Anil Singhvi Market Strategy May 30: Important levels to track in Nifty50, Nifty Bank today

Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi expects a support zone for the headline Nifty50 index to emerge at 22,525-22,625 levels and a strong buy zone at 22,400-22,500 levels on Thursday, May 30.

For the Nifty Bank, he expects support to come in at 48,000-48,125 levels and a stronger support zone at 47,775-47,925 levels.

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

• Global: Negative

• FII: Negative

• DII: Positive

• F&O: Neutral

• Sentiment: Neutral

• Trend: Positive

He sees a higher zone for the headline index coming in at 22,750-22,850 levels and a strong sell zone at 22,875-22,950 levels.

For the banking index, he expects a higher zone at 48,650-48,775 levels and a strong sell zone at 48,900-49,050 levels.

EDITOR’S TAKE

• All signals suggest weakness on the monthly F&O expiry day
• Nifty negative for four sessions in a row
• A mood of strong selling across global markets
• Dow futures down sharply
• Concerns about exit polls visible on Dalal Street
• Strong selling by FIIs in the cash segment on Wednesday
• Expect Nifty50 to move in the important support zone of 22,400-22,600 
• Expect short-covering at lower levels in the oversold market

ANIL SINGHVI MARKET STRATEGY  

• FII index long positions at 50 per cent vs 54 per cent the previous day

• Nifty put-call ratio (PCR) at 0.79 vs 0.94

• Nifty Bank PCR at 0.93 vs 0.82

• Volatility index India VIX unchanged at 24.18

For existing long positions:

• Nifty intraday and closing stop loss at 22,600

• Nifty Bank intraday stop loss at 48,350 and closing stop loss at 48,000

For existing short positions:

• Nifty intraday and closing stop loss at 22,850

• Nifty Bank intraday stop loss at 49,050 and closing stop loss at 49,150

For new positions in Nifty:

• The best range to buy Nifty is 22,500-22,600 with a stop loss at 22,400 for targets of 22,675, 22,700, 22,750, 22,800, 22,825 and 22,875

• The best range to sell Nifty is 22,800-22,900 with a stop loss at 23,000 for targets of 22,750, 22,700, 22,625, 22,600, 22,575 and 22,525

For new positions in Nifty Bank:

• The best range to buy Nifty Bank is 47,925-48,125 with a stop loss at 47,750 for targets of 48,250, 48,400, 48,500, 48,575, 48,625 and 48,775

• The best range to sell Nifty Bank is 48,775-48,975 with a stop loss at 49,150 for targets of 48,650, 48,500, 48,400, 48,250, 48,125 and 48,050

F&O ban update

• New in ban: GMR Airports
• Out of ban: Biocon, Piramal Enterprises
• Already in ban: AB Fashion, Vodafone Idea, Hindustan Copper

Results reviews

Tata Steel 

• Buy Tata Steel futures with a stop loss at Rs 172 for targets of Rs 178, Rs 180 and Rs 182
• Results better than estimates
• Volume growth strong 
• Concall at 1 pm

Cummins India 

• Buy Cummins India futures with a stop loss at Rs 3,770 for targets of Rs 3,895, Rs 3,930 and Rs 3,975
• Results strong on all parameters
• Operational performance impressive 
• The only problem is the stock has risen 43 per cent in three months
• Concall at 10 am

GMR Airports

• Buy GMR Airports shares in the cash segment with a stop loss at Rs 85.5 for targets of Rs 89, Rs 90 and Rs 92
• Stock came into F&O ban today
• Results better than estimates
• Margin improved from 13.5 per cent to 33.5 per cent 

Bata India 

Bata India futures have support at Rs 1,350 and expected to have a higher level of Rs 1,400

• Operational performance strong 
• Management positive on future demand

Stock of the Day 

Buy CG Power shares with a stop loss at Rs 618 for targets of Rs 648, Rs 655 and Rs 662

• UBS has raised its target from Rs 580 to Rs 850

Sell Alkem futures with a stop loss at Rs 5,305 for targets of Rs 5,225, Rs 5,175 and Rs 5,110

• Results weak 
• Jefferies has reduced its target to Rs 4,200 from Rs 4,470

Buy Samvardhana Motherson futures with a stop loss at Rs 144 for targets of Rs 150, Rs 153 and Rs 155

• Results very strong, released during market hours on Wednesday
• Major brokerages have raised targets
• Jefferies target at Rs 175, Morgan Stanley target at Rs 176

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