Anil Singhvi Strategy June 1: Support zone on Nifty is 16425-16525 and Bank Nifty is 35100-35300

Amid neutral cues from global markets, Foreign Institutional Investors (FIIs) and Futures and Options (F&O), positive Domestic Institutional Investors (DIIs) and sentiments, the short-term trends on Wednesday, June 1, will be negative, said Zee Business Managing Editor Anil Singhvi.   

Earlier, on Tuesday, the domestic equity market ended lower by around half per cent as benchmarks Nifty50 settled near 15,600 and the Sensex declined by more than 350 points to close above 55,500. Sectorally, Nifty realty was the top gainer, while PSU Bank declined the most. Nifty Midcap ended marginally lower even as small cap index settled with over one percent gain. 

Anil Singhvi's strategy on June 1 

Nifty support zone is 16425-16525, below that 16275-16350 is a strong Buy zone 
 
Nifty higher zone is 16650-16700, above that 16750-16875 is a Profit booking zone 
 
Bank Nifty support zone is 35100-35300, below that 34600-34800 is a strong Buy zone 
 
Bank Nifty higher zone is 35750-35875, above that 35975-36075 Profit booking zone 
 
Nifty support levels: 16525, 16425, 16400, 16350, 16275, 16240 
 
Nifty higher levels: 16600, 16650, 16700, 16750, 16825, 16875 
 
Bank Nifty support levels: 35425, 35300, 35100, 34950, 34800, 34600 
 
Bank Nifty higher levels: 35600, 35750, 35825, 35875, 35950, 36075, 36175, 36275 

 
FIIs Index Long at 51% Vs 56% 
PCR at 1.10 Vs 1.28 
India VIX up by 2% at 20.48 

 
For Existing Long Positions: 
 
Nifty Intraday SL 16475 and Closing SL 16350 
BankNifty Intraday SL 35250 and Closing SL 35000 

 
For Existing Short Positions: 
 
Nifty Intraday and Closing SL 16750 
BankNifty Intraday and Closing SL 36150 

For New Positions: 
 
Buy Nifty in 16425-16525 range: 
SL 16350 Tgt 16575, 16600, 16650, 16690, 16750, 16800 
 
Aggressive Traders Buy Nifty: 
Strict SL 16475 Tgt 16650, 16690, 16750, 16800, 16825, 16875 
 
Sell Nifty in 16750-16875 range: 
SL 16950 Tgt 16700, 16660, 16600, 16525, 16500, 16425 

 
For New Positions: 
 
Buy BankNifty in 35100-35300 range: 
SL 35000 Tgt 35425, 35525, 35600, 35750, 35825, 35875, 35950 
 
Aggressive Traders Buy BankNifty: 
Strict SL 35250 Tgt 35600, 35750, 35825, 35875, 35950, 36075, 36175, 36275 
 
Sell BankNifty in 35975-36100 range: 
SL 36300 Tgt 35900, 35825, 35750, 35625, 35525, 35300, 35100