhvi identified key support and resistance levels for the Nifty50 and the Nifty Bank index for the trading session on April 12, 2023. The Nifty50 has a key support level at 16,800 and a potential resistance level at 17,100-17,150, while the Nifty Bank has a key support level at 33,800-33,900 and a potential resistance level at 34,600-34,800. Investors and traders should keep these levels in mind while making investment decisions and consider their risk appetite before making any moves in the market.