Anil Singhvi’s Strategy May 16: Support zone on Nifty is 15675-15750, Bank Nifty is 32875-33000

Amid neutral global markets and future & options (F&O), negative foreign institutional investors (FIIs), positive domestic institutional investors (DIIs), and neutral sentiments, the short-term trend of the Indian stock markets will be negative on Monday, May 16, 2022.

The Indian stock markets on Friday closed negative as Sensex slipped by over 136 points and Nifty50 settled below the 15800-level amid negative global cues. On the contrary, Nifty mid-cap and small-cap closed positive by around 1 per cent higher. Among sectoral indices, Nifty Metal declined more than 2 per cent, while Nifty Bank and Financials slipped over 1 per cent on Friday. 

Zee Business Managing Editor Anil Singhvi’s Market Strategy for May 16

Nifty support zone 15675-15750, Below that 15550-15625 strong Buy zone

Nifty higher zone 15975-16075, Above that 16150-16200 Profit booking zone

Bank Nifty support zone 32875-33000, Below that 32150-32375 strong Buy zone

Bank Nifty higher zone 33400-33525, Above that 33900-34150 Profit booking zone

Nifty support levels 15725, 15675, 15625, 15550

Nifty higher levels 15850, 15900, 15950, 16000, 16075, 16150, 16175, 16200

Bank Nifty support levels 33000, 32875, 32450, 32375, 32150

Bank Nifty higher levels 33300, 33400, 33525, 33900, 34000, 34150, 34275, 34350

FIIs Index Long at 24% Vs 17%

PCR near oversold levels at 0.73 Vs 0.75, short covering expected

India VIX down by 3% at 23.49

For Existing Long Positions:

Nifty Intraday n Closing SL 15650

BankNifty Intraday n Closing SL 32850

For Existing Short Positions:

Nifty Intraday SL 16100 n Closing SL 16200

BankNifty Intraday SL 34050 n Closing SL 34300

For New Positions:

Buy Nifty: SL 15650 Tgt 15850, 15900, 15950, 16000, 16075, 16150

Sell Nifty in 15975-16075 range: SL 16200 Tgt 15950, 15900, 15850, 15800, 15750

For New Positions:

Buy BankNifty: SL 32850 Tgt 33300, 33400, 33525, 33900, 34000, 34150, 34275, 34350

Sell BankNifty in 33900-34150 range: SL 34300 Tgt 33550, 33400, 33300, 33125, 33025, 32875

Aggressive Traders Sell BankNifty in 33400-33525 range: Strict SL 33600 Tgt 33300, 33125, 33025, 32875, 32450, 32375, 32150

F&O Ban Update:

New In Ban: GNFC

Already In Ban: PNB, IB Housing Finance

Out Of Ban: Nil