Anil Singhvi strategy May 16: Important levels to track in Nifty 50, Nifty Bank today

Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi shares his strategy for the May 16 session. Check out his take on key support and resistance levels for the Nifty and the Nifty Bank, and how he views the market.

Zee Business Managing Editor Anil Singhvi sees support for Nifty50 coming in at 18,285-18,315 levels on May 16.

Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi expects support for the Nifty50 benchmark emerging at 18,285-18,315 levels on Tuesday, May 16, and a strong buy zone at 18,215-18,265 levels. For the Nifty Bank, which is set to clock unprecedented levels for a second straight day, he sees support coming in at 43,675-43,800 levels and a strong buy zone at 43,475-43,575 levels.

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

Global: Neutral
FII: Positive

TRENDING NOW
DII: Neutral
F&O: Cautious
Sentiment: Positive
Trend: Positive

For the 50-scrip headline index, he expects a higher zone at 18,475-18,525 levels and a strong sell zone at 18,550-18,625 levels. For the banking index, he sees the next major level around 44,500, after it scaled the 44,152 peak on Monday.

FII index longs at 50 per cent on Tuesday vs 46 per cent the previous day
Nifty put-call ratio (PCR) at 1.35 vs 1.24
Nifty Bank PCR nearly overbought at 1.42 vs 1.29
Fear index India VIX up 2.5 per cent at 13.17

ANIL SINGHVI MARKET STRATEGY

For existing long positions:

Nifty intraday and closing stop loss at 18,250
Nifty Bank intraday stop loss at 43,650 and closing stop loss at 43,475

For existing short positions:

Nifty intraday and closing stop loss at 18,500
Nifty Bank intraday and closing stop loss at 44,200

For new positions in Nifty:

Buy Nifty with a stop loss at 18,250 for targets of 18,450, 18,475, 18,500, 18,525, 18,550 and 18,600
Aggressive traders can sell Nifty in the 18,475-18,550 range with a strict stop loss at 18,625 for targets of 18,450, 18,400, 18,350, 18,315, 18,285 and 18,265

For new positions in Nifty Bank:

Nifty Bank intraday stop loss for all-fresh buying at 43,650
Traders can hold long positions with a trailing stop loss 100 points below the day's high
They can book profit near 44,400-44,500 levels
Short trigger levels not visible in the banking index

F&O ban

Out of ban: Canara Bank, Manappuram Finance
Already in ban: Delta Corp, GNFC, PNB and BHEL
New in ban: None

Stock of the day: Astral Ltd

Buy Astral futures with a stop loss at Rs 1,584 for targets of Rs 1,630 and Rs 1,640
Revenue, profit, operating profit, margin above estimates
Both pipes and adhesives businesses performed well
Strong demand in southern market

RESULTS REVIEW

Coromandel: