Between neutral global markets and futures and options (F&O), neutral foreign institutional investors (FIIs), positive domestic institutional investors (DIIs), and neutral sentiment, the short-term trend of the Indian stock market will be negative on Monday, May 17, 2022.
Markets closed the six-day downward trend green on Monday amid neutral global signals as both the Sensex and Nifty 50 fell nearly 0.4 percent. Beyond the benchmarks, the Nifty mid-cap and short-cap closed up nearly 1 percent. Among sectoral indicators, Nifty PSU Bank rose nearly 3 percent, followed by Real by more than 2.5 percent and Auto by more than 2 percent.
G Business Managing Editor Anil Singh’s May 16 Market Strategy
Nifty Support Zone 15740-15800, Below 15550-15675 Strong Buy Zone
Nifty higher zone 15975-16075, above which 16150-16200 profit booking zone
Bank Nifty Support Zone 33125-33300, Below 32875-33000 Strong Buy Zone
Bank Nifty Higher Zone 33800-34000, above 34150-34350 Profit Booking Zone
Nifty support levels 15800, 15750, 15675, 15625, 15550
Nifty higher levels 15900, 15975, 16000, 16075, 16150, 16175, 16200
Bank Nifty Support Levels 33525, 33400, 33300, 33125, 33000, 32875
Bank Nifty higher levels 33800, 33900, 34000, 34150, 34275, 34350
FII index long 29% vs. 24%
PCR remained unchanged at 0.73, near the sell-off level
India VIX rose 4% to 24.53
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 End SL 34300
For new positions:
Buy Nifty: SL 15725 Tgt 15900, 15950, 15975, 16000, 16075, 16150, 16175, 16200
Sell Nifty in the range 16075-16175: SL 16300 Tgt 16000, 15975, 15900, 15850, 15800, 15750
For new positions:
Buy BankNifty in the range 33125-33300: SL 32950 Tgt 33400, 33525, 33600, 33800, 33900, 34000, 34150, 34275
Sell BankNifty in the range 34000-34150: SL 34300 Tgt 33900, 33825, 33600, 33525, 33300, 33125, 33000
F&O Prohibition Update:
Already banned: GNFC, PNB, IB Housing Finance 7
New to the ban: Zero
Out of prohibition: Zero
LIC list preview:
The 920-935 range is expected to be listed below the issue price of 949
Short-term investors keep their spending staples
Paradip Phosphates IPO Preview:
Apply for the long term
Positive:
Companies with good financial track record and profit making
Possibility of strong growth
Reasonable assessment
Negative:
Dependent on import of raw materials
Dependence on government policy and subsidies
