Anil Singhvi Market Strategy May 30: 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 May 30: Important levels to track in Nifty50, Nifty Bank today](https://cdn.zeebiz.com/sites/default/files/2024/05/30/296553-anil-singhvi-2.jpg?im=FitAndFill=(1200,900))
Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi expects a support zone for the headline Nifty50 index to emerge at 22,525-22,625 levels and a strong buy zone at 22,400-22,500 levels on Thursday, May 30.
For the Nifty Bank, he expects support to come in at 48,000-48,125 levels and a stronger support zone at 47,775-47,925 levels.
Here's how Anil Singhvi sums up the market setup:
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Global: Negative
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FII: Negative
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DII: Positive
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F&O: Neutral
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Sentiment: Neutral
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Trend: Positive
He sees a higher zone for the headline index coming in at 22,750-22,850 levels and a strong sell zone at 22,875-22,950 levels.
For the banking index, he expects a higher zone at 48,650-48,775 levels and a strong sell zone at 48,900-49,050 levels.
EDITOR’S TAKE
- All signals suggest weakness on the monthly F&O expiry day
- Nifty negative for four sessions in a row
- A mood of strong selling across global markets
- Dow futures down sharply
- Concerns about exit polls visible on Dalal Street
- Strong selling by FIIs in the cash segment on Wednesday
- Expect Nifty50 to move in the important support zone of 22,400-22,600
- Expect short-covering at lower levels in the oversold market
ANIL SINGHVI MARKET STRATEGY
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FII index long positions at 50 per cent vs 54 per cent the previous day
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Nifty put-call ratio (PCR) at 0.79 vs 0.94
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Nifty Bank PCR at 0.93 vs 0.82
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Volatility index India VIX unchanged at 24.18
For existing long positions:
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Nifty intraday and closing stop loss at 22,600
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Nifty Bank intraday stop loss at 48,350 and closing stop loss at 48,000
For existing short positions:
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Nifty intraday and closing stop loss at 22,850
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Nifty Bank intraday stop loss at 49,050 and closing stop loss at 49,150
For new positions in Nifty:
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The best range to buy Nifty is 22,500-22,600 with a stop loss at 22,400 for targets of 22,675, 22,700, 22,750, 22,800, 22,825 and 22,875
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The best range to sell Nifty is 22,800-22,900 with a stop loss at 23,000 for targets of 22,750, 22,700, 22,625, 22,600, 22,575 and 22,525
For new positions in Nifty Bank:
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The best range to buy Nifty Bank is 47,925-48,125 with a stop loss at 47,750 for targets of 48,250, 48,400, 48,500, 48,575, 48,625 and 48,775
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The best range to sell Nifty Bank is 48,775-48,975 with a stop loss at 49,150 for targets of 48,650, 48,500, 48,400, 48,250, 48,125 and 48,050
F&O ban update
- New in ban: GMR Airports
- Out of ban: Biocon, Piramal Enterprises
- Already in ban: AB Fashion, Vodafone Idea, Hindustan Copper
Results reviews
Tata Steel
- Buy Tata Steel futures with a stop loss at Rs 172 for targets of Rs 178, Rs 180 and Rs 182
- Results better than estimates
- Volume growth strong
- Concall at 1 pm
Cummins India
- Buy Cummins India futures with a stop loss at Rs 3,770 for targets of Rs 3,895, Rs 3,930 and Rs 3,975
- Results strong on all parameters
- Operational performance impressive
- The only problem is the stock has risen 43 per cent in three months
- Concall at 10 am
GMR Airports
- Buy GMR Airports shares in the cash segment with a stop loss at Rs 85.5 for targets of Rs 89, Rs 90 and Rs 92
- Stock came into F&O ban today
- Results better than estimates
- Margin improved from 13.5 per cent to 33.5 per cent
Bata India
Bata India futures have support at Rs 1,350 and expected to have a higher level of Rs 1,400
- Operational performance strong
- Management positive on future demand
Stock of the Day
Buy CG Power shares with a stop loss at Rs 618 for targets of Rs 648, Rs 655 and Rs 662
- UBS has raised its target from Rs 580 to Rs 850
Sell Alkem futures with a stop loss at Rs 5,305 for targets of Rs 5,225, Rs 5,175 and Rs 5,110
- Results weak
- Jefferies has reduced its target to Rs 4,200 from Rs 4,470
Buy Samvardhana Motherson futures with a stop loss at Rs 144 for targets of Rs 150, Rs 153 and Rs 155
- Results very strong, released during market hours on Wednesday
- Major brokerages have raised targets
- Jefferies target at Rs 175, Morgan Stanley target at Rs 176
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