Anil Singhvi’s Strategy May 24: Day support zone on Nifty is 15,110-15,140 & Bank Nifty is 34,150-34,300

Amid positive global markets, foreign neutral institutional investors (FIIs), sentiment, neutral domestic institutional investors (DIIs) and futures & options (F&O) cues, the short-term trend of the Indian stock markets will be positive on Monday, May 24, 2021. 

See Zee Business Live TV Streaming Below:

Snapping the two days losses, the domestic equity barometers ended with robust gains of more than 1.80 per cent on Friday, May 21, 2021. The S&P BSE Sensex surged 975.62 points or 1.97 per cent to 50,540.48. The Nifty 50 index jumped 269.25 points or 1.81 per cent to settle above the crucial level of 15,150-level at 15,175.30. The Bank Nifty index rose 1,272.35 points or 3.82 per cent to close to 34,606.90. 

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for May 24:

Day support zone on Nifty is 15,110-15,140, below that 15,010-15,050 is a strong Buy zone.

Day higher zone on Nifty is 15,210-15,240, above that 15,310-15,400 is a Profit-booking zone. 

Day support zone on Bank Nifty is 34,150-34,300, below that 33,600-33,700 is a strong Buy zone.

Day higher zone on Bank Nifty is 35,000-35,175, above that 35,275-35,425 is Profit-booking zone. 

Small Day Range for trading on Nifty is 15,140-15,240, while the medium and bigger ranges are 15,110-15,310 and 15,050-15,400, respectively.

Small Day Range for trading on Bank Nifty is 34,150-35,000, while the medium and bigger ranges are 34,000-35,175 and 33,700-35,275, respectively. 

Big short covering by FIIs, Index long at 61% Vs 55%

PCR at 1.38 Vs 1.30

India VIX down by 3% at 19.08

For Existing Long Positions:

Nifty intraday stop loss is 15,000 and closing stop loss is 15,100.

Bank Nifty intraday stop loss is 34,250 and closing stop loss is 33,900.

For Existing Short Positions:

Nifty intraday stop loss is 15,200 and closing stop loss is 15,325.

Bank Nifty intraday and closing stop loss are 34,700. 

For New Positions:

Buy Nifty on Gap-down Opening with a stop loss of 15,000 and target 15,210, 15,240, 15,310, 15,350.

Sell Nifty in 15,300-15,350 range with a stop loss of 15,450 and target 15,250, 15,215, 15,175, 15,140, 15,110.

For New Positions:

Buy Bank Nifty on Gap-down Opening with a stop loss of 33,900 and target 34,800, 34,975, 35,175, 35,275, 35,425, 35,500.

Sell Bank Nifty in 35,175-35,425 range with a stop loss of 35,550 and target 35,025, 34,800, 34,700, 34,625, 34,450.

F&O Ban Update:

Out Of Ban: Cadila Health

New In Ban: Nil

5 Already In Ban: NALCO, SAIL, PNB, BHEL, JSPL