Anil Singhvi Market Strategy May 27: 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 a strong buy zone for the headline Nifty50 index to emerge at 22,800-22,900 levels on Monday, May 27.
For the Nifty Bank, he expects support to come in at 48,775-48,875 levels and a strong buy zone at 48,500-48,650 levels.
Here's how Anil Singhvi sums up the market setup:
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Global: Positive
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FII: Neutral
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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 sees a higher zone for the headline index coming in at 23,000-23,025 levels and a "blue-sky zone" above 23,050.
For the banking index, he expects a higher zone at 49,250-49,400 levels and a profit-booking zone at 49,475-49,600 levels.
EDITOR’S TAKE
- Mixed global signals
- Mild selling by FII in stocks but strong buying in futures
- Strong buying by domestic funds
- Phase 6 voter turnout data positive
- Dalal Street technically strong with robust momentum
- Concerns about election results now behind
- Signs of buying gathering steam on Dalal Street amid hopes of good election results
- Pharma and metal spaces leaning towards buying
ANIL SINGHVI MARKET STRATEGY
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FII index longs at 49 per cent vs 42 per cent the previous day
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Nifty put-call ratio (PCR) at 1.14 vs 1.37
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Nifty Bank PCR at 1.11 vs 1.21
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Volatility index India VIX up 1.5 per cent at 21.71
For existing long positions:
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Nifty intraday stop loss at 22,875 and closing stop loss at 22,750
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Nifty Bank intraday and closing stop loss at 48,500
For existing short positions:
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Nifty intraday and closing stop loss at 23,050
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Nifty Bank intraday and closing stop loss at 49,150
For new positions in Nifty:
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The best range to buy Nifty is 22,800-22,900 with a stop loss at 22,750 for targets of 22,950, 23,000 and 23,025; one may hold the positions above 23,050 with a trailing stop loss
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Aggressive traders can sell Nifty below 22,875 with a strict stop loss at 23,050 for targets of 22,800, 22,750, 22,700 and 22,650
For new positions in Nifty Bank:
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The best range to buy Nifty Bank is 48,650-48,775 with a stop loss at 48,500 for targets of 48,900, 48,975, 49,050, 49,125, 49,250, 49,400 and 49,475
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Aggressive traders can sell Nifty Bank in the 49,400-49,525 range with a strict stop loss at 49,650 for targets of 49,250, 49,125, 49,050, 48,975, 48,900 and 48,825
F&O ban update
- New in ban: Biocon, GNFC, Vodafone Idea
- Out of ban: AB Capital, Balrampur Chini, IEX, Metropolis, Zee Entertainment Enterprises
- Already in ban: Hindustan Copper, NALCO, PNB, Bandhan Bank, India Cements, Piramal Enterprises
Results reviews
Divi’s Labs
- Buy Divi’s Labs futures with a stop loss at Rs 4,110 for targets of Rs 4,185, Rs 4,225 and Rs 4,290
- Strong results after many quarters
- Outlook even stronger
- Expects double-digit revenue growth in FY25
Torrent Pharma
- Buy Torrent Pharma futures with a stop loss at Rs 2,595 for targets of Rs 2,675, Rs 2,695 and Rs 2,740
- Strong performance in all markets except the US
- Improvement in operational performance
- Strong outlook
Aurobindo Pharma
- Buy Aurobindo Pharma futures with a stop loss at Rs 1,217 for targets of Rs 1,247, Rs 1,260 and Rs 1,275
- A second consecutive quarter of good performance
- Strong operational performance
- Strong growth across all segments
- Watch out for conference call at 8:30 am
Glenmark Pharma
- Results below estimates on all parameters
- Strong margins and EBITDA
- Buy on a big gap-down opening
- Best time to buy at a 3-5 per cent fall
United Spirits
- Mixed results
- Wait for management commentary at 3:30 pm
NTPC
- Mixed results
- Some weakness possible
- Buy at lower levels
Hindalco
- Results came on Friday
- Positive brokerage reports
Ashok Leyland
- Results came on Friday
- Strong conference call
- Outlook positive
Stocks of the Day
Buy Hindustan Copper shares in the cash segment with a stop loss at Rs 365 for targets of Rs 377, Rs 382 and Rs 388
- Stock in F&O ban
- Results strong on all parameters
- Margin hits an 11-quarter high
- The stock has surged 42 per cent in three months
Buy Cochin Shipyard shares with a stop loss at Rs 1,900 for targets of Rs 1,950, Rs 1,990 and Rs 2,025
- Exceptionally strong results
- Profit up 660 per cent
- Revenue doubles
- The only problem is that the stock has risen 35 per cent in five days and 120 per cnet in three months
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