Anil Singhvi's strategy June 6: Support zone on Nifty is 16450-16525, Bank Nifty is 34600-34800

Amid negative cues from global markets, negative Foreign Institutional investors (FIIs), positive domestic institutional investors (DIIs), neutral Future and Options (F&O) and neutral sentiments, the short-term trend of the Indian market will be negative on Monday, June 6, 2022, said Zee Business Managing Editor Anil Singhvi.  

Earlier, the Indian market ended marginally lower on Friday as Nifty50 and Sensex closed 0.26% and 0.09% lower on Friday. The former slipped below 16,600 and the latter ended marginally lower by 49 points. However, benchmarks Nifty50 and Sensex closed higher by 1.4% and 1.6% respectively in the week ended June 3, 2022. Small cap and mid cap stock came under more selling pressure on Monday as Nifty midcap and small cap declined around 1.5% and 0.7% respectively. 

Here, Anil Singhvi's strategy on Nifty, Bank Nifty for June 6, 2022 

Nifty support zone is 16450-16525, below that 16275-16350 is a strong Buy zone 
Nifty higher zone is 16575-16650, above that 16700-16800 is a strong Sell zone 
Bank Nifty support zone is 34600-34800, below that 34425-34525 is a strong Buy zone 
Bank Nifty higher zone is 35625-35750, above that 35825-35950 is a strong Sell zone 
Nifty support levels are: 16525, 16450, 16400, 16350, 16275, 16225 
Nifty higher levels are: 16575, 16625, 16650, 16690, 16750, 16790 
Bank Nifty support levels are: 35100, 34950, 34800, 34600, 34525, 34425 
Bank Nifty higher levels are: 35375, 35475, 35625, 35750, 35825, 35950 

 
FIIs Index Long unchanged at 40% 
PCR at 0.97 Vs 1.18 
India VIX down by 2% at 19.98 

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 16350-16450 range: 
SL 16225 Tgts: 16525, 16575, 16625, 16650, 16690 

 
For New Positions: 
Sell BankNifty: 
SL 35650 Tgts: 35100, 34950, 34800, 34600, 34525, 34425 
 
Buy BankNifty in 34600-34800 range: 
SL 34400 Tgts: 34950, 35075, 35250, 35375, 35475, 35625, 35750 
 
No Stock In F&O Ban