Anil Singhvi's Market Strategy: Nifty 50 strong buy zone at 23,125-23,275—Key levels to track on D-Street

Zee Business Managing Editor Anil Singhvi expects support for the Nifty50 index to emerge at 23,325-23,465 levels and a strong buy zone at 23,125-23,275 levels on Wednesday, May 20. The market wizard sees support for the Nifty Bank at 52,600-52,800 levels followed by a stronger support zone at 52,025-52,275 levels.

How market wizard sums up trade setup

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

• FII long positions at 12.29 per cent vs 12.49 per cent before Tuesday's trading session

• Nifty put-call ratio (PCR) at 1.09 vs 1.24

• Nifty Bank PCR at 0.77 vs 0.80

For the headline index, the market wizard expects a higher zone at 23,600-23,700 levels and a strong sell area at 23,750-23,850 levels.

For the banking index, he expects a higher zone at 53,550-53,750 levels and a strong sell zone at 54,100-54,400 levels.

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

For existing long positions:

• Nifty intraday and closing stop loss at 23,575
• Nifty Bank intraday and closing stop loss at 53,100

For existing short positions:

• Nifty intraday and closing stop loss at 23,850
• Nifty Bank intraday and closing stop loss at 53,800

For new positions in Nifty50:

• Sell Nifty with a stop loss at 23,700 for targets of 23,465, 23,425, 23,375, 23,325, 23,265 and 23,150

• Aggressive traders can buy Nifty in the 23,275-23,425 range with a strict stop loss at 23,100 for targets of 23,465, 23,550, 23,575, 23,610, 23,650, 23,700 and 23,750

For new positions in Nifty Bank:

• Aggressive traders can sell Nifty Bank with a strict stop loss at 53,800 for targets of 53,200, 52,800, 52,700, 52,600, 52,275 and 52,200

• Aggressive traders can buy Nifty Bank in the 52,600-52,800 range with a strict stop loss at 52,500 for targets of 53,175, 53,325, 53,400, 53,550, 53,625 and 53,700

Futures & options (F&O) ban

• Already in ban: Kaynes Tech, SAIL
• New in ban: None
• Out of ban: None

Buzzing stocks

Mankind Pharma

• Buy Mankind futures for targets of Rs 2,528, Rs 2,550 and Rs 2,575 with a stop loss at Rs 2,455
• Outstanding results on all fronts
• Strong operational performance

PI Industries

• Sell PI Industries futures for targets of Rs 3,100, Rs 3,060 and Rs 3,010 with a stop loss at Rs 3,200
• Poor performance on all metrics
• The company has been posting weak results quarter after quarter
• In the last nine quarters, seven quarterly performances were below expectations
• All eyes on the company's concall at 3 pm

BPCL

• Mixed results
• EBITDA and margins above estimate due to adjustment
• Revenue and profit below expectations
• BPCL futures have support at Rs 278 and Rs 274
• Higher levels of Rs 297 and Rs 305 expected

Strong Cash Results

• Anthem Bio
• CE Info Systems
• Hatson Agro
• Godawari Power
• Karnataka Bank
• Share India Securities
• Dredging Corp

BEL

• Results came during market hours on Tuesday
• All eyes on concall at 4 pm
• The management's commentary on execution and low margin business will be key
• BEL futures have support at Rs 397 and Rs 404
• Higher levels of Rs 430 and Rs 437 are expected