Anil Singhvi’s Strategy April 8: Day support zone on Nifty is 14,700-14,750 & Bank Nifty is 32,500-32,675

Amid neutral global markets, futures & options (F&O), positive foreign institutional investors (FIIs), domestic institutional investors (DIIs) and sentiment cues, the short-term trend of the Indian stock markets will be neutral on Thursday, April 8, 2021.

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Domestic equity benchmarks ended with strong gains on Wednesday, April 7, 2021. The S&P BSE Sensex advanced 460.37 points or 0.94 per cent to close at 49,661.76. The Nifty 50 index added 135.55 points or 0.92 per cent and ended at 14,819.05. The Bank Nifty grew 489.85 points or 1.51 per cent to settle at 32,991.20. 

In the broader market, the BSE Mid-cap index advanced 0.82 per cent and the Small-cap index climbed 1.30 per cent. 

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for April 7:

Day support zone on Nifty is 14,700-14,750, below that 14,575-14,650 is a strong Buy zone.

Day higher zone on Nifty is 14,875-14,950, above that 15,025-15,100 is strong Profit-booking zone.

Day support zone on Bank Nifty is 32,500-32,675, below that 32,350-32,425 is a strong Buy zone.

Day higher zone on Bank Nifty is 33300-33500, above that 33,575-33,750 is strong Sell zone. 

The Small Day Range for trading on Nifty is 14,750-14,875, while the medium and bigger day ranges are 14,700-14,950 and 14,650-15,000, respectively.

The Small Day Range for trading on Bank Nifty is 32,675-33,300, while the medium and bigger day ranges are 32,500-33,500 and 32,350-33,625, respectively. 

FIIs Index long at 60% Vs 56%

PCR at 1.29 Vs 1.13

India VIX 3% down at 20.25

For Existing Long Positions:

Nifty intraday stop loss is 14,750 and closing stop loss is 14,625.

Bank Nifty intraday stop loss is 32,850 and closing stop loss is 32,675.

For Existing Short Positions:

Nifty intraday and closing stop loss are 14,900.

Bank Nifty intraday and closing stop loss are 33,300.

For New Positions:

Buy Nifty with a stop loss of 14,750 and target 14,875, 14,925, 14,950, 15,000, 15,050.

Sell Nifty in 14,975-15,050 range with a stop loss of 15,100 and target 14,925, 14,875, 14,825.

For New Positions:

Buy Bank Nifty with a stop loss of 32,675 and target 33,175, 33,300, 33,500, 33,575, 33,625, 33,750.

Sell Bank Nifty in 33,500-33,625 range with a stop loss of 33,750 and target 33,325, 33,200, 33,100, 33,025.

F&O Ban Update:

Out of Ban: Nil

Already in Ban: SAIL 

New in Ban: Nil

Stock of the Day:

Buy Aurobindo Pharma Futures: Stop loss 895 and target 925, 940. Pharma stocks strong, Pre-result buying expected.