Anil Singhvi's strategy May 24: Nifty support zone is 16000-16075, Bank Nifty is 33900-34100

Amid positive global markets and Domestic Institutional Investors (DIIs), negative flow from Foreign Institutional Investors, neutral Future and Options (F&O), the sentiment remains neutral and short-term trend of the domestic market will be negative on Monday, May 2, 2022.

The Indian market closed marginally lower largely dragged by metal stocks on Monday. Nifty Metal closed with nearly 8% cuts as benchmarks Nifty50 and the Sensex ended lower by around 0.3% and 0.07% respectively. The Nifty ended near 16,200 and the latter closed flat around 54,300 after shedding marginal 38 points.  

Following benchmarks, Nifty midcap and small cap dropped 0.3% and 0.7% respectively.  

Auto stocks came to the rescue as Nifty auto gained more than one and half per cent in a volatile market. Besides, Nifty IT too gained over one per cent on Monday. 

Zee Business Managing Editor Anil Singhvi's strategy on May 24 

Nifty support zone is 16000-16075; below that 15850-15900 is a strong Buy zone 

Nifty higher zone is 16275-16375; above that 16425-16500 is a strong Profit booking zone 

Bank Nifty support zone is 33900-34100; below that 33525-33675 is a strong Buy zone 

Bank Nifty higher zone is 34650-34775; above that 34900-35100 is a strong Profit booking zone 

Nifty support levels are 16150, 16075, 16000, 15900, 15850, 15800 

Nifty higher levels are 16250, 16300, 16400, 16425, 16475, 16500 

Bank Nifty support levels are 34125, 34000, 33900, 33800, 33675, 33600, 33525, 33300 

Bank Nifty higher levels are 34375, 34475, 34575, 34675, 34800, 34900, 34950, 35100 

 
FIIs Index Long unchanged at 39% 
PCR at 1.01 Vs 1.07 
India VIX up by 1% at 23.40 

 
For Existing Long Positions: 
 
Nifty Intraday stoploss (SL)15975 and Closing SL 16150 
BankNifty Intraday and Closing SL 33900 

For Existing Short Positions: 
Nifty Intraday and Closing SL 16425 
BankNifty Intraday and Closing SL 34850 

For New Positions: 
Buy Nifty: 
SL 15975 Tgt 16240, 16265, 16300, 16350, 16400, 16475, 16500 
 
Sell Nifty in 16375-16475 range: 
SL 16600 Tgt 16300, 16265, 16240, 16200, 16150, 16075, 16000 

For New Positions: 
 
Buy BankNifty: 
SL 33900 Tgt 34475, 34575, 34675, 34800, 34900, 34950, 35100 

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

 
F&O Ban Update: 
2 Out Of Ban: PNB, BHEL 
3 Already In Ban: GNFC, IB Housing Finance, Delta Corp 
New In Ban: Nil 
 
Delhivery Listing Preview: 
Expected to list near or below issue price of 487 
Long Term Investors can BUY only if lists at big discount 
 
Venus Pipes Listing Preview: 
Expected to list in 350-375 range 
HOLD with Stoploss of issue price of 326 
 
Aether Industries IPO Preview: 
APPLY FOR LONG TERM 
Valuations reasonable, neither expensive nor attractive 
 
Positives: 
Market leader with strong growth outlook 
Impressive Financials 
Debt free after IPO 
 
Negatives: 
Started in 2017, small business history 
Promoter to sell 12% more in future