Anil Singhvi Market Strategy May 28: 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 support zone for the headline Nifty50 index to emerge at 22,800-22,875 levels and a strong buy zone at 22,700-22,775 levels on Tuesday, May 28.
For the Nifty Bank, he expects support to come in at 48,900-49,100 levels and a strong buy zone at 48,650-48,775 levels.
Here's how Anil Singhvi sums up the market setup:
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Global: Neutral
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FII: Positive
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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 22,965, 23,025 and 23,100 levels and a "blue-sky zone" above 23,150.
For the banking index, he expects a higher zone at 49,525, 49,675 and 49,950 levels and a blue-sky zone above the 50,000 mark.
EDITOR’S TAKE
- FIIs emerged buyers in the futures segment in a big way
- One can expect support at lower levels and profit-taking at higher levels
- Traders to get opportunities on both sides amid seesaw moves
- One should keep buying at key support levels
- Select midcap and smallcap shares are set to see strong buying interest
Why did the market fall in the final 45 minutes of trade on Monday?
- Strong FII inflows took Dalal Street to a lifetime high
- PMS and HNI investors booked profits
- Selling at higher levels also took place to secure good profits ahead of election results
- Profit-taking noticed in F&O options
- Wild swings to continue in the market till June 3
ANIL SINGHVI MARKET STRATEGY
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FII index long positions at much higher levels at 52 per cent vs 49 per cent the previous day
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Nifty put-call ratio (PCR) at 1.02 vs 1.14
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Nifty Bank PCR at 0.98 vs 1.11
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Volatility index India VIX up 6.8 per cent at 23.19
For existing long positions:
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Nifty intraday and closing stop loss at 22,850
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Nifty Bank intraday stop loss at 49,000 and closing stop loss at 48,750
For existing short positions:
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Nifty intraday stop loss at 23,150 and closing stop loss at 23,000
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Nifty Bank intraday stop loss at 49,700 and closing stop loss at 49,425
For new positions in Nifty:
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The best range to buy Nifty is 22,800-22,875 with a stop loss at 22,700 for targets of 22,925, 22,950, 23,000, 23,025 and 23,100
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Aggressive traders can sell Nifty in the 23,025-23,100 range with a strict stop loss at 23,150 for targets of 22,975, 22,935, 22,900, 22,875, 22,800 and 22,750
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 and 49,275
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Aggressive traders can buy Nifty Bank in the 48,900-49,050 range with a strict stop loss at 48,750 for targets of 49,275, 49,400, 49,475, 49,600, 49,675 and 49,950
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Aggressive traders can sell Nifty Bank in the 49,475-49,675 range with a strict stop loss at 49,750 for targets of 49,275, 49,125, 49,050, 48,975, 48,900 and 48,825
F&O ban update
- Out of ban: NALCO, India Cements, Bandhan Bank, PNB
- Already in ban: Biocon, GNFC, Vodafone Idea, Hindustan Copper, Piramal Enterprises
- New in ban: None
Results reviews
NALCO
- Results better than estimates
- Strong operational performance
- The stock is up 25 per cent in three months and 140 per cent in a year
- It exits F&O ban today
- A gap-up opening expected on strong results
- Don’t chase, profit-booking expected at higher levels
NMDC
- Weak results
- Analyst call at 11 am
- Operational performance missed estimates
- The stock may see a small correction
Stocks of the Day
Buy United Spirits futures with a stop loss at Rs 1,145 for targets of Rs 1,180, Rs 1,195 and Rs 1,210
- Post-results management conference call impressive
- Strong premiumisation growth story
- Company confident of double-digit growth for FY25
Buy Natco Pharma shares with a stop loss at Rs 1,015 for targets of Rs 1,040, Rs 1,054 and Rs 1,070
- Operational performance very strong
- Highest ever revenue and profit for the whole year
Buy Sumitomo Chemical shares with a stop loss at Rs 435 for targets of Rs 449, Rs 454 and Rs 460
- Results better than estimates
- Operational performance very strong
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07:47 AM IST