Anil Singhvi’s Strategy December 8: Day support zone on Nifty is 17,150-17,200 & Bank Nifty is 36,500-36,600

Amid positive global markets, domestic institutional investors (DIIs), future & options (F&O), neutral foreign institutional investors (FIIs) and sentiment cues, the short-term trend of the Indian stock markets will be negative on Wednesday, December 8, 2021. 

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Domestic equity markets witnessed a rebound on Tuesday, December 7, 2021, amid positive cues from the global equity markets. The S&P BSE Sensex index added 886.51 points or 1.56 per cent to end at 57,633.65. The Nifty 50 rose 264.45 points or 1.56 per cent to 17,176.70. The Bank Nifty also closed with a gain of 882.50 points or 2.47 per cent at 36,618.40.

In the broader markets, the S&P BSE MidCap and S&P BSE SmallCap surged 1.29 per cent and 1.14 per cent, respectively.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for December 8:

Day support zone on Nifty is 17,150-17,200, below that 16,985-17,065 is a strong Buy zone.

Day higher zone on Nifty is 17,325-17,350, above that 17,400-17,485 is a strong Profit-booking zone.

Day support zone on Bank Nifty is 36,500-36,600, below that 36,200-36,365 is a strong Buy zone.

Day higher zone on Bank Nifty is 36,950-37,125, above that 37,275-37,450 is a strong Profit-booking zone.

The small day range for trading on Nifty is 17,200-17,350, while the medium and bigger day ranges are 17,150-17,400 and 17,065-17,485, respectively.

The small day range for trading on Bank Nifty is 36,500-36,950, while the medium and bigger day ranges are 36,365-37,125 and 36,200-37,275, respectively.

FIIs Index long increased to 71% Vs 63%.

PCR light and comfortable at 0.97 Vs 0.71.

India VIX down by 8% at 18.46.

For Existing Long Positions:

Nifty Intraday stop loss is 17,150 and Closing stop loss is 16,900.

Bank Nifty Intraday and Closing stop loss are 36,300.

For Existing Short Positions:

Nifty Intraday stop loss is 17,250 and Closing stop loss is 17,425.

Bank Nifty Intraday and Closing stop loss are 36,850.

For New Positions:

Buy Nifty with a stop loss of 17,150 and target 17,285, 17,350, 17,400, 17,415, 17,485.

Sell Nifty in 17,400-17,500 range with a stop loss of 17,600 and target 17,350, 17,325, 17,285, 17,250, 17,200.

For New Positions:

Buy Bank Nifty with a stop loss of 36,350 and target 36,825, 36,950, 37,125, 37,275, 37,375, 37,450.

Sell Bank Nifty in 37,275-37,450 range with a stop loss of 37,550 and target 37,125, 37,000, 36,850, 36,775, 36,625.

F&O Ban Update:

Already In Ban: Indiabulls Housing Finance

New In Ban: Nil

Out Of Ban: Nil

Stock Of The Day:

Buy Indigo Futures: Stop loss 1920 and target 1985, 2000, 2020. Omicron fear reduced after the WHO statement. Credit Suisse maintains a target of 2700.