Anil Singhvi Market Strategy May 17: Important levels to track in Nifty50, Nifty Bank today
Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi shares his strategy for today's session on Dalal Street. Check out his take on key support and resistance levels for the Nifty and the Nifty Bank, and how he views the market.
Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi expects support for the headline Nifty50 index to emerge at 22,225-22,300 levels and a strong buy zone at 22,100-22,200 levels on Friday, May 17.
For the Nifty Bank, he expects support to come in at 47,625-47,750 levels and a strong buy zone at 47,350-47,525 levels.
Here's how Anil Singhvi sums up the market setup:
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Global: Neutral
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FII: Negative
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DII: Positive
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F&O: Neutral
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Sentiment: Positive
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Trend: Positive
He expects a higher zone for the headline index at 22,450-22,550 levels and a strong sell zone at 22,575-22,675 levels.
For the banking index, he expects a higher zone at 48,200-48,350 levels and a strong profit-booking zone at 48,425-48,575 levels.
Did the voter turnout percentage trigger sharp buying on Thursday?
- ECI updated Phase 4 voting data at 1:13 pm on Thursday
- The news triggered a bounceback from around the Nifty bottom of 22,054
- Phase 4 voter turnout surpassed 2019 levels for the first time
- Phase 4 Voter turnout stood at 69.16 per cent vs 69.12 per cent in 2019
- Declining voter turnout in earlier phases had worsened weakness on Dalal Street
- Phase 4 data likely to ease those concerns
- Voter turnout in four phases so far (379) stands at 66.95 per cent this year, as against 68.75 per cent in 2019
- All-seat voter turnout was recorded at 67.40 per cent in 2019
- Thursday's trade was just perfect and crystal clear
- Strong voter turnout must trigger such a surge
Editor's Take
- Better Phase 4 voter turnout this year vs 2019 a positive signal for Dalal Street
- On Thursday, Nifty50 staged a strong breakout above 22,300
- If Monday's Phase 5 data also turns out better than 2019, Nifty50 may scale a new high
- Election-related concerns will ease
- FII outflows still a problem though selling pressure has eased
ANIL SINGHVI MARKET STRATEGY
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FII jndex longs at 26 per cent vs 18 per cent the previous day
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Nifty put-call ratio (PCR) at 1.19 vs 0.92
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Nifty Bank PCR at 0.88 vs 0.79
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INDIA VIX up two per cent at 20.62
For existing long positions:
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Nifty intraday and closing stop loss at 22,200
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Nifty Bank intraday stop loss at 47,675 and closing stop loss at 47,400
For existing short positions:
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Nifty intraday and closing stop loss at 22,500
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Nifty Bank intraday and closing stop loss at 48,075
For new positions in Nifty:
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The best range to buy Nifty is 22,225-22,300 with a stop loss at 22,150 for targets of 22,400, 22,425, 22,475, 22,500, 22,550 and 22,575
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Aggressive traders can sell Nifty in the 22,475-22,600 range with a strict stop loss at 22,700 for targets of 22,425, 22,400, 22,350, 22,300, 22,275 and 22,225
For new positions in Nifty Bank:
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The best range to buy Nifty Bank is 47350-47525 with a stop loss at 47,250 for targets of 47,600, 47,675, 47,750, 47,850, 47,925 and 47,975
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Aggressive traders can buy Nifty Bank in the 47,675-47,850 range with a strict stop loss at 47,500 for targets of 47,975, 48,050, 48,200, 48,275, 48,350 and 48,425
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Aggressive traders can sell Nifty Bank in the 48,275-48,425 range with a strict stop loss at 48,600 for targets of 48,200, 48,075, 48,000, 47,925, 47,850 and 47,750
F&O ban update
- New in ban: Bandhan Bank
- Out of ban: LIC Housing Finance
- Already in ban: Granules, Biocon, India Cements, Birlasoft, Piramal Enterprises, Hindustan Copper, Zee Entertainment Enterprises, SAIL, Balrampur Chini, GMR Airports, Vodafone Idea
Biocon results review
- Stock in F&O ban
- Strong operational performance
- Stock has risen 12 per cent iin three months
- Stock reacts wildly post-results
- Biocon futures have support at Rs 292 and Rs 298
- Higher levels at Rs 317 and Rs 326
Stocks of the Day
Buy CG Consumer futures with a stop loss at Rs 333 for targets of Rs 348, Rs 353 and Rs 358
- Results above estimates
- Strong operational performance
- Stock is up 19 per cent in three months
Buy Kaynes Technology shares with a stop loss at Rs 2,540 for targets of Rs 2,620, Rs 2,650 and Rs 2,700
- Very strong results
- Highest ever revenue, EBITDA and PAT
Buy Endurance Tech shares with a stop loss at Rs 2,000 for targets of Rs 2,065, Rs 2,100 and Rs 2,125
- Very strong results
- Solid margin expansion
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