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.

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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:

  • Global: Neutral
  • FII: Negative
  • DII: Positive 
  • F&O: Neutral
  • Sentiment: Positive
  • 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  

  • FII jndex longs at 26 per cent vs 18 per cent the previous day
  • Nifty put-call ratio (PCR) at 1.19 vs 0.92
  • Nifty Bank PCR at 0.88 vs 0.79
  • INDIA VIX up two per cent at 20.62

For existing long positions:

  • Nifty intraday and closing stop loss at 22,200
  • Nifty Bank intraday stop loss at 47,675 and closing stop loss at 47,400

For existing short positions:

  • Nifty intraday and closing stop loss at 22,500
  • Nifty Bank intraday and closing stop loss at 48,075

For new positions in Nifty:

  • 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
  • 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:

  • 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
  • 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
  • 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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