Anil Singhvi’s Strategy August 30: Day support zone on Nifty is 16,635-16,700 & Bank Nifty is 35,500-35,625

Amid positive global markets, foreign institutional investors (FIIs), domestic institutional investors (DIIs), sentiment and neutral future & options (F&O) cues, the short-term trend of the Indian stock markets will be positive on Monday, August 30, 2021. 

Domestic equity markets closed at a fresh high on Friday, August 27, 2021. The S&P BSE Sensex closed 175.62 points or 0.31 per cent higher at 56,124.72. This is the first time when Sensex has closed above the 56,000-mark. The Nifty 50 rose 68.30 points or 0.41 per cent to 16,705.20. It is the first time when Nifty 50 closed above the 16,700-mark. In the intraday trade, the index earlier touched a new peak of 16,722.05.

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The Nifty Bank grew rose 10.25 points or 0.03 per cent to 35,627.80. The broader market outperformed the Sensex on the BSE with S&P BSE MidCap rose 1.04 per cent while S&P BSE SmallCap closed 0.93 per cent higher. 

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for August 30:

Day support zone on Nifty is 16,635-16,700, below that 16,565-16,600 is a strong Buy zone.

Day higher zone on Nifty is 16,775-16,825, above that 16,875-16,900 is a Profit-booking zone. 

Day support zone on Bank Nifty is 35,500-35,625, below that 35,300-35,425 is a strong Buy zone

The day higher zone on Bank Nifty is 35,800-35,900, above that 36,000-36,200 is a strong Sell zone

The small day range for trading on Nifty is 16,700-16,775, while the medium and bigger day ranges are 16,635-16,825 and 16,600-16,875, respectively. 

The small day range for trading on Bank Nifty is 35,500-35,900, while the medium and bigger day ranges are 35,425-36,000 and 35,300-36,200, respectively. 

FIIs Index long at 66% Vs 65%.

PCR at 1.40 Vs 1.23.

India VIX down by 1% at 13.41.

For Existing Long Positions:

Nifty Intraday and Closing stop loss are 16,565.

Bank Nifty Intraday stop loss is 35,350 and Closing stop loss is 35,500.

For Existing Short Positions:

Nifty Intraday and Closing stop loss are 16,725.

Bank Nifty Intraday and Closing stop loss are 36,050.

For New Positions:

Buy Nifty with a stop loss of 16,565 and target 16,775, 16,800, 16,825, 16,875, 16,900.

Sell Nifty in 16,875-16,900 range with a stop loss of 17,000 and target 16,800, 16,775, 16,725, 16,700.

For New Positions:

Buy Bank Nifty with a stop loss of 35,350 and target 35,775, 35,850, 35,925, 36,000, 36,100, 36,175.

Sell Bank Nifty in 35,900-36,175 range with a stop loss of 36,300 and target 35,800, 35,700, 35,625, 35,550

No Stocks In F&O Ban