Anil Singhvi Market Strategy May 28: Important levels to track in Nifty50, Nifty Bank today

Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi expects a support zone for the headline Nifty50 index to emerge at 22,800-22,875 levels and a strong buy zone at 22,700-22,775 levels on Tuesday, May 28.

For the Nifty Bank, he expects support to come in at 48,900-49,100 levels and a strong buy zone at 48,650-48,775 levels.

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

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• Global: Neutral

• FII: Positive

• DII: Positive

• F&O: Neutral

• Sentiment: Positive

• Trend: Positive

He sees a higher zone for the headline index coming in at 22,965, 23,025 and 23,100 levels and a "blue-sky zone" above 23,150.

For the banking index, he expects a higher zone at 49,525, 49,675 and 49,950 levels and a blue-sky zone above the 50,000 mark.

EDITOR’S TAKE

• FIIs emerged buyers in the futures segment in a big way
• One can expect support at lower levels and profit-taking at higher levels
• Traders to get opportunities on both sides amid seesaw moves
• One should keep buying at key support levels
• Select midcap and smallcap shares are set to see strong buying interest

Why did the market fall in the final 45 minutes of trade on Monday?

• Strong FII inflows took Dalal Street to a lifetime high
• PMS and HNI investors booked profits
• Selling at higher levels also took place to secure good profits ahead of election results
• Profit-taking noticed in F&O options
• Wild swings to continue in the market till June 3

ANIL SINGHVI MARKET STRATEGY

• FII index long positions at much higher levels at 52 per cent vs 49 per cent the previous day

• Nifty put-call ratio (PCR) at 1.02 vs 1.14

• Nifty Bank PCR at 0.98 vs 1.11

• Volatility index India VIX up 6.8 per cent at 23.19

For existing long positions:

• Nifty intraday and closing stop loss at 22,850

• Nifty Bank intraday stop loss at 49,000 and closing stop loss at 48,750

For existing short positions:

• Nifty intraday stop loss at 23,150 and closing stop loss at 23,000

• Nifty Bank intraday stop loss at 49,700 and closing stop loss at 49,425

For new positions in Nifty:

• The best range to buy Nifty is 22,800-22,875 with a stop loss at 22,700 for targets of 22,925, 22,950, 23,000, 23,025 and 23,100

• Aggressive traders can sell Nifty in the 23,025-23,100 range with a strict stop loss at 23,150 for targets of 22,975, 22,935, 22,900, 22,875, 22,800 and 22,750

For new positions in Nifty Bank:

• The best range to buy Nifty Bank is 48,650-48,775 with a stop loss at 48,500 for targets of 48,900, 48,975, 49,050, 49,125 and 49,275

• Aggressive traders can buy Nifty Bank in the 48,900-49,050 range with a strict stop loss at 48,750 for targets of 49,275, 49,400, 49,475, 49,600, 49,675 and 49,950

• Aggressive traders can sell Nifty Bank in the 49,475-49,675 range with a strict stop loss at 49,750 for targets of 49,275, 49,125, 49,050, 48,975, 48,900 and 48,825

F&O ban update

• Out of ban: NALCO, India Cements, Bandhan Bank, PNB
• Already in ban: Biocon, GNFC, Vodafone Idea, Hindustan Copper, Piramal Enterprises
• New in ban: None

Results reviews

NALCO

• Results better than estimates
• Strong operational performance
• The stock is up 25 per cent in three months and 140 per cent in a year
• It exits F&O ban today
• A gap-up opening expected on strong results
• Don’t chase, profit-booking expected at higher levels

NMDC

• Weak results
• Analyst call at 11 am
• Operational performance missed estimates
• The stock may see a small correction

Stocks of the Day

Buy United Spirits futures with a stop loss at Rs 1,145 for targets of Rs 1,180, Rs 1,195 and Rs 1,210

• Post-results management conference call impressive
• Strong premiumisation growth story
• Company confident of double-digit growth for FY25

Buy Natco Pharma shares with a stop loss at Rs 1,015 for targets of Rs 1,040, Rs 1,054 and Rs 1,070

• Operational performance very strong
• Highest ever revenue and profit for the whole year

Buy Sumitomo Chemical shares with a stop loss at Rs 435 for targets of Rs 449, Rs 454 and Rs 460

• Results better than estimates
• Operational performance very strong

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