Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi expects support for the headline Nifty50 index at 24,600-24,700 levels and a strong buy zone at 24,475-24,575 levels on Wednesday, May 28. For the Nifty Bank, the market wizard expects support at 54,825-55,025 levels and a strong support zone at 54,575-54,700 55,000-55,200 levels.
How market guru Anil Singhvi sums up trade setup:
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Global: Positive
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FII: Negative
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DII: Neutral
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F&O: Neutral
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Sentiment: Neutral
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Trend: Positive
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FII long positions at 31 per cent vs 35 per cent before Tuesday’s session
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Nifty put-call ratio (PCR) at 0.82 vs 1.06
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Nifty Bank PCR at 0.86 vs 0.89
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Volatility index India VIX up 3 per cent at 18.53
The market wizard sees a higher zone at 24,900-25,000 levels and a profit-booking zone at 25,060-25,125 levels for the headline index.
For the banking index, he sees a higher zone at 55,500-55,650 levels and a profit-booking zone at 55,700-55,875 levels.
ANIL SINGHVI MARKET STRATEGY | How to trade Nifty Bank and Nifty50?
For existing long positions:
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Nifty intraday and closing stop loss at 24,665
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Nifty Bank intraday and closing stop loss at 54,950
For existing short positions:
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Nifty intraday and closing stop loss at 25,100
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Nifty Bank intraday and closing stop loss at 55,700
For new positions in Nifty50:
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The best range to sell Nifty is 24,925-25,025 with a stop loss at 25,125 for targets of 24,850, 24,800, 24,735, 24,700, 24,665 and 24,600
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Aggressive traders can buy Nifty in the 24,550-24,700 range with a strict stop loss at 24,450 for targets of 24,735, 24,765, 24,800, 24,850, 24,900 and 24,950
For new positions in Nifty Bank:
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The best range to sell Nifty Bank is 55,575-55,825 with a stop loss at 56,000 for targets of 55,500, 55,425, 55,350, 55,200, 55,100 and 55,025
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Aggressive traders can buy Nifty Bank in the 54,800-55,000 range with a strict stop loss at 54,575 for targets of 55,175, 55,300, 55,375, 55,475, 55,575 and 55,650
Stocks in F&O ban
- Out of ban: Hindustan Copper, Manappuram Finance, Chambal Fertilisers, Titagarh
- Already in ban: RBL Bank
- New in ban: None
RESULTS REVIEWS | LIC, NMDC
LIC
- Results in line with estimates
- Strong VNB margin at 18.75 per cent
- The company is optimistic of APE growth
- The minimum policy size increase is positive
- Buy LIC futures for targets of Rs 880, Rs 888 and Rs 895 with a stop loss at Rs 861
NMDC
- Numbers below expectations
- Guidance better than expected
- One can buy on on a gap-down opening
- NMDC futures have support at Rs 71 and Rs 70
- Higher levels expected at Rs 74.5 and Rs 76
STOCK OF THE DAY | ITC
- Buy ITC futures near the block deal price
- BAT to sell 2.3 per cent stake in ITC on Wednesday at a floor price of Rs 400/share
- Currently, BAT has a 20.3 per cent stake in ITC
