Anil Singhvi’s Strategy August 4: Day support zone on Nifty is 16,050-16,100 & Bank Nifty is 34,900-35,000

Amid positive global markets, foreign institutional investors (FIIs), sentiment, neutral future & options (F&O) and domestic institutional investors (DIIs) cues, the short-term trend of the Indian stock markets will be positive on Wednesday, August 4, 2021. 

Domestic stocks markets closed at an all-time high on Tuesday, August 3, 2021, amid broad-based buying. The two headline indices, the S&P BSE Sensex scaled a new record peak of 53,887.98 levels and the Nifty 50 hit a fresh record peak of 16,146.90.

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The S&P BSE Sensex shot up 872.73 points or 1.65 per cent to close at 53,823.36. The Nifty 50 index jumped 245.60 points or 1.55 per cent to 16,130.75. The Bank Nifty index gained 497.45 points or 1.43 per cent to settle at 35,207.45.

The broader market was subdued with the BSE MidCap index and the SmallCap index gaining 0.2 per cent, each.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for August 4:

Day support zone on Nifty is 16,050-16,100, below that 15,925-16,000 is a strong Buy zone

Day higher zone on Nifty is 16,175-16,200, above that 16,250-16,300 is Profit-booking zone.

Day support zone on Bank Nifty is 34,900-35,000, below that 34,600-34,800 is a strong Buy zone.

Day higher zone on Bank Nifty is 35,450-35,575, above that 35,675-35,775 is a strong Sell zone.

The small day range for trading on Nifty is 16,100-16,200, while the medium and bigger day ranges are 16,000-16,250 and 15,925-16,300, respectively.

The small day range for trading on Bank Nifty is 34,900-35,450, while the medium and bigger day ranges are 34,800-35,575 and 34,700-35,675, respectively. 

FIIs Index long at 69% Vs 61%.

Big increase in PCR at 1.65 Vs 1.25. Profit booking is expected at higher levels.

India VIX is up by 7% at 13.75.

For Existing Long Positions:

Nifty Intraday stop loss 16,000 and Closing stop loss is 15,900.

Bank Nifty Intraday and Closing stop loss are 34,900.

For Existing Short Positions:

Nifty Intraday and Closing stop loss are 16,200.

Bank Nifty Intraday and Closing stop loss are 35,500.

For New Positions:

Buy Nifty with a stop loss of 16,000 and target 16,175, 16,200, 16,250, 16,300.

For New Positions:

Buy Bank Nifty with a stop loss of 34,900 and target 35,350, 35,450, 35,500, 35,575, 35,625, 35,675.

Sell Bank Nifty in 35,575-35,675 range with a stop loss of 35,800 and target 35,500, 35,450, 35,350, 35,200, 35,100.

F&O Ban Update: 

Already In Ban: Sun TV

Out Of Ban: Nil

New In Ban: Nil

Devyani International IPO Preview:

APPLY FOR BIG LISTING GAINS AND LONG TERM

Positives:

Strong Brand

Experience Promoters

Huge growth potential

Anchor Book Impressive

Negatives:

Yet to make profits

Krsnaa Diagnostics IPO Preview:

APPLY FOR LISTING GAINS AND LONG TERM

Positives:

Fastest Growing Business

Strong Profit and Revenue growth

Strong Anchor Book

Negatives:

Low Promoter holding at 27%