Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi sees support for the Nifty50 benchmark emerging at 18,500-18,575 levels and a strong buy zone at 18,400-18,450 levels on Wednesday, May 31.

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For the Nifty Bank, he sees support at 44,200-44,300 levels and a strong buy zone at 44,000-44,150 levels. 

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

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

For the 50-scrip headline index, he expects a higher zone at 18,660-18,690 levels and a profit-booking zone at 18,725-18,785 levels.​ For the banking index, he sees a higher zone at 44,475-44,550 levels, and expects any move sustaining above 44,550 to be followed by the next big target in the 44,900-45,000 range.   

  • FII index longs at 61 per cent vs 60 per cent the previous day
  • Nifty put-call ratio (PCR) at 1.32 vs 1.33
  • Nifty Bank PCR at 1.22 vs 1.10
  • Fear index India VIX down two per cent at 12.01

ANIL SINGHVI MARKET STRATEGY

For existing long positions:

  • Nifty intraday and closing stop loss at 18,475
  • Nifty Bank intraday and closing stop loss at 43,950

For existing short positions:

  • Nifty intraday and closing stop loss at 18,725
  • Nifty Bank intraday and closing stop loss at 44,550

For new positions in Nifty:

  • Buy Nifty in the 18,500-18,575 range with a stop loss at 18,450 for targets of 18,600, 18,635, 18,660, 18,690, 18,725, 18,750 and 18,785
  • Sell Nifty in the 18,690-18,775 range with a stop loss at 18,900 for targets of 18,665, 18,635, 18,600, 18,575 and 18,500

For new positions in Nifty Bank:

  • Buy Nifty Bank in the 44,025-44,200 range with a stop loss at 43,950 for targets of 44,300, 44,425, 44,475 and 44,550
  • Aggressive traders can sell Nifty Bank with a strict stop loss at 44,550 for targets of 44,325, 44,200, 44,150, 44,100 and 44,025

No stock in F&O ban

Stocks of the Day

Buy Coal India futures with a stop loss at Rs 244 for targets of Rs 249, Rs 252 and Rs 255

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Buy Torrent Pharma futures with a stop loss at Rs 1,688 for targets of Rs 1,717, Rs 1,730 and Rs 1,738

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  • Strong growth in India, Germany and Brazil markets

RESULTS REVIEW

Two newly listed companies posted strong results: Mankind Pharma and Tega Industries

Mankind Pharma:

  • Strong results on all parameters
  • Strong growth in the domestic business

Tega Industries:

  • Strong results on all parameters

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