Anil Singhvi Market Strategy June 3: Important levels to track in Nifty50, Nifty Bank today

Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi shares his strategy for today's session on Dalal Street. Check out his take on key support and resistance levels for the Nifty and the Nifty Bank, and how he views the market.

Here is what Zee Business Managing Editor Anil Singhvi makes of the market today.

Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi expects support for the headline Nifty50 index to emerge at 22,800-22,900 levels on Monday, June 3, a day before the counting of votes under the 2024 Lok Sabha elections. For the Nifty Bank, he expects support to come in at 49,425-49,600 levels.

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

FII long positions oversold at 14 per cent vs 13 per cent the previous day
Nifty put-call ratio (PCR) at 1.00 vs 1.12
Nifty Bank PCR at 0.83 vs 0.88
Volatility index India VIX up two per cent at 24.6

He sees a higher zone for the headline index coming in at 23,000-23,125 levels and a "blue-sky zone" above 23,150.

For the banking index, he expects a higher zone at 49,900-50,000 and a blue-sky zone above the 50,050 mark.

What should investors do after exit polls?

Invest from a 3-5-year perspective
Don't use all surplus funds today, save some money for investing in case of a dip in the market post-election results
It is better to invest in quality midcap and smallcap stocks
Favourite themes: PSU, railway, power, defence, energy, telecom, manufacturing, FMCG, market infra

What should traders do after exit polls?

Buy at the first support in case of profit-taking after a gap-up opening
Buying today and selling tomorrow can be risky

EDITOR'S TAKE

If actual election results match exit polls-based prediction of NDA winning 370 seats, then Nifty target at 23,400-23,500 levels
Nifty target at 24,000-24,500 if NDA crosses 400-seat mark
Nifty target at 22,800-23,000 if NDA bags around 325 seats
Market to stage lifetime highs as soon as opening
Expect big short-covering moves by FIIs
Domestic fund inflows expected
Investors choosing to wait may experience FOMO

10 factors that may aid buying

Signs of a strong start to the month
Exit poll predictions strong
Strong GDP data
Strong growth in GST collections
575-point jump in Dow
Strong short positions by FIIs; index longs at just 14 per cent
Strong buying in the cash and stock futures segments by FIIs on the first day of the June F&O series
Domestic fund inflows at Rs 2,100 crore on the first day of the series
Fall in crude oil price
Investors and traders holding light positions at the beginning of the series