Anil Singhvi’s Strategy December 7: Day support zone on Nifty is 16,800-16,900 & Bank Nifty is 35,325-35,525

Amid positive global markets, domestic institutional investors (DIIs), future & options (F&O), negative foreign institutional investors (FIIs) and cautious sentiment cues, the short-term trend of the Indian stock markets will be negative on Tuesday, December 7, 2021. 

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Domestic equity benchmarks corrected more than one and a half per cent on Monday, December 6, 2021, amid uncertainty around the new variant of CORONA Virus, Omicron. The S&P BSE Sensex closed below the 57,000 mark while the Nifty finished below the 17,000 level.

The Sensex tanked 949.32 points or 1.65 per cent to 56,747.14. The Nifty 50 index breached the 17,000-mark by falling 284.45 points or 1.65 per cent to close at 16,912.25. The Bank Nifty declined 461.25 points or 1.27 per cent to settle at 35,735.90.

In the broader markets at the BSE, the S&P BSE MidCap and S&P BSE SmallCap both fell by 1.35 per cent. All the sectoral indices on the NSE ended in the red.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for December 7:

Day support zone on Nifty is 16,800-16,900, below that 16,625-16,700 is a strong Buy zone.

Day higher zone on Nifty is 16,985-17,065, above that 17,150-17,215 is a strong Sell zone.

Day support zone on Bank Nifty is 35,325-35,525, below that 35,000-35,150 is a strong Buy zone.

Day higher zone on Bank Nifty is 36,050-36,175, above that 36,350-36,500 is a strong Sell zone.

The small day range for trading on Nifty is 16,800-16,985, while the medium and bigger day ranges are 16,700-17,065 and 16,625-17,150, respectively.

The small day range for trading on Bank Nifty is 35,525-35,975, while the medium and bigger day ranges are 35,325-36,175 and 35,150-36,350, respectively.

FIIs Index long decreased to 63% Vs 68%.

PCR oversold at 0.71 Vs 0.91, Short covering expected.

India VIX up by 9% at 20.08.

For Existing Long Positions:

Nifty Intraday and Closing stop loss are 16,775.

Bank Nifty Intraday and Closing stop loss are 35,300.

For Existing Short Positions:

Nifty Intraday and Closing stop loss are 17,225.

Bank Nifty Intraday and Closing stop loss are 36,200.

For New Positions:

Aggressive Traders Buy Nifty with a Strict Stop Loss of 16,775 and target 16,985, 17,025, 17,065, 17,150, 17,200.

Buy Nifty in 16,700-16,800 range with a stop loss of 16,600 and target 16,875, 16,925, 16,985, 17,050.

Sell Nifty in 17,150-17,215 range with a stop loss of 17,350 and target 17,075, 17,025, 16,985, 16,925.

Aggressive Traders Sell Nifty on Gap-Up Opening with a Strict Stop Loss of 17,250 and target 16,925, 16,800, 16,725, 16,675, 16,625.

For New Positions:

Buy Bank Nifty in 35,325-35,550 range with a stop loss of 35,000 and target 35,700, 35,800, 35,900, 35,975, 36,050.

Aggressive Traders Buy Bank Nifty with a Strict Stop Loss of 35,300 and target 35,900, 35,975, 36,050, 36,175, 36,350, 36,450.

Sell Bank Nifty in 36,150-36,350 range with a stop loss of 36,550 and target 36,050, 35,975, 35,900, 35,800, 35,700, 35,525.

F&O Ban Update:

Out Of Ban: Vodafone Idea

Already In Ban: Indiabulls Housing Finance

New In Ban: Nil

RateGain Travel Technologies IPO Preview: APPLY FOR MEDIUM TO LONG TERM

Positives:

Leader in Travel and Hospitality technology

Big Growth Prospects

Strong Promoters

Negatives:

Corona Fear may impact Companies profitability

The company incurred loss in last two year