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.

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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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