Anil Singhvi's strategy May 31: Support zone on Nifty is 16425-16525 and Bank Nifty is 35100-35300

Amid positive global cues, Foreign Institutional Investors (FIIs) and Domestic Institutional Investors (DIIs), neutral Futures and Options (F&O), positive sentiments, the short-term trend of the Indian market on Tuesday, May 31, remains negative.  

Earlier on Monday, benchmark indices rose nearly two percent to end in the green amid support from IT, Realty and Consumer Durable stocks. The broader Nifty 50 gained 1.89% or 309 points to settle at 16,661. Similarly, the Sensex rose by 1041 points or 1.9% to end at 55,926. Nifty midcap and small cap ended higher by 2.4% and 3% respectively.  

Zee Business Managing Editor Anil Singhvi's views on Nifty, Bank Nifty on May 31  

Nifty support zone is 16425-16525; Below that 16275-16350 is a strong Buy zone 
 
Nifty higher zone is 16675-16750; above that 16800-16875 is a strong Profit booking zone 
 
Bank Nifty support zone 35100-35300; below that 34600-34800 is strong Buy zone 
 
Bank Nifty higher zone is 35975-36075; above that 36175-36350 strong Profit booking zone 
 
Nifty support levels: 16600, 16525, 16425, 16400, 16350, 16275, 16240 
 
Nifty higher levels: 16675, 16700, 16750, 16825, 16875, 16950 
 
Bank Nifty support levels: 35700, 35625, 35525, 35425, 35300, 35100, 34950, 34800 
 
Bank Nifty higher levels: 35975, 36075, 36175, 36275, 36350, 36400 

 
FIIs Index Long at 56% Vs 48% 
PCR at 1.28 Vs 1.14 
India VIX down by 7% at 19.98 

For Existing Long Positions: 
 
Nifty Intraday SL 16500 and Closing SL 16350 
BankNifty Intraday and Closing SL 35600 

 
For Existing Short Positions: 
 
Nifty Intraday and Closing SL 16750 
BankNifty Intraday and Closing SL 36100 

For New Positions: 
 
Buy Nifty in the 16425-16525 range: 
SL 16350 Tgts: 16600, 16650, 16675, 16700, 16750, 16825 
 
Sell Nifty in 16700-16825 range: 
SL 16900 Tgts: 16650, 16600, 16525, 16425, 16350, 16275 

 
For New Positions: 
 
Buy Bank Nifty in 35100-35300 range: 
SL 35000 Tgts 35425, 35525, 35600, 35700, 35750, 35825, 35975 
 
Sell Bank Nifty in 35975-36100 range: 
SL 36300 Tgts: 35825, 35750, 35700, 35625, 35525, 35300, 35100 
 
No Stock In F&O Ban