Anil Singhvi Market Strategy May 31: Important levels to track in Nifty50, Nifty Bank today

Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi expects support for the headline Nifty50 index to emerge at 22,350-22,425 levels and a strong buy zone at 22,225-22,300 levels on Friday, May 31.

For the Nifty Bank, he expects support to come in at 48,300-48,400 levels and a stronger support zone at 47,925-48,050 levels.

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

• Global: Negative

• FII: Negative

• DII: Positive

• F&O: Neutral

• Sentiment: Neutral

• Trend: Positive

He sees a higher zone for the headline index coming in at 22,575-22,675 levels and a strong sell zone at 22,700-22,800 levels.

For the banking index, he expects a higher zone at 49,000-49,150 levels and a strong sell zone at 49,275-49,400 levels.

What to expect in June F&O series?

• June series have registered postiive moves on Dalal Street in seven out of the past 10 years
• The biggest positive is light FII positions
• FII index long positions at 13 per cent 
• FIIs' net longs at seven per cent and net shorts at 45 per cent 
• Such low FII positions lead to big market gains 
• More FII rollovers on the short side
• Light FII positions ahead of election results is good for the market
• An outcome that matches the expectations will lead to significant short-covering

EDITOR’S TAKE 

• Weak global signals
• The biggest positive for the day is light FII positions
• Significant selling by FIIs has occured despite expiry adjustment
• FII outflow-related pressure expected to ease after monthly expiry
• Seesaw moves may continue ahead of exit polls
• Important to hold Thursday's lows in today's session
• A recovery may lead to profit-taking in the 22,700-22,800 range

ANIL SINGHVI MARKET STRATEGY  

• FII long positions near their lowest level at 13 per cent vs 50 per cent the previous day

• Nifty put-call ratio (PCR) at 1.12 vs 0.79

• Nifty Bank put-call ratio at 0.88 vs 0.93

• Volatility index India VIX unchanged at 24.18

For existing long positions:

• Nifty intraday and closing stop loss at 22,400

• Nifty Bank intraday and closing stop loss at 48,300

For existing short positions:

• Nifty intraday and closing stop loss at 22,725

• Nifty Bank intraday and closing stop loss at 49,150

For new positions in Nifty:

• Aggressive traders can buy Nifty with a strict stop loss at 22,400 for targets of 22,525, 22,575, 22,625, 22,700, 22,750 and 22,800

• The best range to sell Nifty is 22,675-22,775 with a stop loss at 22,850 for targets of 22,525, 22,500, 22,475, 22,425 and 22,400

For new positions in Nifty Bank:

• Buy Nifty Bank with a stop loss at 48,300 for targets of 48,775, 48,975, 49,050, 49,150, 49,275 and 49,475

• Aggressive traders can sell Nifty Bank in the 49,050-49,275 range with a strict stop loss at 49,500 for targets of 48,900, 48,775, 48,650, 48,525, 48,400 and 48,325

F&O ban update

• Out of ban: GMR Airports, AB Fashion, Vodafone Idea, Hindustan Copper
• New in ban: None
• Already in ban: None

Results reviews

Muthoot Finance 

• Buy Muthoot Finance shares in the cash segment with a stop loss at Rs 1,660 for targets of Rs 1,690, Rs 1,705 and Rs 1,725
• Good but not great results
• Gold loan growth strong at 7.0 per cent on a quarter-on-quarter basis
• FY25 growth guidance strong at 15 per cent 
• Stock to remain positive; it has risen 33 per cent in three months

Apollo Hospitals 

• Results good; slightly above estimates
• Stock may not move much
• Support at Rs 5,700, a higher level at Rs 5,900

Stock of the Day

Buy Bharat Dynamics shares with a stop loss at Rs 1,525 for targets of Rs 1,575, Rs 1,595 and Rs 1,620

• Performance extraordinarily strong 
• Stock has rallied 70 per cent in three months and 200 per cent in a year

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