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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. 

Global: Positive

FII: Negative

DII: Neutral

F&O: Neutral

Sentiment: Neutral

Trend: Positive

FII long positions at 31 per cent vs 35 per cent before Tuesday's session

Nifty put-call ratio (PCR) at 0.82 vs 1.06

Nifty Bank PCR at 0.86 vs 0.89

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. ​

What are FIIs up to?

What’s the biggest problem for the market on Wednesday?

How much support can Wall Street rally offer?

When and in which direction will the market break out of the range?

For existing long positions: 

Nifty intraday and closing stop loss at 24,665

Nifty Bank intraday and closing stop loss at 54,950

For existing short positions:

Nifty intraday and closing stop loss at 25,100

Nifty Bank intraday and closing stop loss at 55,700

For new positions in Nifty50:

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

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:

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

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

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