Anil Singhvi’s Strategy April 6: Day support zone on Nifty is 14,500-14,550 & Bank Nifty is 32,350-32,425

Amid positive global markets, negative foreign institutional investors (FIIs), neutral domestic institutional investors (DIIs), futures & options (F&O) and cautious sentiment cues, the short-term trend of the Indian stock markets will be neutral on Tuesday, April 6, 2021.

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The Sensex and the Nifty on Monday, April 5, 2021, fell more than one and a half per cent. The Sensex Bombay Stock Exchange finished below 49,500-mark while the Nifty at National Stock Exchange settled below 14,700-level. The Sensex declined 871 points, or 1.74 per cent, to end at 49,159. The Nifty at National Stock Exchange also slipped 230 points, 1.54 per cent, to close at 14,638. Bank Nifty Bank closed 1,179 points or 3.38 per cent down at 32,679. 

Overall, the S&P BSE MidCap index ended 1.13 per cent lower, while the SmallCap counterpart closed with a 1.08 per cent loss.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for April 6:

Day support zone on Nifty is 14,500-14,550, below that 14,325-14,375 is a strong Buy zone

Day higher zone Nifty is 14,700-14,750, above that 14,800-14,850 is strong Profit-booking zone. 

Day support zone on Bank Nifty is 32,350-32,425, below that 32,000-32,250 is a strong support zone.

Day higher zone on Bank Nifty is 33,000-33,150, above that 33,300-33,550 is strong Profit-booking zone.

The small day range for trading on Nifty is 14,550-14,700, while the medium and bigger ranges are 14,500-14,750 and 14,450-14,800, respectively.

The small day range for trading on Bank Nifty is 32,350-33,000, while the medium and bigger ranges are 32,250-33,150 and 32,000-33,300, respectively. 

FIIs decreased Index long at 54% Vs 62%.

PCR near oversold at 1.07 Vs 1.36, short covering expected from lower levels.

India VIX 6% up at 21.22.

For Existing Long Positions:

Nifty intraday stop loss is 14,450 and closing stop loss is 14,500.

Bank Nifty intraday stop loss is 32,300 and the closing stop loss is 32,650.

For Existing Short Positions:

Nifty intraday and closing stop loss are 14,750.

Bank Nifty intraday stop loss is 33,000 and the closing stop loss is 33,325.

For New Positions:

Buy Nifty in 14,450-14,550 range with a stop loss of 14,400 and target 14,625, 14,675, 14,700, 14,735, 14,775. 

Sell Nifty in 14,750-14,850 range with a stop loss of 14,900 and target 14,700, 14,650, 14,600, 14,550. 

For New Positions:

Buy Bank Nifty in 32,250-32,350 range with a stop loss of 32,000 and target 32,425, 32,575, 32,675, 32,850, 33,000. 

Sell Bank Nifty in 33,100-33,325 range with a stop loss of 33,500 and target 33,000, 32,850, 32,675, 32,575, 32,425.

F&O Ban Update:

Out of Ban: SAIL

Already in Ban: NIL

New in Ban: NIL