Anil Singhvi strategy May 24: Key levels to track in Nifty 50, Nifty Bank today

Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi expects support for the Nifty50 benchmark at 18,265-18,315 levels on Wednesday, May 24, and a strong buy zone at 18,150-18,215 levels. For the Nifty Bank, he sees support coming in at 43,675-43,800 levels and a strong buy zone at 43,450-43,525 levels.

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

• Global: Negative

• FII: Positive

• DII: Positive

• F&O: Neutral

• Sentiment: Positive

• Trend: Positive

   

For the 50-scrip headline index, he expects a higher zone at 18,390-18,425 levels and a profit-booking zone at 18,450-18,500 levels.​ For the banking index, he sees a higher zone at 44,000-44,150 levels, and above 44,200, the next big level in the 44,400-44,500 area.   

• FII index longs at 50 per cent on Wednesday vs 48 per cent the previous day
• Nifty put-call ratio (PCR) at 1.20 vs 1.21
• Nifty Bank PCR at 0.98 vs 0.90
• Fear index India VIX unchanged at 12.61

ANIL SINGHVI MARKET STRATEGY

Market wizard Anil Singhvi suggests buying at strong support levels as he expects a slower pace of growth in the Indian market owing to a lack of global support. One can also take profits at important levels on the upside, he adds. 

He believes there will be opportunities to trade on either side and investors need not worry as long as the Nifty and the Nifty Bank hold 18,000 and 43,000 levels on a closing basis respectively. 

He continues to see opportunities in midcap and smallcap stocks.

For existing long positions:

• Nifty intraday stop loss at 18,175 and closing stop loss at 18,125
• Nifty Bank intraday stop loss at 43,450 and closing stop loss at 43,650

For existing short positions:

• Nifty intraday stop loss at 18,500 and closing stop loss at 18,400

• Nifty Bank intraday and closing stop loss at 44,200

For new positions in Nifty:

• Buy Nifty in the 18,175-18,265 range with a stop loss at 18,100 for targets of 18,285, 18,315, 18,340, 18,390, 18,420 and 18,450

• Aggressive traders can sell Nifty in the 18,390-18,450 range with a strict stop loss at 18,525 for targets of 18,350, 18,315, 18,285, 18,265, 18,215 and 18,175

   

For new positions in Nifty Bank:

• Buy Nifty Bank in the 43,525-43,700 range with a stop loss at 43,450 for targets of 43,750, 43,800, 43,850, 43,900, 43,975, 44,025, 44,075 and 44,150

• Aggressive traders can sell Nifty Bank with a strict stop loss at 44,200 for targets of 43,900, 43,850, 43,800, 43,750, 43,700, 43,600, 43,525 and 43,475

F&O ban

• New in ban: Delta Corp
• Out of ban: L&T Finance, Manappuram Finance
• Already in ban: Indiabulls Housing Finance

RESULTS REVIEW

Dixon Tech:

• Strong results
• Stronger management commentary
• Management expects improvement in margin and a few big deals
• The only risk is stock has run up 10 per cent in the last five days

Biocon:

• Results better than estimates
• Outlook positive

Ashok Leyland:

• Results better than estimates on all parameters
• Better future outlook
• The stock has run up six per cent in the last five days

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