Anil Singhvi Market Strategy (June 3): How to trade Nifty 50, Nifty Bank today, key levels to track & more

Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi expects support for the headline Nifty50 index at 24,600-24,675 levels and a stronger support zone at 24,450-24,575 levels on Tuesday, June 3. For the Nifty Bank, the market wizard expects support at 55,575-55,750 levels and a strong buy zone at 55,350-55,500 levels.

How market guru Anil Singhvi sums up trade setup:

• Global: Neutral

• FII: Negative

• DII: Positive

• F&O: Neutral

• Sentiment: Neutral

• Trend: Positive

• FII long positions unchanged at 19 per cent as before Monday's session

• Nifty put-call ratio (PCR) at 0.82 vs 0.77

• Nifty Bank PCR at 1.04 vs 1.05

• Volatility index India VIX up 7 per cent at 17.16

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The market wizard sees a higher zone at 24,825-24,900 levels and a strong sell zone at 24,950-25,075 levels for the headline index.

For the banking index, he sees a higher zone at 55,875-56,075 levels and a "blue-sky zone" above the 56,100 mark. ​

FIIs or DIIs, which institutional investor category can influence Dalal Street now?

• FIIs took to selling in the first two days of the June F&O series
• Domestic funds showed stronger buying during this period
• In the last 6 sessions, DIIs have outpaced FIIs in terms of cash market buying
• FIIs made net purchases to the tune of Rs 14,073 crore in the cash market over the last 10 sessions; DII inflows at Rs 49,895 crore during this period
• DII buying has clearly overshadowed FII selling

When and in which direction will the market break out of its current range?

• Nifty50 seems to have strong support at around 24,500
• Selling pressure is emerging consistently near the 25,000 mark
• A close below 24,500 will be a sign of more weakness
• A close above 25,100, on the other hand, will signal a bullish momentum
• There are plenty of trading opportunities on both sides as long as the market remains rangebound

A fresh Nifty Bank all-time high on Tuesday?

• Nifty Bank remains very strong ahead of the June 6 RBI policy outcome
• The banking index has been closing at lifetime highs for the past two days
• Nifty Bank can pull Nifty out of its current range
• There is a high possibility of a new all-time high above 56,100 on Tuesday
• One should not rush to short Nifty Bank
• The banking index's base has now shifted to 54,800-55,000

Are there opportunities left in midcap and smallcap stocks now?

• FII selling pressure is largely limited to largecap stocks
• The market seems to be focusing more on midcap and smallcap segments
• Even in a rangebound market, midcap and smallcap stocks are displaying signs of remarkable strength
• Investors should focus on sector- and stock-specific action for now
• There are good buying opportunities in the following:
  • Midcap PSU bank stocks
  • Midcap PSU NBFC stocks
  • Midcap FMCG stocks
  • Midcap infra stocks

ANIL SINGHVI MARKET STRATEGY | How to trade Nifty Bank and Nifty50?

For existing long positions:

• Nifty intraday stop loss at 24,500 and closing stop loss at 24,600

• Nifty Bank intraday and closing stop loss at 55,400

For existing short positions:

• Nifty intraday and closing stop loss at 24,925

• Nifty Bank intraday stop loss at 56,100 and closing stop loss at 56,000

For new positions in Nifty50:

• The best range to buy Nifty is 24,500-24,600 with a stop loss at 24,450 for targets of 24,675, 24,700, 24,750, 24,800, 24,850 and 24,900

• Aggressive traders can sell Nifty in the 24,825-24,950 range with a strict stop loss at 25,125 for targets of 24,750, 24,725, 24,675, 24,600, 24,525 and 24,475

For new positions in Nifty Bank:

• The best range to buy Nifty Bank is at 55,500-55,700 with a stop loss at 55,350 for targets of 55,825, 55,900, 55,975 and 56,075

• Above the 56,100 mark, Nifty Bank is set to be in a "blue-sky zone"

• One may hold on to their long positions with a trailing stop loss

• Sell Nifty Bank only if it breaks 55,300 with a strict stop loss at 55,500

Stocks in F&O ban

• Already in ban: Manappuram Finance

• New in ban: None

• Out of ban: None

STOCKS OF THE DAY

Buy United Spirits futures for targets of Rs 1,570, Rs 1,585 and Rs 1,610 with a stop loss at Rs 1,535

• The stock is in a strong uptrend
• JP Morgan has upgraded the stock to 'overweight' from 'neutral' and raised its target price to Rs 1,760 from Rs 1,415 per share

Buy Glenmark Pharma futures for targets of Rs 1,520, Rs 1,535 and Rs 1,550 with a stop loss at Rs 1,485

• The stock closed on a strong note on Monday, above the Rs 1,500 mark
• The ISB 2001 licensing deal could be a big positive trigger for the company

Buy Swiggy shares for targets of Rs 337, Rs 340 and Rs 343 with a stop loss at Rs 328

• Improved food delivery execution is a positive
• Morgan Stanley has initiated coverage with an 'overweight' rating and a target of Rs 405 per share