Anil Singhvi’s Strategy May 10: Day support zone on Nifty is 14,775-14,825 & Bank Nifty is 32,575-32,775

Amid positive global markets, domestic institutional investors (DIIs), negative foreign neutral institutional investors (FIIs), neutral futures & options (F&O) and sentiment cues, the short-term trend of the Indian stock markets will be neutral on Monday, May 10, 2021. 

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Domestic indices ended with decent gains on Friday, May 7, 2021, amid positive global cues. The S&P BSE Sensex closed 256.71 points or 0.52 per cent higher at 49,206.47. The Nifty 50 index gained 98.35 points or 0.67 per cent and closed at 14,823.15. Bank Nifty index rose 76.70 points or 0.23 per cent to 32,904.50. 

Trading in the broader markets was mixed. The S&P BSE MidCap index dipped 0.04 per cent while the SmallCap index ended 0.15 per cent higher.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for May 10:

Day support zone on Nifty is 14,775-14,825, below that 14,650-14,725 is a strong Buy zone.

Day higher zone on Nifty is 14,900-14,925, above that 14,975-15,050 is strong Profit-booking zone.

Day support zone on Bank Nifty is 32,575-32,775, below that 32,200-32,275 is a strong Buy zone.

Day higher zone on Bank Nifty is 33,250-33,450, above that 33,625-33,775 is strong Profit-booking zone.

The small day range for trading on Nifty is 14,825-14,925 while the medium and bigger day ranges are 14,775-14,975 and 14,725-15,050, respectively.

The small day range for trading on Bank Nifty is 32,775-33,250, while the medium and bigger day ranges are 32,575-33,450 and 32,450-33,725, respectively. 

FIIs Index long still at lower levels at 53% Vs 51%.

PCR at 1.33 Vs 1.30.

India VIX down by 6% at 20.82.

For Existing Long Positions:

Nifty intraday and closing stop loss are 14,700.

Bank Nifty intraday and closing stop loss are 32,675.

For Existing Short Positions:

Nifty intraday stop loss is 15,000 and the closing stop loss is 14,900.

Bank Nifty intraday stop loss is 33,300 and the closing stop loss is 33,000. 

For New Positions: 

Buy Nifty with a stop loss of 14,725 and target 14,900, 14,925, 14,975, 15,040.

Sell Nifty in 14,975-15,050 range with a stop loss of 15,150 and target 14,925, 14,900, 14,825.

For New Positions:

Buy Bank Nifty with a stop loss of 32,675 and target 33,175, 33,250, 33,450, 33,625, 33,725, 33,775.

Sell Bank Nifty in 33,625-33,775 range with a stop loss of 33,850 and target 33,500, 33,300, 33,200, 33,025.

F&O Ban Update:

New In Ban: Nalco

3 Already In Ban: Sun TV, Tata Chemical, BHEL

Out Of Ban: NIL