Anil Singhvi’s Strategy May 7: Day support zone on Nifty is 14,600-14,635 & Bank Nifty is 32,275-32,575

Amid positive global markets, foreign neutral institutional investors (FIIs), negative domestic institutional investors (DIIs) and neutral futures & options (F&O) and sentiment cues, the short-term trend of the Indian stock markets will be neutral on Friday, May 7, 2021.

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Equity indices ended with decent gains on Thursday, May 6, 2021. The S&P BSE Sensex added 272.21 points or 0.56 per cent to 48,949.76. The Nifty 50 index gained 106.95 points or 0.73 per cent to 14,724.80. The Bank Nifty index rose 44.10 points or 0.13 per cent and closed at 32,827.80. 

The broader markets, too, performed in line with frontline indices. The S&P BSE MidCap index added 0.91 per cent while the S&P BSE SmallCap index gained 0.59 per cent. 

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for May 7:

Day support zone on Nifty is 14,600-14,635, below that 14,450-14,500 is a strong Buy zone.

Day higher zone on Nifty is 14,775-14,825, above that 14,875-14,900 is strong Profit-booking zone.

Day support zone on Bank Nifty is 32,275-32,575, below that 31,725-31,900 is a strong Buy zone. 

Day higher zone on Bank Nifty is 33,300-33,450, above that 33,625-33,725 is strong Profit-booking zone. 

The Small Day Range for trading on Nifty is 14,635-14,775, while the medium and bigger ranges are 14,600-14,825 and 14,500-14,890, respectively.

The Small Day Range for trading on Bank Nifty is 32,575-33,175, while the medium and bigger ranges are 32,275-33,450 and 32,075-33,725, respectively. 

FIIs Index long still lower at 51% Vs 52%.

PCR at 1.30 Vs 1.04.

India VIX unchanged at 22.04.

For Existing Long Positions:

Nifty intraday and closing stop loss are 14,600.

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

For Existing Short Positions:

Nifty intraday and closing stop loss are 14,800.

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

For New Positions: 

Buy Nifty with a stop loss of 14,575 and target 14,775, 14,815, 14,860, 14,890.

Sell Nifty in 14,825-14,900 range with a stop loss of 15,050 and target 14,775, 14,725, 14,675, 14,635.

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, 33,725, 33,775.

Sell Bank Nifty in 33,450-33,725 range with a stop loss of 33,850 and target 33,300, 33,200, 33,025, 32,850.

F&O Ban Update:

New In Ban: BHEL

Already In Ban: Sun TV, Tata Chemical

Out Of Ban: NIL