Anil Singhvi Strategy June 9: Support zone on Nifty is 16200-16265, Bank Nifty is 34600-34800

Amid negative global markets, negative Foreign Institutional Investors (FIIs), positive Domestic Institutional Investors (DIIs), neutral Future and Options (F&O) data and cautious sentiments, the short-term trend of the Indian market will remain negative on Thursday, June 9, 2022, as per Zee Business Managing Editor Anil Singhvi.  

Earlier, the Indian market had closed in the red on Wednesday, the day Reserve Bank of India (RBI)announced hike in repo rate by 50 basis points to contain rising inflation. It was also fourth straight negative closings as benchmarks Nifty50 and Sensex shed 0.37% and 0.39% respectively. The broader Nifty 50 slipped below 16,400 to close at 16,356, while the Sensex dropped 214 points to end at 54,892 on Wednesday.  

Here is Anil Singhvi's strategy on Nifty, Bank Nifty for June 9   
Nifty support zone is 16200-16265, below that 16075-16175 is a strong Buy zone 
Nifty higher zone is 16425-16450, above that 16500-16575 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 35175-35275, above that 35350-35450 is a strong Sell zone 
Nifty support levels are 16300, 16265, 16240, 16200, 16175, 16125, 16075 
Nifty higher levels are 16425, 16450, 16500, 16525, 16575, 16600 
Bank Nifty support levels are 34800, 34675, 34600, 34525, 34350, 34250, 34125 
Bank Nifty higher levels are 35000, 35075, 35175, 35275, 35350, 35450 

 FIIs Index Long at 27% Vs 30% 
PCR at 0.72 Vs 0.78 
India VIX down by 3% at 19.84  

For Existing Long Positions: 
Nifty Intraday and Closing stoploss (SL) 16200 
Bank Nifty Intraday and Closing SL 34800 

For Existing Short Positions: 
 
Nifty Intraday SL 16525 and Closing SL 16625 
Bank Nifty Intraday SL 35350 and Closing SL 35625 

For New Positions: 
Sell Nifty: 
SL 16525 Targets (Tgts): 16300, 16265, 16240, 16200, 16175, 16125, 16075 
Buy Nifty in 16125-16200 range: 
SL 16000 Tgts: 16240, 16265, 16300, 16350, 16425, 16450, 16500 
 
For New Positions: 
Sell Bank Nifty: 
SL 35350 Tgts 34850, 34675, 34600, 34525, 34350, 34250, 34125 
Buy Bank Nifty in 34575-34675 range: 
SL 34475 Tgts: 34800, 34850, 34950, 35000, 35075, 35175, 35275, 35350 
 
F&O Ban Update: 
Already In Ban: Delta Corp 
New In Ban: Nil 
Out Of Ban: Nil