Anil Singhvi’s Strategy May 4: Day support zone on Nifty is 14,550-14,600 & Bank Nifty is 31,900-32,150

Amid positive global markets, domestic institutional investors (DIIs), futures & options (F&O), negative foreign institutional investors (FIIs) and neutral sentiment cues, the short-term trend of the Indian stock markets will be neutral on Tuesday, May 4, 2021. 

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Benchmark indices staged a strong recovery in late trade and ended with tiny losses after a volatile session on Monday, April 3, 2021. The S&P BSE Sensex fell 63.84 points or 0.13 per cent to 48,718.52. The Nifty 50 index closed 3.05 points or 0.02 per cent higher at 14,634.15. The Bank Nifty index closed 316.05 points or 0.96 per cent lower at 32,465.75. 

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for May 4:

Day support zone on Nifty is 14,550-14,600, below that 14,425-14,475 is a strong Buy zone.

Day higher zone on Nifty 14,675-14,725, above that 14,775-14,825 is strong Profit-booking zone

Day support zone on Bank Nifty is 31,900-32,150, below that 31,725-31,775 is a strong support zone. 

Day higher zone on Bank Nifty is 32,700-32,800, above that 33,000-33,175 is strong Profit-booking zone

The small Day Range for trading on Nifty is 14,600-14,725, while the medium and bigger day ranges are 14,550-14,775 and 14,475-14,825, respectively.

The small Day Range for trading on Bank Nifty is 32,000-32,7250, while the medium and bigger day ranges are 31,775-33,000 and 31,725-33,175 respectively. 

Big Reduction in FIIs Index long at 53% Vs 61%.

PCR unchanged at 1.07, near the oversold level.

India VIX up 3% at 23.69.

For Existing Long Positions:

Nifty intraday stop loss is 14,550 and closing stop loss is 14,475. 

Bank Nifty intraday stop loss is 32,250 and the closing stop loss is 31,700.

For Existing Short Positions:

Nifty intraday and closing stop loss are 14,700.

Bank Nifty intraday and closing stop loss are 32,800. 

For New Positions: 

Buy Nifty in 14475-14550 range with a stop loss of 14,400 and target 14,600, 14,630, 14,650, 14,675. 

Aggressive Traders Buy Nifty with strict stop loss of 14,550 and target 14,675, 14,700, 14,725, 14,775, 14,825, 14,875.

Sell Nifty in 14,750-14,825 range with a stop loss of 14,900 and target 14,700, 14,650, 14,600, 14,550.

For New Positions:

Buy Bank Nifty in 31,725-31,850 range with a stop loss of 31,600 and target 31,975, 32,150, 32,275, 32,325, 32,450, 32,500.

Aggressive Traders Buy Bank Nifty with strict stop loss of 32,000 and target 32,575, 32,725, 32,800, 32,975, 33,175.

Sell Bank Nifty in 32,725-32,975 range with a stop loss of 33,200 and target 32,600, 32,500, 32,325, 32,275, 32,150, 32,000, 31,900.

F&O Ban Update:

New In Ban: Nil

Already In Ban: Sun TV

Out of Ban: NIL