Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi sees support for the Nifty50 benchmark emerging at 18,425-18,475 levels and a strong buy zone at 18,340-18,400 levels on Thursday, June 1. For the Nifty Bank, he sees support at 43,675-43,825 levels and a strong buy zone at 43,400-43,600 levels. 

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

The market wizard highlights "very strong" domestic GDP data as well as voting on the US debt deal.

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

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

For the 50-scrip headline index, he expects a higher zone at 18,575-18,625 levels and a profit-booking zone at 18,660-18,725 levels.​ For the banking index, he sees a higher zone at 44,200-44,325 levels and a profit-booking zone at 44,425-44,500 levels.   

  • FII index longs at 54 per cent vs 61 per cent the previous day
  • Nifty put-call ratio (PCR) at 0.99 vs 1.32
  • Nifty Bank PCR at 0.82 vs 1.22
  • India VIX unchanged at 11.97

ANIL SINGHVI MARKET STRATEGY

For existing long positions:

  • Nifty intraday and closing stop loss at 18,450
  • Nifty Bank intraday stop loss at 43,800 and closing stop loss at 44,000

For existing short positions:

  • Nifty intraday and closing stop loss at 18,675
  • Nifty Bank intraday and closing stop loss at 44,550

For new positions in Nifty:

  • Buy Nifty in the 18,340-18,450 range with a stop loss at 18,275 for targets of 18,475, 18,525, 18,575, 18,600, 18,635 and 18,660
  • Sell Nifty in the 18,660-18,725 range with a stop loss at 18,800 for targets of 18,635, 18,600, 18,575, 18,535, 18,500 and 18,475

For new positions in Nifty Bank:

  • Buy Nifty Bank in the 43,525-43,675 range with a stop loss at 43,375 for targets of 43,750, 43,800, 43,850, 43,900, 43,950, 44,000, 44,075 and 44,125
  • Aggressive traders can sell Nifty Bank with a strict stop loss at 44,500 for targets of 44,025, 43,950, 43,900, 43,825, 43,750, 43,675, 43,600 and 43,525

No stock in F&O ban

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