Anil Singhvi Market Strategy, Saturday Special Trading: Zee Business Managing Editor Anil Singhvi expects support for the headline Nifty50 index to emerge at 22,350-22,425 levels and a strong buy zone at 22,225-22,300 levels on Saturday, May 18, as exchanges BSE and NSE are all set to conduct two special sessions.

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For the Nifty Bank, he expects support to come in at 47,850-47,975 levels and a strong buy zone at 47,625-47,750 levels.

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

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

He expects a higher zone for the headline index at 22,550-22,600 levels and a strong sell zone at 22,650-22,750 levels.

For the banking index, he expects a higher zone at 48,250-48,425 levels and a strong sell zone at 48,475-48,625 levels.

Editor's Take

  • Higher Phase 4 voter turnout triggered a surge on Dalal Street on Friday
  • Rupee strengthened by 17 paise
  • FIIs emerged net buyers in the cash market for the first time this month
  • A halt in FII outflows will boost confidence on Dalal Street
  • Strong global signals
  • Higher targets for Nifty and Nifty Bank placed at 22,550-22,650 and 48,350-48,500 respectively
  • One can expect some profit-booking in a bounce before Phase 5 voting
  • Midcap, smallcap stocks are likely to continue to see strong buying interest
  • In the cash market, investors should focus on midcap and smallcap companies posting good results 

ANIL SINGHVI MARKET STRATEGY  

  • FII index longs at 28 per cent vs 26 per cent the previous day
  • Nifty put-call ratio (PCR) at 1.23 vs 1.19
  • Nifty Bank PCR at 0.95 vs 0.88
  • Volatility index India VIX down one per cent at 19.80

For existing long positions:

  • Nifty intraday stop loss at 22,325 and closing stop loss at 22,200
  • Nifty Bank intraday stop loss at 47,700 and closing stop loss at 47,400

For existing short positions:

  • Nifty intraday and closing stop loss at 22,550
  • Nifty Bank intraday and closing stop loss at 48,300

For new positions in Nifty:

  • The best range to buy Nifty is 22,350-22,425 with a stop loss at 22,200 for targets of 22,475, 22,500, 22,550, 22,575, 22,600 and 22,650
  • Aggressive traders can sell Nifty in the 22,550-22,650 range with a strict stop loss at 22,750 for targets of 22,500, 22,475, 22,425, 22,400 and 22,350

For new positions in Nifty Bank:

  • The best range to buy Nifty Bank is 47,750-47,950 with a stop loss at 47,600 for targets of 48,050, 48,125, 48,200, 48,275, 48,350, 48,425 and 48,475
  • Aggressive traders can sell Nifty Bank in the 48,425-48,575 range with a strict stop loss at 48,650 for targets of 48,350, 48,275, 48,200, 48,075, 48,000 and 47,850

F&O ban update

  • New in ban: AB Capital
  • Already In Ban: Granules, Biocon, India Cements, Birlasoft, Piramal Enterprises, Hind Copper, Zee Entertainment Enterprises, SAIL, Balrampur Chini, GMR Airports, Vodafone Idea, Bandhan Bank
  • Out of ban: None

Results reviews

JSW Steel

  • Mixed results
  • Margins and profit a little below estimates
  • Revenue strong

Astral Ltd

  • Weak results
  • EBITDA, margin, PAT below expectations
  • Strong volume growth in adhesives the only positive  
  • Stock has risen 17 per cent in three months

Bandhan Bank and Balrampur Chini

  • Both as usual very weak results
  • Both stocks in F&O ban

Stocks of the Day

Buy Varroc Eng shares with a stop loss at Rs 560 for targets of Rs 580, Rs 587 and Rs 600

  • Strong all-round performance

Buy Concor futures with a stop loss at Rs 1,075 for targets of Rs 1,115, Rs 1,135 and Rs 1,150

  • Very strong results
  • Jefferies has raised target from Rs 1,110 to Rs 1,240 
  • It’s one of the best PSU stock for long-term investment 

Buy Kaynes Tech shares with a stop loss at Rs 3,050 for targets of Rs 3,125, Rs 3,150 and Rs 3,200

  • Stock surged 20 per cent on Friday post-strong results
  • Follow up buying expected

Buy Balkrishna Industries futures with a stop loss at Rs 2,640 for targets of Rs 2,695, Rs 2,725, Rs 2,750 and Rs 2,770

  • Strong results on all parameters
  • Margins up by 500 bps at 25 per cent 
  • Stock has risen 13 per cent in three months

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