Anil Singhvi's strategy May 27: Support zone on Nifty is 16075-16125 and Bank Nifty is 34600-34800

Amid positive global cues, strong inflow from Domestic Institutional Investors (DIIs), negative Foreign Institutional Investors and neutral Futures & Options and sentiment, the short-term trend of the Indian market will be negative on Friday, may 27, 2022. 

Earlier, the domestic equity market closed on a strong note on Thursday amid support from banking, metal and IT stocks. Headline indices Nifty50 and Sensex ended higher by around one per cent in the closing trade on Thursday. The broader Nifty 50 closed near 16,200, while the Sensex added over 500 points to its previous closing as the benchmark settled at 16,170.15 and 54,252.53 respectively.  Following the benchmarks, Nifty midcap and small cap rose by nearly 1.6% and 0.8 respectively as India Volatility Index slid below 23-mark.  With over 3% gain, Nifty PSU Bank led the sectoral indices as Nifty Bank, Nifty Metal, financial servives and private bank all gained over two per cent. Nifty FMCG ended flat with negative bias. 

Zee Business Managing Editor Anil Singhvi's Strategy on Nifty, bank Nifty on May 27, 2022 

Nifty support zone is 16075-16125; below that 15900-16000 is a strong Buy zone 

Nifty higher zone is 16240-16265; above that 16285-16400 is a strong Profit booking zone 

Bank Nifty support zone is 34600-34800; below that 34300-34425 is a strong Buy zone 

Bank Nifty higher zone is 35425-35625; above that 35750-35950 is a strong Profit booking zone 
 
Nifty support levels are 16125, 16075, 16025, 16000, 15900, 15850 
 
Nifty higher levels 16210, 16240, 16265, 16285, 16400, 16475 
 
Bank Nifty support levels 34950, 34825, 34700, 34600, 34425, 34350 
 
Bank Nifty higher levels 35250, 35425, 35525, 35625, 35750, 35850, 35950 

 
FIIs Index Long at 45% Vs 42% 
PCR at 1.13 Vs 0.73 
India VIX down by 10% at 22.72 

 
For Existing Long Positions: 
 
Nifty Intraday and Closing SL 15900 
BankNifty Intraday SL 34800 and Closing SL 34200 

 
For Existing Short Positions: 
 
Nifty Intraday and Closing SL 16425 
BankNifty Intraday and Closing SL 35250 

For New Positions: 
 
Buy Nifty: 
SL 16000 Tgt 16210, 16240, 16265, 16285, 16400, 16425 
 
Sell Nifty in 16285-16400 range: 
SL 16500 Tgt 16265, 16240, 16215, 16175, 16125, 16075, 16025 

 
For New Positions: 
 
Buy BankNifty: 
SL 34800 Tgt 35250, 35425, 35525, 35625, 35750, 35850, 35950 

Sell BankNifty in 35750-35950 range: 
SL 36050 Tgt 35625, 35525, 35425, 35250, 35100, 34950, 34825 
 
No Stock In F&O Ban 
 
Paradeep Phosphates Listing Preview:  
Expected to list little above issue price of 42 
Long Term Investors should HOLD