Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi expects support for the headline Nifty50 index to emerge at 22,425-22,500 levels and a strong buy zone at 22,275-22,350 levels on Thursday, June 6.

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For the Nifty Bank, he expects support to come in at 48,575-48,775 levels and a stronger support zone at 48,325-48,500 levels.

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

  • Global: Positive
  • FII: Negative
  • DII: Positive
  • F&O: Neutral
  • Sentiment: Negative
  • Trend: Positive
  • FII long positions at 17 per cent vs 13 per cent the previous day
  • Nifty put-call ratio (PCR) at 0.75 vs 0.73
  • Nifty Bank PCR at 0.83 vs 0.46
  • Volatility index India VIX down 30 per cent at 29.40

He sees a higher zone for the headline index coming in at 22,700-22,800 levels and a strong sell zone at 22,850-22,950 levels.

For the banking index, he expects a higher zone at 49,475-49,675 levels and a strong sell zone at 49,975-50,075 levels.

Political triggers for market

  • Government formation to remain in focus
  • Market to react on remarks by BJP ally leaders
  • How many and which departments will go to allies?
  • How many MPs will support NDA? 

EDITOR’S TAKE

  • Signs of stability returning ot Dalal Street following election results
  • Fewer wild swings expected in intraday trade
  • Seesaw moves will continue but in a narrower range
  • Leaders' statements and demands to trigger seesaw moves in the market
  • Strong signals from global markets
  • FIIs still in no mood to buy; however, light positions a good sign
  • Traders to get ample opportunities on both sides
  • For investors, strong support placed at 21,800-22,200, profit-booking range at 22,900-23,300 
  • One should buy stocks with strong fundamentals that have staged big downward moves

ANIL SINGHVI MARKET STRATEGY   ​

For existing long positions:

  • Nifty intraday and closing stop loss at 22,400
  • Nifty Bank intraday and closing stop loss at 48,500

For existing short positions:

  • Nifty intraday and closing stop loss at 22,725
  • Nifty Bank intraday and closing stop loss at 49,350

For new positions in Nifty50: 

  • Aggressive traders can buy Nifty in the 22,475-22,575 range with a strict stop loss at 22,350 for targets of 22,625, 22,675, 22,750, 22,800, 22,850 and 22,900
  • Aggressive traders can sell Nifty in the 22,750-22,850 range with a strict stop loss at 23,000 for targets of 22,700, 22,625, 22,600, 22,525 and 22,500

For new positions in Nifty Bank: 

  • The best range to buy Nifty Bank is 48,575-48,775 with a stop loss at 48,300 for targets of 48,975, 49,050, 49,275, 49,350, 49,475, 49,600 and 49,675
  • Aggressive traders can sell Nifty Bank in the 49,475-49,675 range with a strict stop loss at 49,725 for targets of 49,350, 49,275, 49,050, 48,825, 48,675 and 48,575

F&O ban update 

  • Already in ban: Zee Entertainment Enterprises
  • New in ban: None
  • Out of ban: None

Stock of the Day

  • Buy BHEL futures with a stop loss at Rs 250 for targets of Rs 260, Rs 264 and Rs 272
  • Company has received two orders amounting to Rs 7,000 crore

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