Anil Singhvi Market Strategy May 24: Important levels to track in Nifty50, Nifty Bank today

Anil Singhvi Market Strategy, Saturday Special Trading: Zee Business Managing Editor Anil Singhvi expects support for the headline Nifty50 index to emerge at 22,750-22,800 levels and a strong buy zone at 22,600-22,700 levels on Friday, May 24.

For the Nifty Bank, he expects support to come in at 48,425-48,575 levels and a strong buy zone at 48,100-48,250 levels.

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

• Global: Negative

• FII: Positive 

• DII: Neutral

• F&O: Neutral

• Sentiment: Positive

• Trend: Positive

He believes the headline index will be in a "blue-sky zone" above 23,025.

For the banking index, he expects a higher zone at 48,900-49,025 levels and a profit-booking zone at 49,125-49,250 levels.

EDITOR’S TAKE 

• Strong FII inflows to support Dalal Street
• RBI's mega dividend has lifted market sentiment
• Phase 5 voting turnout data good
• Sharp losses on Wall Street may put some pressure on Dalal Street
• No short-covering support for Nifty50, Nifty Bank today
• FII inflows on Friday important
• Nifty has strong support at 22,500-22,700 levels, Nifty Bank at 47,700-47,900
• Investors should focus on buying opportunities in the largecap segment rather than the midcap and smallcap segments 

ANIL SINGHVI MARKET STRATEGY  

• FII index longs at 42 per cent vs 31 per cent the previous day

• Nifty put-call ratio (PCR) at 1.37 vs 1.20

• Nifty Bank PCR at 1.21 vs 0.80

• Volatility index India VIX down 0.5 per cent at 21.38

For existing long positions:

• Nifty intraday stop loss at 22,775 and closing stop loss at 22,650

• Nifty Bank intraday stop loss at 48,450 and closing stop loss at 48,000

For existing short positions:

• Nifty intraday and closing stop loss at 23,025

• Nifty Bank intraday and closing stop loss at 49,025

For new positions in Nifty:

• The best range to buy Nifty is 22,700-22,800 with a stop loss at 22,600 for targets of 22,900, 22,950 and 22,975; above 23, 025, one may hold their long positions with a trailing stop loss

• Nifty will trigger a 'sell' signal only if it closes below 22,750

For new positions in Nifty Bank:

• The best range to buy Nifty Bank is 48,350-48,500 with a stop loss at 48,200 for targets of 48,625, 48,725, 48,775, 48,900 and 48,975

• Aggressive traders can sell Nifty Bank in the 49,125-49,250 range with a strict stop loss at 49,350 for targets of 49,025, 48,900, 48,800, 48,725, 48,625 and 48,500

F&O ban update

• Out of ban: Biocon, Vodafone Idea
• Already in ban: Hindustan Copper, Metropolis, IEX, NALCO, PNB, AB Capital, Balrampur Chini, Bandhan Bank, India Cements, Piramal Ent, Zee Entertainment Enterprises
• New in ban: None                      

Results reviews 

IndiGo 

• Buy Indigo futures with a stop loss at Rs 4,380 for targets of Rs 4,490, Rs 4,550 and Rs 4,600
• Results strong on all parameters
• Operational performance even better
• Fleet expansion and entry into business class positive
• Stock has risen 40 per cent in three months
• Don’t chase on a big gap-up opening

Buy Honasa Consumers shares with a stop loss at Rs 412 for targets of Rs 430 and Rs 438

• Strong results
• Guidance even stronger
• Market share increased

Stocks of the Day

Sell Page Industries futures with a stop loss at Rs 35,600 for targets of Rs 35,025, Rs 34,725 and Rs 34,325

• Weak results came during market hours on Thursday
• Brokerages not bullish post results

Buy Zaggle Prepaid shares with a stop loss at Rs 308 for targets of Rs 325, Rs 332 and Rs 340

• Extraordinary performance
• Highest ever revenue, EBITDA and PAT

Buy JK Lakshmi Cement shares with a stop loss at Rs 785 for targets of Rs 803, Rs 810 and Rs 820

• Results better than estimates
• Strong operational performance

Buy Fortis shares with a stop loss at Rs 461 for targets of Rs 475, Rs 480 and Rs 488

• Strong operational performance
• Margin improved from 16.5 per cent to 21.3 per cent 

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