Anil Singhvi’s Strategy April 6: Support zone on Nifty is 17,675-17,800 & Bank Nifty is 37,525-37,675

Amid negative global markets, foreign institutional investors (FIIs), neutral domestic institutional investors (DIIs), future & options (F&O) and sentiment, the short-term trend of the Indian stock markets will be positive on Wednesday, April 6, 2022.

At the Indian stock markets, the S&P BSE Sensex and the Nifty on Tuesday, April 5, 2022, fell more than half a per cent amid profit booking. Both indices slipped even as the cues from other Asian share markets were positive. The Sensex closed below 60,200 points and the NSE Nifty ended below the 18,000 mark.

The Sensex plunged 435.24 points, or 0.72 per cent, to finish at 60,176.50. The Nifty also declined 96 points, or 0.53 per cent, to settle at 17,957.40. In the broader market at the BSE, the MidCap and SmallCap indices outperformed the Sensex. The MidCap rose 1.28 per cent and the SmallCap index ended 1.37 per cent up.

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

Nifty support zone is 17,675-17,800, Nifty higher zone is 18,050-18,125.

Bank Nifty support zone is 37,525-37,675, below that 37,150-37,225 is a strong Buy zone.

Bank Nifty higher zone is 38,450-38,625, above that 38,750-38,925 is a Profit-booking zone.

Nifty support levels are 17,925, 17,875, 17,800, 17,700, 17,675.

Nifty higher levels are 18,000, 18,050, 18,100, 18,175, 18,200, 18,225.

Bank Nifty support levels are 37,925, 37,825, 37,750, 37,675, 37,525, 37,450, 37,350, 37,225, 37,150.

Bank Nifty higher levels 38,225, 38,300, 38,450, 38,550, 38,625, 38,750, 38,875, 38,925.

FIIs Index Long position is still higher at 74% Vs 76%.

PCR lighter at 1.06 Vs 1.35.

India VIX is up by 3% at 18.49.

For Existing Long Positions:

Nifty Intraday and Closing stop loss are 17,650.

Bank Nifty Intraday stop loss is 37,650 and Closing stop loss is 37,150.

For Existing Short Positions:

Nifty Intraday and Closing stop loss are 18,125.

Bank Nifty Intraday and Closing stop loss are 38,800.

For New Positions:

Sell Nifty with a stop loss of 18,125 and target 17,875, 17,800, 17,700, 17,675.

Buy Nifty in 17,700-17,800 range with a stop loss of 17,650 and target 17,875, 17,925, 17,950, 18,000, 18,050, 18,100.

For New Positions:

Sell Bank Nifty in 38,625-38,750 range with a stop loss of 38,850 and target 38,550, 38,450, 38,225, 38,075, 37,925, 37,825, 37,675.

Aggressive Traders Sell Bank Nifty with a strict stop loss of 38,250 and target 37,925, 37,750, 37,675, 37,525, 37,450, 37,350, 37,225, 37,150.

Buy Bank Nifty in 37150-37225 range with a stop loss of 36,900 and target 37,350, 37,450, 37,525, 37,675, 37,825, 37,925, 38,050.

Aggressive Traders Buy Bank Nifty in 37,525-37,675 range with a strict stop loss of 37,450 and target 37,825, 37,925, 38,050, 38,225, 38,450, 38,550, 38,625, 38,750.

No Stocks in F&O Ban