Between positive global markets and futures and options (F&O), negative foreign institutional investors (FIIs), positive domestic institutional investors (DII) and neutral sentiment, the short-term trend of Indian stock market will be negative on Monday, May 16, 2022.
Indian stock markets closed negative on Friday as the Sensex fell more than 136 points amid negative global signals and the Nifty 50 stabilized below the 15800-level. In contrast, the Nifty mid-cap and short-cap closed about 1 percent more positive. Among sectoral indices, Nifty Metal fell more than 2 percent, while Nifty Bank and Financials fell more than 1 percent on Friday.
G Business Managing Editor Anil Singh’s May 16 Market Strategy
Nifty Support Zone 15675-15750, Below 15550-15625 Strong Buy Zone
Nifty higher zone 15975-16075, above which 16150-16200 profit booking zone
Bank Nifty Support Zone 32875-33000, Below 32150-32375 Strong Buy Zone
Bank Nifty Higher Zone 33400-33525, above 33900-34150 Profit Booking Zone
Nifty support levels 15725, 15675, 15625, 15550
Nifty High Levels 15850, 15900, 15950, 16000, 16075, 16150, 16175, 16200
Bank Nifty Support Levels 33000, 32875, 32450, 32375, 32150
Bank Nifty higher levels 33300, 33400, 33525, 33900, 34000, 34150, 34275, 34350
FII index long 24% vs. 17%
PCR 0.73 vs. 0.75 near the oversold level, short covering is expected.
India VIX down 3% at 23.49
For existing long term:
Nifty Intraday N Closing SL 15650
BankNifty Intraday n Closing SL 32850
For existing short positions:
Nifty Intraday SL 16100 n End SL 16200
BankNifty Intraday SL 34050 n Completion SL 34300
For new positions:
Buy Nifty: SL 15650 Tgt 15850, 15900, 15950, 16000, 16075, 16150
Sell Nifty in the range 15975-16075: SL 16200 Tgt 15950, 15900, 15850, 15800, 15750
For new positions:
Buy BankNifty: SL 32850 Tgt 33300, 33400, 33525, 33900, 34000, 34150, 34275, 34350
Sell BankNifty in the range 33900-34150: SL 34300 Tgt 33550, 33400, 33300, 33125, 33025, 32875
Aggressive traders sell Banknife in the range 33400-33525: Strict SL 33600 Tgt 33300, 33125, 33025, 32875, 32450, 32375, 32150
F&O Prohibition Update:
New to the ban: GNFC
Already banned: PNB, IB Housing Finance 7
Out of prohibition: Zero
