Anil Singhvi’s Strategy April 22: Support Zone on Nifty is 17,225-17,275 & Bank Nifty is 36,325-36,450

Amid negative global markets, neutral foreign institutional investors (FIIs), future & options (F&O), sentiment and positive domestic institutional investors (DIIs) cues, the short-term trend of the Indian stock markets will be neutral on Friday, April 22, 2022.

Indian stock markets on Thursday, April 21, 2022, surged around one and a half per cent. Domestic stock indices, the S&P BSE Sensex and the Nifty 50, climbed for the second day in a row amid mixed cues from global share markets. The Sensex at Bombay Stock Exchange closed above 57,900 points while the Nifty at National Stock Exchange ended near the 17,400 level. The Sensex climbed 874.18 points, or 1.53 per cent, to finish at 57,911.68. The Nifty also surged 256.05 points, or 1.49 per cent, to settle at 17,392.60. In the sectoral indices, the Bank Nifty index added 501.20 points, or 1.38 per cent, to settle at 36,816.10.

In the broader market, the S&P BSE Mid-Cap index gained 1.28 per cent while the S&P BSE Small-Cap index added 1.33 per cent.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for April 22:

Nifty support zone is 17,225-17,275, Below that 17,075-17,175 is a strong Support zone.

Nifty higher zone is 17,375-17,475.

Bank Nifty support zone is 36,325-36,450, Below that 35,925-36,125 is a strong Support zone.

Bank Nifty higher zone 36,725-36,800, Above that 36,900-37,125 is a strong Sell zone.

Nifty support levels are 17,325, 17,275, 17,225, 17,175, 17,125, 17,075, 17,000.

Nifty higher levels are 17,375, 17,400, 17,450, 17,475, 17,525.

Bank Nifty support levels 36,725, 36,625, 36,525, 36,450, 36,400, 36,325, 36,125, 36,025, 35,925.

Bank Nifty higher levels 36,900, 36,950, 37,125, 37,250, 37,350.

FIIs Index Long position is unchanged at 50%.

PCR at 1.14 vs 0.83.

India VIX is down by 4% at 17.85.

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For Existing Long Positions:

Nifty Intraday stop loss is 17,175 and Closing stop loss is 17,125.

Bank Nifty Intraday and Closing stop loss are 36,300.

For Existing Short Positions:

Nifty Intraday and Closing stop loss are 17,425.

Bank Nifty Intraday and Closing stop loss are 37,050.

For New Positions:

Sell Nifty with a stop loss of 17,425 and target 17,275, 17,225, 17,175, 17,125, 17,075, 17,000.

Buy Nifty in 17,125-17,225 range with a stop loss of 17,000 and target 17,275, 17,325, 17,350, 17,375, 17,400, 17,450.

For New Positions:

Sell Bank Nifty with a stop loss of 37,050 and target 36,625, 36,525, 36,450, 36,400, 36,325, 36,125, 36,025, 35,925.

Buy Bank Nifty in 35,925-36,125 range with a stop loss of 35,850 and target 36,300, 36,350, 36,400, 36,450, 36500, 36600, 36725.

Aggressive Traders Buy Bank Nifty in 36,325-36,450 range with a strict stop loss of 36,250 and target 36,500, 36,600, 36,650, 36,725, 36,800, 36,900, 36,950.

F&O Ban Update:

Out Of Ban: Tata power

Already In Ban: Nil

New In Ban: Nil