Anil Singhvi’s Strategy May 17: Day support zone on Nifty is 14,600-14,650 & Bank Nifty is 32,000-32,200

Amid positive global markets, negative foreign neutral institutional investors (FIIs), neutral domestic institutional investors (DIIs), futures & options (F&O) and sentiment cues, the short-term trend of the Indian stock markets will be neutral on Monday, May 17, 2021. 

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After fluctuating between gains and losses, the domestic equity indices ended near the flat line on Friday, May 14, 2021. The S&P BSE Sensex rose 41.75 points or 0.09 per cent to close at 48,732.55. The Nifty 50 index declined 18.70 points or 0.13 per cent and settled at 14,677.80. The Nifty Bank index fell 282.75 points or 0.87 per cent to 32,169.55. 

Profit booking was also seen in the broader markets. The S&P BSE MidCap lost 1.14 per cent and SmallCap indices lost 1.18 per cent. 

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for May 17:

Day support zone on Nifty is 14,600-14,650, below that 14,500-14,550 is a strong Buy zone. 

Day higher zone on Nifty is 14,775-14,850, above that 14,900-14,950 is a strong Sell zone. 

Day support zone on Bank Nifty is 32,000-32,200, below that 31,725-31,775 is a strong Buy zone. 

Day higher zone on Bank Nifty is 32,450-32,625, above that 32,775-32,950 is a strong Sell zone. 

Small Day Range on Nifty is 14,650-14,775, while the medium and bigger ranges are 14,600-14,825 14,550-14,850, respectively. 

Small Day Range on Bank Nifty is 32,000-32,550, while the medium and bigger ranges are 31,775-32,775 and 31,725-32,875, respectively. 

FIIs Index long near oversold levels at 42% Vs 40%.

PCR at 1.11 Vs 1.29.

India VIX up by 1% at 20.27.

For Existing Long Positions:

Nifty intraday and closing stop loss are 14,550.

Bank Nifty intraday and closing stop loss are 32,000.

For Existing Short Positions:

Nifty intraday and closing stop loss are 14,850.

Bank Nifty intraday stop loss is 32,550 and the closing stop loss is 33,000. 

For New Positions:

Buy Nifty with a stop loss of 14,550 and target 14,750, 14,775, 14,825, 14,850, 14,900.

Sell Nifty in 14,825-14,900 range with a stop loss of 15,000 and target 14,775, 14,725, 14,675, 14,650. 

For New Positions:

Buy Bank Nifty with a stop loss of 32,000 and target 32,450, 32,550, 32,625, 32,775, 32,875, 32,950.

Sell Bank Nifty in 32,725-32,875 range with a stop loss of 33,150 and target 32,650, 32,550, 32,450, 32,350, 32,275, 32,200.

F&O Ban Update:

New In Ban: SAIL

5 Already In Ban: Sun TV, PNB, Canara Bank, BHEL, Cadila Health

Out of Ban: Nil