Anil Singhvi’s Strategy May 6: Day support zone on Nifty is 14,550-14,600 & Bank Nifty is 32,075-32,275

Amid positive global markets, futures & options (F&O), foreign neutral institutional investors (FIIs), domestic institutional investors (DIIs) and sentiment cues, the short-term trend of the Indian stock markets will be neutral on Thursday, May 6, 2021. 

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Benchmark indices ended a volatile session with strong gains on Wednesday, May 5, 2021, after the RBI announced measures to tackle the rising second wave of the COVID-19 pandemic. The S&P BSE Sensex rallied 424.04 points or 0.88 per cent to 48,677.55. The Nifty 50 index gained 121.35 points or 0.84 per cent to 14,617.85. The Bank Nifty index gained 513.35 points or 1.59 per cent and closed at 32,783.70. 

In the broader markets, the S&P BSE MidCap index settled over 1.05 per cent higher while the S&P BSE SmallCap index gained 0.77 per cent.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for May 6:

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

Day higher zone on Nifty is 14,725-14,775, above that 14,825-14,875 is strong Profit-booking zone. 

Day support zone on Bank Nifty is 32,075-32,275, below that 31,725-31,900 is a strong Buy zone. 

Day higher zone on Bank Nifty is 33,000-33,175, above that 33,450-33,700 is strong Profit-booking zone. 

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

The small day range for trading on Bank Nifty is 32,275-33,000, while the medium and bigger ranges are 32,075-33,175 and 31,775-33,450, respectively. 

FIIs Index long still lower unchanged at 52%.

PCR oversold at 1.04 Vs 0.92, short-covering expected.

India VIX down 5% at 21.96.

For Existing Long Positions:

Nifty intraday and closing stop loss are 14,475

Bank Nifty intraday and closing stop loss are 32,450.

For Existing Short Positions:

Nifty intraday and closing stop loss are 14,675.

Bank Nifty intraday and closing stop loss are 33,000. 

For New Positions: 

Buy Nifty with a stop loss of 14,475 and target 14,700, 14,725, 14,775, 14,825, 14,875.

Sell Nifty in 14,775-14,875 range with a stop loss of 14,925 and target 14,725, 14,700, 14,650, 14,600, 14,550, 14,500.

For New Positions:

Buy Bank Nifty with a stop loss of 32,450 and target 32,975, 33,175, 33,300, 33,450, 33,625, 33,700.

Sell Bank Nifty in 33,450-33,700 range with a stop loss of 33,850 and target 33,300, 33,175, 33,000, 32,850, 32,775, 32,725.

F&O Ban Update:

New In Ban: Tata Chemical

Already In Ban: Sun TV

Out Of Ban: NIL