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

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Domestic equity benchmarks ended in red after a volatile session on Tuesday, November 16, 2021. The Sensex closed below the 60,500 mark and the Nifty ended below the 18,000 level. The S&P BSE Sensex tumbled 396.34 points or 0.65 per cent to 60,322.37. The Nifty 50 index lost 110.25 points or 0.61 per cent to end at 17,999.20. The Bank Nifty declined 395.25 points or 1.02 per cent to 39,307.10.

In the broader markets at the BSE, the S&P BSE MidCap ended 0,22 per cent down while BSE SmallCap closed with a gain of 0.18 per cent.

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

Day support zone on Nifty is 17,875-17,925, below that 17,800-17,825 is a strong Buy zone.

Day higher zone on Nifty is 18,075-18,100, above that 18,125-18,200 is a strong Profit booking zone.

 

Day support zone on Bank Nifty is 37,925-38,100, below that 37,675-37,750 is a strong support zone.

Day higher zone on Bank Nifty is 38,575-38,725, above that 38,800-38,925 is a strong Sell zone.

 

The small day range for trading on Nifty is 17,925-18,075, while the medium and bigger day ranges are 17,875-18,100 and 17,825-18,125, respectively.

The small day range for trading on Bank Nifty is 38,100-38,475, while the medium and bigger day ranges are 37,925-38,600 and 37,725-38,725, respectively.

 

FIIs Index long decreased to 54% Vs 56%.

PCR near the oversold level at 0.86 Vs 0.99, short-covering expected from the lower level.

India VIX up by -2% at 15.20.

 

For Existing Long Positions:

Nifty Intraday and Closing stop loss are 17,875.

Bank Nifty Intraday and Closing stop loss are 38,000.

 

For Existing Short Positions:

Nifty Intraday stop loss is 18,200 and Closing stop loss is 18,125.

Bank Nifty Intraday and Closing stop loss are 38,750.

 

For New Positions:

Buy Nifty in 17,825-17,875 range with a stop loss of 17,750 and target 17,915, 17,950, 17,975, 18,000.

Aggressive trade buy on gap down opening Nifty with strict stop loss of 17,875 and target 18,000, 18,075, 18,100, 18,125.

 

Sell Nifty in 18,100-18,200 range with a stop loss of 18,250 and target 18,025, 18,000, 17,950, 17,925, 17,900.

Aggressive traders sell Nifty with strict stop loss of 18,150 and target 17,950, 17,925, 17,875, 17,825, 17,800.

 

For New Positions:

Sell Bank Nifty in 38,575-38,725 range with a stop loss of 38,850 and target 38,475, 38,350, 38,300, 38,200, 38,100, 37,925.

Buy Bank Nifty in 37,825-37,925 range with a stop loss of 37,675 and target 38,100, 38,200, 38,300, 38,350, 38,450.

 

F&O Ban Update:

Already In Ban: NALCO, IRCTC, BHEL, Sun TV, SAIL, Indiabulls Housing Finance, PNB

Out Of Ban: Bank Baroda, Escorts,

New In Ban: NONE

 

Go Fashion Limited IPO: Go Fashion apply for big listing and long term

Positives

- Strong growth track record

- Asset light and modal

- Cash-free, debt-free company

- Valuation resalable

- No litigations

 

Negatives:

Highly Competitive Business.

Small size company.

Online sales are very low.