Amid positive global markets, domestic institutional investors (DIIs), sentiment, negative foreign neutral institutional investors (FIIs) and neutral futures & options (F&O) cues, the short-term trend of the Indian stock markets will be positive on Tuesday, May 18, 2021. 

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Domestic equity benchmarks ended with strong gains on Monday, May 17, 2021. The rally was driven by strong buying in banking and finance stocks amid falling COVID cases in the country. The S&P BSE Sensex advanced 848.18 points or 1.74 per to 49,580.73. The Nifty 50 index added 245.35 points or 1.67 per cent to 14,923.15. The Bank Nifty index surged 1,289.70 points or 4.01 per cent to close at 33,459.25. 

In the broader market, the S&P BSE MidCap closed 1.63 per cent higher and SmallCap index ended 1.61 per cent higher. .

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for May 18:

Day support zone on Nifty is 14,825-14,850, below that 14,725-14,775 is a strong Buy zone. 

Day higher zone on Nifty is 15,050-15,100, above that 15,150-15,200 is strong Profit-booking zone. 

 

Day support zone on Bank Nifty is 33,000-33,150, below that 32,775-32,875 is a strong Buy zone. 

Day higher zone on Bank Nifty is 33,975-34,175, above that 34,275-34,500 is strong Profit-booking zone.

 

The small Day Range for trading on Nifty is 14,850-15,100, while the medium and bigger ranges are 14,825-15,150 and 14,775-15,200, respectively. 

The small Day Range for trading on Bank Nifty is 33,150-33,975, while the medium and bigger ranges are 33,000-34,275 and 32,875-34,425, respectively. 

 

FIIs Index long still at lower levels at 46% Vs 42%

PCR higher at 1.40 Vs 1.11

India VIX down by 3% at 19.61

 

For Existing Long Positions:

Nifty intraday and closing stop loss are 14,800.

Bank Nifty intraday is 33,150 and closing stop loss is 32,800.

 

For Existing Short Positions:

Nifty intraday and closing stop loss are 15,050.

Bank Nifty intraday and closing stop loss are 33,800. 

 

For New Positions:

Buy Nifty with a stop loss of 14,800 and target 15,050, 15,100, 15,150, 15,200.

Sell Nifty in 15,150-15,200 range with Strict stop loss of 15,250 and target 15,050, 15,000, 14,950, 14,925. 

 

For New Positions:

Buy Bank Nifty with a stop loss of 33,150 and target of 33,725, 33,975, 34,175, 34,275, 34,425, 34,500.

Sell Bank Nifty in 34,275-34,425 range with a Strict stop loss 34,550 and target 34,175, 34,000, 33,800, 33,725, 33,625.

 

F&O Ban Update:

6 Already In Ban: SAIL, Sun TV, PNB, Canara Bank, BHEL, Cadila Health

New in Ban: Nil

Out of Ban: Nil