Anil Singhvi strategy May 31: Important levels to track in Nifty, Nifty Bank today

Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi shares his strategy for the May 31 session, as investors await an official quarterly GDP reading due later in the day. 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 a buy zone for Nifty50 emerging at 18,400-18,450 levels on May 31.

Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi sees support for the Nifty50 benchmark emerging at 18,500-18,575 levels and a strong buy zone at 18,400-18,450 levels on Wednesday, May 31.

For the Nifty Bank, he sees support at 44,200-44,300 levels and a strong buy zone at 44,000-44,150 levels.

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

Global: Negative

TRENDING NOW
FII: Positive
DII: Negative
F&O: Neutral
Sentiment: Positive
Trend: Positive

For the 50-scrip headline index, he expects a higher zone at 18,660-18,690 levels and a profit-booking zone at 18,725-18,785 levels. For the banking index, he sees a higher zone at 44,475-44,550 levels, and expects any move sustaining above 44,550 to be followed by the next big target in the 44,900-45,000 range.

FII index longs at 61 per cent vs 60 per cent the previous day
Nifty put-call ratio (PCR) at 1.32 vs 1.33
Nifty Bank PCR at 1.22 vs 1.10
Fear index India VIX down two per cent at 12.01

ANIL SINGHVI MARKET STRATEGY

For existing long positions:

Nifty intraday and closing stop loss at 18,475
Nifty Bank intraday and closing stop loss at 43,950

For existing short positions:

Nifty intraday and closing stop loss at 18,725
Nifty Bank intraday and closing stop loss at 44,550

For new positions in Nifty:

Buy Nifty in the 18,500-18,575 range with a stop loss at 18,450 for targets of 18,600, 18,635, 18,660, 18,690, 18,725, 18,750 and 18,785
Sell Nifty in the 18,690-18,775 range with a stop loss at 18,900 for targets of 18,665, 18,635, 18,600, 18,575 and 18,500

For new positions in Nifty Bank:

Buy Nifty Bank in the 44,025-44,200 range with a stop loss at 43,950 for targets of 44,300, 44,425, 44,475 and 44,550
Aggressive traders can sell Nifty Bank with a strict stop loss at 44,550 for targets of 44,325, 44,200, 44,150, 44,100 and 44,025

No stock in F&O ban

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