Anil Singhvi’s Strategy May 12: Day support zone on Nifty is 14,725-14,775 & Bank Nifty is 32,475-32,575

Amid negative global markets, foreign neutral institutional investors (FIIs), domestic institutional investors (DIIs), neutral futures & options (F&O) and sentiment cues, the short-term trend of the Indian stock markets will be neutral on Wednesday, May 12, 2021. 

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Domestic indices saw profit-taking after rising for four consecutive trading sessions on Tuesday, May 11, 2021. The S&P BSE Sensex declined 340.60 points or 0.69 per cent to 49,161.81. The Nifty 50 index fell 91.60 points or 0.61 per cent to close at 14,850.75. The Bank Nifty index lost 270.20 points or 0.82 per cent to settle at 32,872.20. 

The broader markets remained resilient to the market fall and closed higher. The S&P BSE MidCap closed 0.60 per cent higher while S&P BSE SmallCap closed 0.80 per cent higher. 

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for May 12:

Day support zone on Nifty is 14,725-14,775, below that 14,600-14,650 is a strong Buy zone. 

Day higher zone on Nifty is 14,900-14,950, above that 15,000-15,050 is a strong Profit-booking zone.

Day support zone on Bank Nifty is 32,475-32,575, below that 32,200-32,275 is a strong Buy zone.

Day higher zone on Bank Nifty is 33,000-33,150, above that 33,275-33,450 is a strong Profit-booking zone. 

The Small Day Range for trading on Nifty is 14,775-14,900, while the medium and bigger day ranges are 14,725-14,950 and 14,635-15,000, respectively.

The Small Day Range for trading on Bank Nifty is 32,575-33,150, while the medium and bigger day ranges are 32,475-33,275 and 32,275-33,450, respectively.

FIIs Index long at oversold levels at 42% Vs 51%.

PCR at 1.27 Vs 1.33.

India VIX down by 2% at 19.83.

For Existing Long Positions:

Nifty intraday and closing stop loss are 14,700.

Bank Nifty intraday stop loss is 32,575 and closing stop loss is 32,450.

For Existing Short Positions:

Nifty intraday and closing stop loss are 15,000.

Bank Nifty intraday and closing stop loss are 33,150. 

For New Positions: 

Buy Nifty in 14,725-14,775 range with a stop loss of 14,600 and target 14,825, 14,850, 14,900, 14,950, 15,000.

Sell Nifty in 14,900-14,975 range with a stop loss of 15,050 and target 14,850, 14,825, 14,775, 14,725.

For New Positions:

Buy Bank Nifty in 32,475-32,675 range with a stop loss of 32,400 and target 32,775, 32,875, 32,975, 33,150, 33,250, 33,450.

Sell Bank Nifty in 33,250-33,450 range with a stop loss 33,550 and target 33,175, 33,025, 32,875, 32,775, 32,725, 32,675.

F&O Ban Update:

New in Ban: Canara Bank

3 Already in Ban: Sun TV, Nalco, PNB

Out of Ban: Nil