Anil Singhvi's Strategy June 2: Support Zone on Nifty is 16350-16425, Bank Nifty is 35100-35300

Amid negative cues from global markets, negative Foreign Institutional Investors (FIIs), positive Domestic Institutional Investors (DIIs), neutral Future & Options and sentiments, the short-term trend for the domestic equity market on Thursday, June 2, will be negative, as per Zee Business Managing Editor Anil Singhvi.  

Earlier on Wednesday, the Indian market slipped in red, weighed down by rising crude oil, Foreign institutional investors (FIIs) selling and expectations of slowing down of the economy. The Nifty50 and Sensex ended lower by 0.37% and 0.33% as benchmarks ended near their previous closings. Headline indices ended the day at 16,522.75 and 55,381 as profit booking in IT, Pharma and Realty stocks dragged the market.  

Outperforming benchmarks, Nifty midcap closed flat with marginal gains and small cap ended higher by nearly 0.3% on Wednesday.  

Anil Singhvi's Strategy on June 2, 2022  

Nifty support zone 16350-16425, Below that 16200-16275 strong Buy zone 
 
Nifty higher zone 16575-16650, Above that 16690-16750 Profit booking zone 
 
Bank Nifty support zone 35100-35300, Below that 34600-34800 strong Buy zone 
 
Bank Nifty higher zone 35750-35875, Above that 35975-36075 Profit booking zone 
 
Nifty support levels 16425, 16400, 16350, 16275, 16240, 16200 
 
Nifty higher levels 16575, 16600, 16650, 16690, 16750, 16825 
 
Bank Nifty support levels 35500, 35300, 35100, 34950, 34800, 34600, 34425, 34350 
 
Bank Nifty higher levels 35750, 35825, 35875, 35950, 36075, 36175 

 
FIIs Index Long at 46% Vs 51% 
PCR at 0.82 Vs 1.10 
India VIX up by 2% at 20.85 

 
For Existing Long Positions: 
 
Nifty Intraday SL 16425 and Closing SL 16350 
BankNifty Intraday SL 35250 and Closing SL 35000 

 
For Existing Short Positions: 
 
Nifty Intraday and Closing SL 16700 
BankNifty Intraday and Closing SL 36100 

For New Positions: 
 
Buy Nifty in 16250-16350 range: 
SL 16175 Tgt 16400, 16425, 16500, 16525, 16575, 16600, 16650 
 
Sell Nifty in 16575-16650 range: 
SL 16725 Tgt 16525, 16500, 16425, 16400, 16350, 16275 

 
For New Positions: 
 
Sell BankNifty in 35875-36075 range: 
SL 36150 Tgt 35750, 35625, 35525, 35300, 35100, 34950, 34800, 34600 
 
Buy BankNifty in 35100-35300 range: 
SL 35000 Tgt 35425, 35525, 35600, 35750, 35825, 35875, 35950 
 
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