Amid neutral global markets, sentiment, positive domestic institutional investors (DIIs), futures & options (F&O) and negative foreign institutional investors (FIIs) cues, the short-term trend of the Indian stock markets will be neutral on Wednesday, May 5, 2021. 

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Equity indices ended with steep losses on Tuesday, May 4, 2021, as rising COVID-19 cases dented investors sentiment. The S&P BSE Sensex fell 465.01 points or 0.95 per cent to 48,253.51. The Nifty 50 index declined 137.65 points or 0.94 per cent at 14,496.50. Nifty Bank index dropped 195.40 points or 0.60 per cent to 32,270.35. 

The broader markets, although in the red, outperformed the benchmarks. The S&P BSE MidCap fell 0.50 per cent and S&P BSE SmallCap ended 0.57 per cent lower. 

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for May 5:

Day support zone on Nifty is 14,350-14,425, below that 14,250-14,300 is a strong Buy zone. 

Day higher zone on Nifty is 14,600-14,675, above that 14,725-14,775 is strong Profit-booking zone.

Day support zone on Bank Nifty is 31,725-31,775, below that 31,125-31,225 is a strong Buy zone. 

BankNifty 32675-32775 Day higher zone, above that 33000-33175 strong Profit-booking zone

The small day range for trading on Nifty is 14,425-14,600, while the medium and bigger day ranges are 14,350-14,650 and 14,275-14,725, respectively. 

The small day range for trading on Bank Nifty is 31,900-32,700, while the medium and bigger day ranges are 31,700-33,000 and 31,500-33,200, respectively. 

FIIs Index long still lower at 52% Vs 53%.

PCR oversold at 0.92 Vs 1.07.

India VIX down 3% at 23.01.

For Existing Long Positions:

Nifty intraday stop loss is 14,400 and the closing stop loss is 14,475.

Bank Nifty intraday stop loss is 32,000 and the closing stop loss is 31,700.

For Existing Short Positions:

Nifty intraday and closing stop loss are 14,650.

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

For New Positions: 

Buy Nifty in 14,350-14,425 range with a stop loss of 14,250 and target 14,500, 14,550, 14,600, 14,625.

Aggressive Traders Buy Nifty with strict stop loss 14,400 and target 14,550, 14,600, 14,650, 14,725, 14,775.

Sell Nifty in 14,675-14,750 range with a stop loss of 14,825 and target 14,625, 14,600, 14,550, 14,500, 14,475.

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 32,450, 32,575, 32,650, 32,725, 32,775, 32,850, 32,975, 33,175.

Sell Bank Nifty in 32,975-33,175 range with a stop loss of 33,250 and target 32,850, 32,775, 32,725, 32,575, 32,500, 32,450, 32,275.

F&O Ban Update:

New in Ban: Nil

Already in Ban: Sun TV

Out of Ban: NIL