Anil Singhvi's strategy May 23: Support zone on Nifty is 16075-16200, Bank Nifty is 34000-34150

Amid neutral global markets, Foreign Institutional Investors (FIIs), Future and Options, sentiments and positive domestic institutional investors (DII), the short-term trend will be negative on Monday, May 23.  

The Indian markets closed with strong gains on Friday with benchmark indices rising by nearly 3% each. The broader Nifty50 reclaimed 16,200 and the Sensex added over 1500 points as they closed at 16,266.15 and 54,326.39 respectively. Sectorally, Metal, Pharma and Realty rose the most as all other indices ended with substantial gains on Friday. In the broader market, Nifty midcap and small cap closed higher by 2.2% and 2.5% gaisn respectively.  

Zee Business Managing Editor Anil Singhvi's Strategy on Nifty, Bank Nifty on May 23 

Nifty support zone 16075-16200, Below that 15900-16000 strong Buy zone 

Nifty higher zone 16300-16400, Above that 16475-16600 strong Profit booking zone 

Bank Nifty support zone 34000-34150, Below that 33525-33675 strong Buy zone 

Bank Nifty higher zone 34650-34775, Above that 34900-35100 strong Profit booking zone 

Nifty support levels 16250, 16200, 16150, 16075, 16000, 15900 

Nifty higher levels 16300, 16350, 16400, 16475, 16500, 16600 

Bank Nifty support levels 34150, 34000, 33800, 33675, 33600, 33525, 33300 

Bank Nifty higher levels 34375, 34475, 34575, 34675, 34775, 34900, 34950, 35100 

 
FIIs Index Long at 39% Vs 29% 
PCR at 1.07 Vs 0.80 
India VIX down by 6% at 23.10 

 
For Existing Long Positions: 
Nifty Intraday SL 15975 n Closing SL 15775  
BankNifty Intraday SL 33900 n Closing SL 33500 

For Existing Short Positions: 
Nifty Intraday n Closing SL 16425 
BankNifty Intraday n Closing SL 34800 

For New Positions: 
Buy Nifty: 
SL 16000 Tgt 16300, 16350, 16400, 16475, 16500, 16600 
 
Sell Nifty in 16375-16475 range: 
SL 16600 Tgt 16300, 16265, 16200, 16150, 16075, 16000 

For New Positions: 
Buy BankNifty: 
SL 33900 Tgt 34475, 34575, 34675, 34775, 34900, 34950, 35100, 35250 

Sell BankNifty in 34775-34950 range: 
SL 35150 Tgt 34700, 34600, 34550, 34475, 34350, 34275, 34150, 34000 

F&O Ban Update: 
New In Ban: BHEL 
4 Already In Ban: GNFC, PNB, IB Housing Finance, Delta Corp 
Out Of Ban: Nil