Anil Singhvi’s Strategy April 29: Day support zone on Nifty is 14,825-14,875 & Bank Nifty is 33,500-33,725

Amid positive global markets, foreign institutional investors (FIIs), neutral domestic institutional investors (DIIs), futures & options (F&O) and sentiment cues, the short-term trend of the Indian stock markets will be positive on Thursday, April 29, 2021.

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At the domestic stock markets, key indices posted solid gains for the third straight day on Wednesday, April 28, 2021. The S&P BSE Sensex shot up 790 points, or 1.61 per cent, to end at 49,734. The Nifty at the National Stock Exchange spurted 212 points, or 1.44 per cent, to 14,865. The Bank Nifty index rose 987 points or 3.02 per cent and closed at 33,723.

The broader markets witnessed relatively leaner trade yesterday. The S&P BSE MidCap index ended 0.99 per cent up while the S&P BSE SmallCap index added 0.71 per cent.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for April 29:

Day support zone on Nifty is 14,825-14,875, below that 14,650-14,700 is a strong Buy zone. 

Day higher zone on Nifty is 14,950-15,000, above that 15,050-15,100 is strong Profit-booking zone. 

Day support zone on Bank Nifty is 33,500-33,725, below that 32,725-32,850 is a strong Buy zone. 

Day higher zone on Bank Nifty is 34,325-34,500, above that 34,750-34,800 is strong Profit-booking zone. 

The small day range for trading on Nifty is 14,800-14,950, while the medium and bigger ranges are 14,700-15,000 and 14,650-15,050 respectively. 

The small day range for trading on Bank Nifty is 33,500-34,175, while the medium and bigger ranges are 33,000-34,325 and 32,800-34,500 respectively. 

FIIs Index long at 66% Vs 67%

PCR at 1.57 Vs 1.51

India VIX down by 2% at 22.58

For Existing Long Positions:

Nifty intraday stop loss is 14,800 and closing stop loss is 14,650.

Bank Nifty intraday and closing stop loss are 33,500. 

For Existing Short Positions:

Nifty intraday and closing stop loss are 15,000.

Bank Nifty intraday and closing stop loss are 34,000.

For New Positions: 

Buy Nifty in 14,650-14,700 range with a stop loss of 14,550 and target 14,750, 14,800, 14,875, 14,925, 14,975. 

Aggressive Traders Buy Nifty with strict stop loss of 14,775 and target 14,925, 14,975, 15,000, 15,050, 15,100, 15,150. 

Sell Nifty in 15,000-15,100 range with strict stop loss of 15,150 and target 14,950, 14,900, 14,875, 14,825.

For New Positions:

Buy Bank Nifty in 32,700-32,850 range with a stop loss of 32,600 and target 33,000, 33,175, 33,325, 33,500, 33,625, 33,725. 

Aggressive Traders Buy Bank Nifty with strict stop loss with a stop loss of 33,500 and target 33,975, 34,175, 34,225, 34,325, 34,425, 34,500, 34,750. 

Sell Bank Nifty in 34,450-34,500 range with a stop loss 34,800 and target 34,200, 34,000, 33,800, 33,650, 33,525.

F&O Ban Update:

New in Ban: Nil

Already in Ban: SAIL

Out of Ban: Nil

Stock of the Day:

Sell Biocon Futures: Stop loss 400 and target 370, 360, 355. Week results on all parameters. CFO resigns