Anil Singhvi Strategy June 8: Market Guru gives support zone on Nifty, Bank Nifty; predicts 3 scenarios of RBI MPC meeting outcome

Amid positive global cues, positive Domestic Institutional Investors' data, negative Foreign Institutional Investors, neutral Futures and Options (F&O) and neutral sentiments, the short-term trend of the Indian market will remain negative on Wednesday, June 8, said Zee Business Managing Editor Anil Singhvi 

Meanwhile as the Reserve Bank of India is set to come out with the outcome of monetary policy committee meeting's minutes, Singhvi predicts three scenarios and predicts how Nifty and Bank Nifty would react. Below is the three scenarios and reaction of the indices.  

 
Scenario-1: 
0.40 to 0.50% Rate hike and Neutral commentary 
16350-16600 Nifty trading range, 34800-35275 Bank Nifty trading range 
 
Scenario-2: 
0.75% Rate hike and Hawkish commentary 
16175-16250 Nifty support range, 34250-34350 Bank Nifty support range 

Scenario-3: 
0.40 to 0.50% Rate hike and Positive commentary 
16600-16800 Nifty higher levels, 35625-35825 Bank Nifty higher levels 

Anil Singhvi's strategy on Nifty, Bank Nifty on June 8, 2022 

Nifty support zone is 16265-16350, below that 16125-16200 is a strong Buy zone 
 
Nifty higher zone is 16525-16575, above that 16600-16675 is a strong Sell zone 
 
Bank Nifty support zone is 34600-34800, below that 34250-34350 is a strong Buy zone 
 
Bank Nifty higher zone is 35275-35425, above that 35625-35825 is a strong Sell zone 
 
Nifty support levels 16350, 16265, 16240, 16200, 16175, 16125 
 
Nifty higher levels 16440, 16525, 16575, 16600, 16625, 16650, 16690 
 
Bank Nifty support levels 34800, 34675, 34600, 34500, 34350, 34250 
 
Bank Nifty higher levels 35175, 35275, 35350, 35425, 35475, 35625, 35750, 35825 

 
FIIs Index Long at 30% Vs 39% 
PCR at 0.78 Vs 0.94 
India VIX up by 1% at 20.43 

 
For Existing Long Positions: 
 
Nifty Intraday n Closing SL 16325 
BankNifty Intraday n Closing SL 34800 

 
For Existing Short Positions: 
 
Nifty Intraday n Closing SL 16700 
BankNifty Intraday n Closing SL 35650 

For New Positions: 
 
Buy Nifty: 
SL 16325 Tgt 16440, 16525, 16575, 16600, 16625, 16650, 16690 
 
Sell Nifty in 16575-16650 range: 
SL 16725 Tgt 16525, 16450, 16425, 16350, 16275, 16250 
 
For New Positions: 
 
Buy BankNifty: 
SL 34800 Tgt 35175, 35275, 35350, 35425, 35475, 35625, 35750, 35825 
 
Sell BankNifty in 35475-35625 range: 
SL 35825 Tgt 35350, 35275, 35175, 35075, 35000, 34850, 34600 
 
F&O Ban Update: 
New In Ban: Delta Corp 
Already In Ban: Nil 
Out Of Ban: Nil