Anil Singhvi Market Strategy June 7: 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 22,700-22,800 levels and a strong buy zone at 22,525-22,675 levels on Friday, June 7, the day the RBI is scheduled to announce the outcome of its June review.

For the Nifty Bank, he expects support to come in at 48,900-49,050 levels and a stronger support zone at 48,575-48,775 levels.

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

• Global: Positive

• FII: Negative

• DII: Positive

• F&O: Neutral

• Sentiment: Neutral

• Trend: Positive

• FII long positions unchanged at 17 per cent as the previous day

• Nifty put-call ratio (PCR) at 1.03 vs 0.75

• Nifty Bank PCR at 0.71 vs 0.83

• Volatiltiy index INdia VIX down 11 per cent at 16.86

He sees a higher zone for the headline index coming in at 22,900-23,000 levels and a strong sell zone at 23,025-23,100 levels.

For the banking index, he expects a higher zone at 49,525-49,675 levels and a strong sell zone at 49,975-50,075 levels.

EDITOR’S TAKE

• Global markets strong
• Sentiment has improved globally after ECB rate cut
• FII outflows in cash but decent inflows in stock and index futures
• Domestic fund inflows strong
• Sentiment in midcap, smallcap stock turning stronger swiftly 
• Buying interest expected in IT stock on Friday
• Strong support for Nifty50 at 22,400-22,600
• Profit-taking range placed at 22,900-23,100 

What does ECB rate cut mean for Dalal Street?

• European consumption to pick up
• Indian companies operating in Europe to benefit
• Tech Mahindra, Mastek, Coforge among these companies
• Positive for Tata Steel, Apollo Tyre, Motherson 

ANIL SINGHVI MARKET STRATEGY   ​

For existing long positions:

• Nifty intraday and closing stop loss at 22,600

• Nifty Bank intraday and closing stop loss at 48,900

For existing short positions:

• Nifty intraday and closing stop loss at 23,000

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

For new positions in Nifty50: 

• The best range to buy Nifty is 22,600-22,700 with a stop loss at 22,500 for targets of 22,750, 22,800, 22,825, 22,900, 22,950 and 23,000

• The best range to sell Nifty is 22,900-23,000 with a stop loss at 23,125 for targets of 22,825, 22,800, 22,750, 22,675, 22,650 and 22,625

For new positions in Nifty Bank: 

• Aggressive traders can buy Nifty Bank in the 48,900-49,050 range with a strict stop loss at 48,750 for targets of 49,275, 49,350, 49,400, 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 49,375, 49,275, 49,125, 49,050, 48,925 and 48,775

F&O ban update 

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

Stocks of the Day Buy Coforge futures with a stop loss at Rs 5,170 for targets of Rs 5,350, Rs 5,460 and Rs 5,550

• ECB rate cut positive
• Indian companies having business in Europe to benefit

Buy Valore Estate shares with a stop loss at Rs 187 for targets of Rs 198, Rs 203 and Rs 205

• Board approved demerger of hospitality business

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