Anil Singhvi’s Strategy April 8: Nifty support zone is 17,550-17,625 and 17,475-17,500

Amid neutral global markets, future & options (F&O), sentiment, negative foreign institutional investors (FIIs) and positive domestic institutional investors (DIIs), the short-term trend of the Indian stock markets will be positive on Friday, April 8, 2022.

At the Indian stock markets, the S&P BSE Sensex and the Nifty 50, on Thursday, April 7, 2022, witnessed losses for the third day in a row. Both indices declined amid weak cues from global share markets. The BSE Sensex closed near 59,000 points and the NSE Nifty was ended below the 17,650 level. The Sensex plunged 575.46 points, or 0.97 per cent, to finish at 59,034.95. The Nifty also slipped 168.10 points, or 0.94 per cent, to settle at 17,639.55. In the sectoral indices, the Bank Nifty declined 75.45 points, or 0.20 per cent, to 37,557.35.

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In the broader market at the BSE, the Mid-Cap and Small-Cap indices outperformed the Sensex. The Mid-Cap fell 0.42 per cent and the Small-Cap index ended 0.75 per cent down.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for April 8:

Nifty support zone is 17,550-17,625 and 17,475-17,500, below that 17,375-17,425 is a strong Buy zone.

Nifty higher zone is 17,700-17,775, above that 17,800-17,900 is a strong Profit-booking zone.

Bank Nifty support zone is 37,150-37,350 and 36,825-36,925, below that 36,425-36,625 is a strong Buy zone.

Bank Nifty higher zone is 37,850-37,975 and 38,075-38,225, above that 38,625-38,750 is a strong Sell zone.

Nifty support levels are 17,625, 17,550, 17,500, 17,475, 17,425, 17,400, 17,375.

Nifty higher levels 17,675, 17,700, 17,775, 17,800, 17,900, 17,950, 18,000.

Bank Nifty support levels 37,450, 37,350, 37,150, 37,050, 36,925, 36,825, 36,625, 36,425.

Bank Nifty higher levels 37,650, 37,850, 37,975, 38,075, 38,225, 38,450, 38,625, 38,750.

FIIs Index Long position at 68% Vs 74%.

PCR is light and comfortable at 0.90 Vs 0.86.

India VIX was unchanged at 19.00.

For Existing Long Positions:

Nifty Intraday stop loss is 17,600 and Closing stop loss is 17,450

Bank Nifty Intraday and Closing stop loss are 37150

For Existing Short Positions:

Nifty Intraday and Closing stop loss are 17,825.

Bank Nifty Intraday and Closing stop loss are 38,075.

For New Positions:

Aggressive Traders Buy Nifty with a Strict stop loss of 17,600 and target 17,675, 17,700, 17,775, 17,800, 17,900, 17,950.

Sell Nifty in 17,775-17,900 range with a stop loss of 18,000 and target 17,700, 17,650, 17,625, 17,550, 17,500, 17,475.

For New Positions:

Aggressive Traders Buy Bank Nifty with a Strict stop loss of 37,150 and target 37,650, 37,850, 37,925, 37,975, 38,075, 38,225.

Aggressive Traders Sell Bank Nifty in 37,925-38,075 range with a Strict stop loss of 38,150 and target 37,850, 37,650, 37,550, 37,350, 37,150, 37,050, 36,925, 36,825.

No Stocks in F&O Ban

Ruchi Soya FPO Listing Preview: Expected to list with good gains. Short Term Investors book profit in the 750-800 range or keep a Stop Loss of 700.