Anil Singhvi's Market Strategy: Nifty 50 strong buy zone at 23,265-23,375—Key levels to track on D-Street

Zee Business Managing Editor Anil Singhvi expects support for the Nifty50 index to emerge at 23,425-23,575 levels and a strong buy area at 23,265-23,375 levels on Tuesday, May 19. The market wizard sees support for the Nifty Bank at 53,025-53,200 levels and a strong buy zone at 52,600-52,800 levels.

How market wizard sums up trade setup

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

• FII long positions at 12.49 per cent vs 12.43 per cent before Monday's trading session

• Nifty put-call ratio (PCR) at 1.24 vs 1.01

• Nifty Bank PCR at 0.80 vs 0.77

For the headline index, the market wizard expects a higher zone at 23,700-23,815 levels and a profit-booking area at 23,835-23,950 levels.

For the banking index, he expects a higher zone at 53,700-54,000 levels and a profit-booking area at 54,100-54,400 levels.

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

For existing long positions:

• Nifty intraday stop loss at 23,575 and closing stop loss at 23,375
• 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 54,450

For new positions in Nifty50:

• The best range to buy Nifty is 23,350-23,465 with a stop loss at 23,250 for targets of 23,550, 23,600, 23,650, 23,700, 23,750, 23,815 and 23,835

• Aggressive traders can sell Nifty in the 23,750-23,850 range with a strict stop loss at 24,000 for targets of 23,700, 23,650, 23,615, 23,575, 23,550, 23,425 and 23,350

For new positions in Nifty Bank:

• The best levels to buy Nifty Bank are 53,200 and 52,800 with a stop loss at 52,600 for targets of 53,450, 53,525, 53,675, 54,100, 54,225, 54,325 and 54,400

• Aggressive traders can sell Nifty Bank in the 54,100-54,400 range with a strict stop loss at 54,500 for targets of 53,700, 53,550, 53,450, 53,200, 52,800 and 52,700

Futures & options (F&O) ban

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

Buzzing stocks

Astral

• Mixed results
• Revenue and profit below expectation
• But operationally slightly better performance
• Futures have support at Rs 1,510
• A higher level of Rs 1,590 is expected

IOC

• Results slightly better than expected
• Petrol and diesel price hike is positive
• Futures have support at Rs 128
• A higher level of Rs 138 is expected

GE Vernova

• Buy GE Vernova T&D shares in the spot market for targets of Rs 4,500, Rs 4,540 and Rs 4,590 with a stop loss at Rs 4,350
• Strong operational performance on all fronts

Monte Carlo

• Strong operational performance

Bazaar Style

• Strong results except margin

JSW Energy

• Buy JSW Energy futures for targets of Rs 536, Rs 542 and Rs 548 with a stop loss at Rs 509
• The best level to buy the stock is near Rs 518
• JSW Energy sold stake in JSW Steel for Rs 3,150 crore
• The stock rose 2.7 per cent on Monday; one can buy on dips

Paytm

• Paytm made a presentation in Singapore conference
• Management sounded disciplined and positive about various businesses
• Support at Rs 1,080
• A higher level of Rs 1,130 is expected