Anil Singhvi’s Strategy May 28: Day Support Zone on Nifty is 9,150-9,250; Buy Coromandal Cash with Stop Loss 555

Amid positive global markets, domestic institutional investors (DIIs), sentiment, neutral foreign institutional investors (FIIs) and cautious futures & options (F&O) cues, the short-term trend of the Indian stock markets will be positive on Thursday, May 28, 2020.

Domestic equity benchmarks zoomed more than three per cent amid mixed global cues Wednesday, May 27, 2020. Sensex at Bombay Stock Exchange climbed 996 points, or 3.25 per cent, to end at 31,605. Similarly, the Nifty at National Stock Exchange surged 286 points, or 3.17 per cent, up at 9,315. While Bank Nifty gained 1,270 points, or 7.28 per cent, to close at 18,711.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for May 28:

Day Support Zone on Nifty is 9,150-9,250 and Higher Range is 9,375-9,500.

Day Support Zone on Bank Nifty is 18,300-18,500 and Higher Ranges is 19,050-19,250.

Small Day Range for trading on Nifty is 9300-9375, while the medium and bigger ranges are 9,250-9,425 and 9,200-9,500 respectively.

Small Day Range for trading on Bank Nifty is 18,500-18,950, while the medium and bigger ranges are 18,300-19,050 and 18,200-19,250 respectively.

Put-Call Ratio (PCR) is 1.56 alert at a higher level and Volatility Index (VIX) at 31.27.

For Existing Long Positions:

Nifty intraday stop loss is 9,250 and closing stop loss is 9,150.

Bank Nifty intraday stop loss is 18,500 and closing stop loss is 17,850.

For Existing Short Positions:

Nifty intraday and closing stop loss are 9,400.

Bank Nifty intraday and closing stop loss are 19,050.

For New Positions:

Buy Nifty with a stop loss of 9,250 and target 9,375, 9,400, 9,435, 9,475.

Sell Nifty in 9,450-9,500 range with a stop loss of 9,600 and target 9,400, 9,375, 9,325. 

Buy Bank Nifty with a stop loss of 18,500 and target 18,950, 19,050, 19,250, 19,400.

Sell Bank Nifty in 19,050-19,250 range with a stop loss of 19,500 and target 18,950, 18,850, 18,700, 18,550.

Vodafone Idea enters F&O Ban 

Results Analysis

Sell United Spirits Futures: Stop loss 595 and target 560, 550, 540. Weak Results and weaker outlook.

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Stock of the Day:

Buy Coromandal Cash: Stop loss 555 and target 578, 585, 595, 610. Strong Results, the beneficiary of locust attack.