Anil Singhvi strategy June 7: Support Zone on Nifty, Bank Nifty is 16350-16450 and Bank Nifty is 34950-35075

Amid negative global cues, negative Foreign Institutional Investors (FIIs), positive Domestic Institutional Investors (DIIs), neutral Futures and Options (F&O) and neutral sentiments, the short-term trend of the Indian market will remain negative on Monday, June 7, as per Zee Business Managing Editor Anil Singhvi.  

Earlier, the domestic market extended losses for the second session in a row as benchmarks Nifty50 and Sensex ended lower by 0.09% and 0.17% respectively. Underperforming headline indices, Nifty midcap dropped 0.11%, while small cap index declined nearly one per cent as profit taking hit the broader market. Nifty Media, Consumer Durables, Realty and IT declined dragged the market the most on Monday, while oil & gas, metal, Auto and Private Bank provided some comfort.  

Anil Singhvi's strategy on Nifty Bank Nifty on June 7, 2022 
 

Nifty support zone is 16350-16450, below that 16225-16275 is a strong Buy zone 
Nifty higher zone is 16575-16650, above that 16700-16800 is strong Sell zone 
Bank Nifty support zone is 34950-35075, below that 34600-34800 is a strong Buy zone 
Bank Nifty higher zone is 35425-35625, above that 35750-35825 is a strong Sell zone 
Nifty support levels are: 16525, 16450, 16400, 16350, 16275, 16225 
Nifty higher levels are: 16575, 16600, 16625, 16650, 16690, 16790 
Bank Nifty support levels are: 35075, 34950, 34800, 34600, 34525, 34425 
Bank Nifty higher levels are: 35350, 35425, 35475, 35625, 35750, 35825 

 
FIIs Index Long at 39% Vs 40% 
PCR at 0.94 Vs 0.97 
India VIX up by 1% at 20.20 

 
For Existing Long Positions: 
 
Nifty Intraday stoploss (SL) 16425 and Closing SL 16500 
Bank Nifty Intraday and Closing SL 35000 

 
For Existing Short Positions: 
 
Nifty Intraday and Closing SL 16700 
Bank Nifty Intraday SL 35650 and Closing SL 35825 

For New Positions: 
 
Sell Nifty: 
SL 16700, Tgts: 16525, 16450, 16400, 16350, 16275, 16225 
 
Buy Nifty in 16275-16425 range: 
SL 16200, Tgts: 16450, 16525, 16575, 16600, 16625, 16650, 16690 

For New Positions: 
 
Sell Bank Nifty: 
SL 35650, Tgts: 35075, 34950, 34800, 34600, 34525, 34425 
 
Buy Bank Nifty in 34600-34800 range: 
SL 34400, Tgts: 34950, 35075, 35275, 35350, 35425, 35475, 35625 
 
No Stock In F&O Ban