Anil Singhvi strategy May 16: Important levels to track in Nifty 50, Nifty Bank today

Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi expects support for the Nifty50 benchmark emerging at 18,285-18,315 levels on Tuesday, May 16, and a strong buy zone at 18,215-18,265 levels. For the Nifty Bank, which is set to clock unprecedented levels for a second straight day, he sees support coming in at 43,675-43,800 levels and a strong buy zone at 43,475-43,575 levels.

Here's how Anil Singhvi sums up the market setup: 

• Global: Neutral

• FII: Positive

• DII: Neutral

• F&O: Cautious

• Sentiment: Positive

• Trend: Positive

For the 50-scrip headline index, he expects a higher zone at 18,475-18,525 levels and a strong sell zone at 18,550-18,625 levels.​ For the banking index, he sees the next major level around 44,500, after it scaled the 44,152 peak on Monday. 

• FII index longs at 50 per cent on Tuesday vs 46 per cent the previous day
• Nifty put-call ratio (PCR) at 1.35 vs 1.24
• Nifty Bank PCR nearly overbought at 1.42 vs 1.29
• Fear index India VIX up 2.5 per cent at 13.17

ANIL SINGHVI MARKET STRATEGY

For existing long positions:

• Nifty intraday and closing stop loss at 18,250
• Nifty Bank intraday stop loss at 43,650 and closing stop loss at 43,475

For existing short positions:

• Nifty intraday and closing stop loss at 18,500
• Nifty Bank intraday and closing stop loss at 44,200

For new positions in Nifty:

• Buy Nifty with a stop loss at 18,250 for targets of 18,450, 18,475, 18,500, 18,525, 18,550 and 18,600

• Aggressive traders can sell Nifty in the 18,475-18,550 range with a strict stop loss at 18,625 for targets of 18,450, 18,400, 18,350, 18,315, 18,285 and 18,265

For new positions in Nifty Bank:

• Nifty Bank intraday stop loss for all-fresh buying at 43,650

• Traders can hold long positions with a trailing stop loss 100 points below the day's high

• They can book profit near 44,400-44,500 levels 

• Short trigger levels not visible in the banking index

F&O ban

• Out of ban: Canara Bank, Manappuram Finance
• Already in ban: Delta Corp, GNFC, PNB and BHEL
• New in ban: None

Stock of the day: Astral Ltd

• Buy Astral futures with a stop loss at Rs 1,584 for targets of Rs 1,630 and Rs 1,640
• Revenue, profit, operating profit, margin above estimates
• Both pipes and adhesives businesses performed well
• Strong demand in southern market

RESULTS REVIEW

Coromandel:

• Revenue, profit, operating profit, margin below estimates
• Raw material price pressure on margin

Berger Paints:

• Revenue in line with estimate
• Margin better but lower than peers
• Volume growth at 11 per cent vs estimate of 14 per cent
• Management outlook positive

PVR Inox:

• Weak numbers but not comparable
• One more weak quarter expected

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