Anil Singhvi’s Strategy April 27: Support zone on Nifty is 16,950-17,000 & Bank Nifty is 35,925-36,075

Amid negative global markets, neutral foreign institutional investors (FIIs), future & options (F&O), positive domestic institutional investors (DIIs) and cautious sentiment cues, the short-term trend of the Indian stock markets will be neutral on Wednesday, April 27, 2022.

Indian stock markets on Tuesday, April 26, 2022, climbed more than one per cent amid positive cues from global share markets. The Sensex at Bombay Stock Exchange closed above 57,300 points while the Nifty at National Stock Exchange settled above the 17,200 level. The Sensex rose 776.72 points, or 1.37 per cent, to trade at 57,356.61 while the Nifty surged 246.85 points, or 1.46 per cent, to trade at 17,200.80.

In the broader market at the BSE, the MidCap gained 1.62 per cent while the SmallCap index ended 0.76 per cent up.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for April 27:

Nifty support zone is 16,950-17,000, below that 16,825-16,875 is a strong Support zone.

Nifty higher zone is 17,075-17,150, above that 17,175-17,225 is a Profit booking zone.

Bank Nifty support zone is 35,925-36,075, below that 35,425-35,525 is a strong Buy zone.

Bank Nifty higher zone is 36,350-36,500, above that 36,600-36,800 is a Profit booking zone.

Nifty support levels 17,175, 17,150, 17,125, 17,075, 16,975, 16,950, 16,875, 16,825.

Nifty higher levels are 17,200, 17,225, 17,250, 17,300, 17,350.

Bank Nifty support levels 36300, 36,075, 36,000, 35,925, 35,850, 35,725, 35,525, 35,425.

Bank Nifty higher levels are 36,450, 36,500, 36,600, 36,725, 36,800, 36,900, 36,950.

FIIs Index Long near the bottom at 44% Vs 43%.

PCR at 1.06 Vs 0.83.

India VIX is down by 10% at 19.19.

For Existing Long Positions:

Nifty Intraday stop loss is 16,800 and Closing stop loss is 16,950.

Bank Nifty Intraday stop loss is 35,500 and Closing stop loss is 35,900,

For Existing Short Positions:

Nifty Intraday and Closing stop loss are 17,225.

Bank Nifty Intraday and Closing stop loss are 36,600

For New Positions:

Sell Nifty with a stop loss of 17,225 and target 17,125, 17,075, 16,975, 16,950, 16,875, 16,825.

Buy Nifty in 16825-16950 range with a stop loss of 16,750 and target 16,975, 17,075, 17,125, 17,150, 17,175, 17,200, 17,225.

For New Positions:

Sell Bank Nifty with a stop loss of 36,600 and target 36,275, 36,075, 36,000, 35,925, 35,850, 35,725, 35,525.

Buy Bank Nifty in 35,525-35,725 range with a stop loss of 35,375 and target 35,850, 35,925, 36,000, 36,075, 36,275, 36,350.

Aggressive Traders Buy BankNifty in 35925-36075 range with a strict stop loss of 35,850 and target 36,275, 36,350, 36,400, 36,450, 36,500, 36,600, 36,725, 36,800.

No Stock In F&O Ban

Rainbow Children’s Medicare IPO Preview: ONLY HIGH RISK TAKING INVESTORS CAN APPLY

Positives:

Good financial track record

Strong Cashflow with low debt

Reasonable Valuations

Negatives:

Highly Competitive Business

High dependence on Southern India Market