Anil Singhvi Market Strategy May 29: Important levels to track in Nifty50, Nifty Bank today

Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi expects a support zone for the headline Nifty50 index to emerge at 22,750-22,800 levels and a strong buy zone at 22,600-22,700 levels on Wednesday, May 29.

For the Nifty Bank, he expects support to come in at 48,825-48,975 levels and a strong buy zone at 48,650-48,775 levels.

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

• Global: Negative

• FII: Positive

• DII: Positive

• F&O: Neutral

• Sentiment: Positive

• Trend: Positive

He sees a higher zone for the headline index coming in at 22,925-23,000 levels and a profit-booking zone at 23,025-23,100 levels.

For the banking index, he expects a higher zone at 49,275-49,475 higher zone and a profit-booking zone at 49,525-49,675 levels.

EDITOR’S TAKE

• Slightly weak global signals
• Strong buying by domestic funds
• Short-covering by FIIs in index and stock futures
• Dalal Street in a trend of sharp buying in the first half of the day and profit-booking in the last hour of trade for three straight sessions
• Important for Nifty Bank to close above 48,750 on the day of the expiry of monthly derivatives
• A closing above 49,000 even better
• Banking index to scale a lifetime high once it closes above 49,500
• Nifty to have strong support in the range of 22,400-22,600 till June 3; Nifty Bank to have strong support at 48,000-48,200
• Strong action in the cash market amid hopes of good election results

ANIL SINGHVI MARKET STRATEGY  

• FII index long positions at much higher levels, at 54 per cent vs 52 per cent the previous day

• Nifty put-call ratio (PCR) at 0.94 vs 1.02

• Nifty Bank PCR at 0.82 vs 0.98

• Volatility index India VIX up four per cent at 24.19

For existing long positions:

• Nifty intraday stop loss at 22,850 and closing stop loss at 22,750

• Nifty Bank intraday stop loss at 48,950 and closing stop loss at 48,750

For existing short positions:

• Nifty intraday stop loss at 23,125 and closing stop loss at 23,000

• Nifty Bank intraday stop loss at 49,550 and closing stop loss at 49,425

For new positions in Nifty:

• Aggressive traders can buy Nifty in the 22,700-22,800 range with a strict stop loss at 22,600 for targets of 22,850, 22,875, 22,900, 22,950, 22,975 and 23,000

• Aggressive traders can sell Nifty in the 22,950-23,025 range with a strict stop loss at 23,125 for targets of 22,900, 22,875, 22,850, 22,800, 22,750 and 22,700

For new positions in Nifty Bank:

• 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, 49,150 and 49,275

• 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, 49,150, 49,050, 48,900, 48,775 and 48,650

F&O ban update

• New in ban: AB Fashion
• Out of ban: GNFC
• Already in ban: Biocon, Vodafone Idea, Hindustan Copper, Piramal Enterprises

F&O results reviews 

AB Fashion 

• Stock in F&O ban
• Results above estimates
• Demerger will unlock value
• Rs 350 and Rs 400 targets for long-term investors  

GNFC 

• Operationally weak numbers
• Stock came out of F&O ban today

IRCTC 

• Numbers in line with estimates but margin under pressure

Cash results reviews

Aster DM 

• Stable operational performance
• Loss due to higher tax and provisioning for closed operations

Brigade Enterprises 

• Extraordinary strong performance
• Stock has rallied 23 per cent in three months and 125 per cent in a year

Buy Campus Activewear shares with a stop loss at Rs 245 for targets of Rs 256 and Rs 260

• Strong results
• Improvement in operational performance

Prestige Estates 

• Results better than estimates
• Strong improvement in margins

Stock of the Day

Buy Concord Bio shares with a stop loss at Rs 1,350 for targets of Rs 1,425, Rs 1,450 and Rs 1,490

• Strong results came on Monday but stock was down due to the block deal the next day
• Buy call by Jefferies with a target of Rs 1,410

Buy MedPlus Health shares with a stop loss at Rs 690 for targets of Rs 718, Rs 730 and Rs 740

• Results strong on all parameters
• Stock hasn't performed in last one year

Buy ITD Cementation shares with a stop loss at Rs 395 for targets of Rs 410, Rs 415 and Rs 425

• Best results ever
• Order book strong at Rs 20,000 crore 

Catch all the latest stock market updates here. For all other news related to business, politics, tech and auto, visit Zeebiz.com.