Amid neutral global markets, positive foreign institutional investors (FIIs), domestic institutional investors (DIIs), sentiment and negative future & options (F&O) cues, the short-term trend of the Indian stock markets will be negative on Wednesday, December 29, 2021.

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The domestic equity benchmarks ended with strong gains on Tuesday, December 28, 2021. tracking the positive global trend. The Nifty settled above the 17200 mark. The barometer index, the S&P BSE Sensex, rose 477.24 points or 0.83% to 57,897.48. The Nifty 50 index gained 147 points or 0.86% to 17,233.25. The Bank Nifty closed with a gain of 125.90 points or 0.36 per cent at 35,183.80.

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In the broader market at BSE, the Mid-Cap climbed 0.95% and the Small-Cap index surged 1.43%.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for December 29: 

Day support zone on Nifty is 17,120-17,160, below that 17,025-17,085 is a strong Buy zone.

Day higher zone on Nifty is 17,250-17,300, above that 17,325-17,400 is a strong Profit booking zone.

Day support zone on Bank Nifty is 34,850-35,050, below that 34,600-34,700 is a strong Buy zone.

Day higher zone on Bank Nifty is 35,325-35,475, above that 35,550-35,700 is a strong Profit booking zone.

The small day range for trading on Nifty is 17,160-17,300, while the medium and bigger day ranges are 17,120-17,325 and 17,085-17,375, respectively.

The small day range for trading on Bank Nifty is 35,025-35,325, while the medium and bigger day ranges are 34,850-35,475 and 34,600-35,550, respectively.

 

FIIs long position decreased to 66% Vs 67%.

PCR near overbought at 1.34 Vs 1.25, Profit booking expected.

India VIX down by 4% at 16.48.

 

For Existing Long Positions:

Nifty Intraday stop loss is 17,100 and Closing stop loss is 17,000.

Bank Nifty Intraday stop loss is 35,000 and Closing stop loss is 34,850.

For Existing Short Positions:

Nifty Intraday and Closing stop loss are 17,250.

Bank Nifty Intraday stop loss is 35,500 and Closing stop loss is 35,200.

For New Positions:

Buy Nifty in 17,085-17,160 range with a Stop Loss of 17,000 and target 17,200, 17,225, 17,250, 17,300.

Aggressive Traders Buy Nifty on Gap-down Opening with a Strict Stop Loss of 17,100 and target 17,225, 17,250, 17,300, 17,325, 17,350, 17,375.

Sell Nifty in 17,300-17,375 range with a Stop Loss of 17,450 and target 17,250, 17,200, 17,160, 17,120.

Aggressive Traders Sell Nifty with a Strict Stop Loss of 17,300 and target 17,200, 17,160, 17,120, 17,085, 17,025.

For New Positions:

Buy Bank Nifty in 34,700-34,850 range with a Stop Loss of 34,550 and target 35,000, 35,125, 35,175, 35,225, 35,325, 35,475.

Sell Bank Nifty in 35,325-35,475 range with a Stop Loss of 35,625 and target 35,225, 35,175, 35,125, 35,050, 34,850.

Aggressive Traders Sell Bank Nifty with a Strict Stop Loss of 35,375 and target 35,050, 34,850, 34,700, 34,600, 34,450.

F&O Ban Update:

Out Of Ban: Escorts

Already In Ban: RBL Bank, Vodafone Idea, IB Housing Finance

New In Ban: Nil