Anil Singhvi Market Strategy May 21: Important levels to track in Nifty50, Nifty Bank today

Anil Singhvi Market Strategy, Saturday Special Trading: Zee Business Managing Editor Anil Singhvi expects support for the headline Nifty50 index to emerge at 22,400-22,470 levels and a strong buy zone at 22,300-22,350 levels on Tuesday, May 21.

For the Nifty Bank, he expects support to come in at 47,850-48,000 levels and a strong buy zone at 47,600-47,750 levels.

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

• Global: Neutral

• 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 48,350-48,475 levels and a strong sell zone at 48,575-48,725 levels.

EDITOR'S TAKE: Global

• Investors will closely track updates from Iran  
• Gold, silver and metal prices have jumped
• Investors must exercise caution in case crude oil rates jump 
• Wall Street faced mild profit-taking at record levels

EDITOR'S TAKE: Domestic 

• Phase 5 voter turnout, at 60 per cent, a good signal for Dalal Street
• PM Narendra Modi has expressed confidence that the stock market will break all its previous records post-election results
• FII outflow pressure somewhat easing 
• Strong buying by domestic funds
• Good results from PSUs such as BEL and SAIL to support the market
• The market appears to be getting ready to scale a new peak

ANIL SINGHVI MARKET STRATEGY  

• FII index longs unchanged at 28 per cent as the previous session

• Nifty put-call ratio (PCR) at 1.24 vs 1.23

• Nifty Bank put-call ratio at 0.96 vs 0.95

• INDIA VIX up four per cent at 20.53

For existing long positions:

• Nifty intraday stop loss at 22,350 and closing stop loss at 22,400

• Nifty Bank intraday stop loss at 47,900 and closing stop loss at 47,675

For existing short positions:

• Nifty intraday and closing stop loss at 22,550

• Nifty Bank intraday and closing stop loss at 48,350

For new positions in Nifty:

• The best range to buy Nifty is 22,400-22,470 with a stop loss at 22,300 for targets of 22,525, 22,550, 22,575, 22,600, 22,650 and 22,700

• Aggressive traders can sell Nifty in the 22,600-22,700 range with a strict stop loss at 22,800 for targets of 22,525, 22,500, 22,470, 22,435, 22,400 and 22,350

For new positions in Nifty Bank:

• The best range to buy Nifty Bank is 47,900-48,100 with a stop loss at 47,800 for targets of 48,175, 48,275, 48,350, 48,425, 48,475 and 48,575

• Aggressive traders can sell Nifty Bank in the 48,475-48,625 range with a strict stop loss at 48,800 for targets of 48,350, 48,275, 48,200, 48,125, 48,050 and 48,000

F&O ban update

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

Results reviews

BEL

• Buy BEL futures with a stop loss at Rs 255 for targets of Rs 266 and Rs 271
• Higher targets at Rs 300 and Rs 350
• Extraordinary strong results
• Highest-ever quarterly revenue, EBITDA as well as profit
• Orderbook at Rs 76,000 crore

SAIL

• Stock in F&O ban
• Strong results, much above estimates
• Concall at 12 pm on Tuesday
• Futures have support at Rs 161 and a higher level at Rs 178

India Cements

• Stock in F&O ban
• Weak results, below estimates
• Futures have support at Rs 196 and Rs 202, and a higher level at Rs 223

Balkrishna 

• Buy Balkrishna futures with a stop loss at Rs 2,770 for targets of Rs 2,850 and Rs 2,890
• Strong results (came on Friday)
• Stock rose five per cent on Saturday, still offers a good upside 
• Nomura has raised its target from Rs 2,265 to Rs 3,230

Stocks of the Day

Buy Zydus futures with a stop loss at Rs 1,092 for targets of Rs 1,130, Rs 1,155, Rs 1,175 and Rs 1,225

• Strong results (Friday)
• Stock jumped five per cent on Saturday, still offers a good upside 

Buy Trent futures with a stop loss at Rs 4,580 for targets of Rs 4,730, Rs 4,785 and Rs 4,840

• First-ever analyst meet by the company
• Management confident, outlook strong

Buy Vedanta futures with a stop los at Rs 453 for targets of Rs 467 and Rs 472

• Strong rally in metals globally
• Big rally in zinc, silver and copper

Buy Whirlpool shares with a stop loss at Rs 1,555 for targets of Rs 1,625 and Rs 1,645

• Strong operational performance
• Strong improvement in margins

Buy Data Patterns shares with a stop loss at Rs 3,290 for targets of Rs 3,380, Rs 3,420 and Rs 3,450

• Strong operational performance
• Strong order book at Rs 18,663 crore 

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