Anil Singhvi’s Strategy December 23: Day support zone on Nifty is 16,890-16,935 & Bank Nifty is 34,600-34,700

Amid positive global markets, domestic institutional investors (DIIs), sentiment, neutral foreign institutional investors (FIIs) and future & options (F&O) cues, the short-term trend of the Indian stock markets will be negative on Thursday, December 23, 2021. 

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The stock markets continued to rise for the second day and closed with a gain of more than one per cent after a strong session on Wednesday, December 22, 2021. Both stocks gained amid mixed cues from the global equity markets. The Sensex closed above 56,900 and the Nifty settled above 16,950.

The BSE Sensex climbed 611.55 points, or 1.09 per cent, to settle at 56,930.56. The NSE Nifty 50 also rose 184.60 points, or 1.10 per cent, to end at 16,955.45. The Bank Nifty index closed with a gain of 421.65 points, or 1.22 per cent, at 35,029.50.

In the broader markets at the BSE, the S&P BSE MidCap rose 1.47 per cent and S&P BSE SmallCap closed 1.66 per cent higher.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for December 23:

Day support zone on Nifty is 16,890-16,935, below that 16,780-16,840 is a strong Buy zone.

Day higher zone on Nifty is 16,985-17,065, above that 17,150-17,225 is a strong Profit booking zone.

Day support zone on Bank Nifty is 34,600-34,700, below that 34,400-34,450 is a strong Buy zone.

Day higher zone on Bank Nifty is 35,225-35,325, above that 35,525-35,625 is a strong Profit booking zone.

The small day range for trading on Nifty is 16,890-17,065, while the medium and bigger day ranges are 16,825-17,150 and 16,775-17,200, respectively.

The small day range for trading on Bank Nifty is 34,700-35,225, while the medium and bigger day ranges are 34,600-35,325 and 34,400-35,525, respectively.

FIIs long position reduced to 63% Vs 66%.

PCR light and comfortable at 1.01 Vs 0.88.

India VIX is down by 5% at 16.58.

For Existing Long Positions:

Nifty Intraday stop loss is 16,875 and Closing stop loss is 16,770.

Bank Nifty Intraday and Closing stop loss are 34,600.

For Existing Short Positions:

Nifty Intraday and Closing stop loss are 17,075.

Bank Nifty Intraday and Closing stop loss are 35,350.

For New Positions:

Buy Nifty with a stop loss of 16,875 and target 16,985, 17,065, 17,150, 17,175, 17,200, 17,225.

Sell Nifty in 17,065-17,200 range with a stop loss of 17,250 and target 17,000, 16,950, 16,915, 16,890, 16,840.

For New Positions:

Aggressive Traders Buy Bank Nifty with a Strict stop loss of 34,800 and target 35,125, 35,225, 35,325, 35,500, 35,625.

Buy Bank Nifty in 34,600-34,700 range with a stop loss of 34,400 and target 34,800, 34,900, 34,975, 35,050, 35,125.

Sell Bank Nifty in 35,325-35,525 range with a stop loss of 35,650 and target 35,225, 35,125, 35,050, 34,975, 34,900.

F&O Ban Update:

New In Ban: Vodafone Idea

Already In Ban: Zee Entertainment, IB Housing Finance, Escorts

Out Of Ban: Nil

MedPlus Health Listing Preview: Expected to list in 925-1000 range against issue price of 796. Short Term Investors keep Stop Loss of issue price. Long Term Investors can HOLD.