Amid positive global markets, future & options (F&O), sentiment, neutral foreign institutional investors (FIIs) and domestic institutional investors (DIIs) cues, the short-term trend of the Indian stock markets will be neutral on Tuesday, November 2, 2021.

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Domestic equity benchmarks closed with strong gains, as they ended near the day's high on Monday, November 1, 2021, amid positive global cues. The Sensex regained the 60,000-mark while the Nifty reclaimed 17,900 level.

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The S&P BSE Sensex jumped 831.53 points or 1.40 per cent to 60,138.46. The Nifty 50 index advanced 258 points or 1.46 per cent at 17,929.65. The Bank Nifty rose 648.15 points or 1.66 per cent to close at 39,763.75. In the broader markets, the S&P BSE MidCap index rose 1.75 per cent and the S&P BSE SmallCap index gained 1.11 per cent.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for November 2:

Day support zone on Nifty is 17,800-17,850, below that 17,625-17,700 is a strong Buy zone.

Day higher zone on Nifty is 18,025-18,100, above that 18,125-18,200 is a strong Profit booking zone.

Day support zone on Bank Nifty is 39,350-39,500, below that 39,000-39,125 is a strong Buy zone.

Day higher zone on Bank Nifty is 39,950-40,050, above that 40,150-40,325 is a Profit booking zone.

The small day range for trading on Nifty is 17,850-18,025, while the medium and bigger day ranges for the day are 17,800-18,100 and 17,700-18,175, respectively.

The small day range for trading on Bank Nifty is 39,500-40,050, while the medium and bigger day ranges for the day are 39,350-40,150 and 39,125-40,325, respectively.

FIIs Index long unchanged at 56%.

PCR still lower at 0.90 Vs 0.75, Buying expected on Dips.

India VIX down by 1% at 17.24.

For Existing Long Positions:

Nifty Intraday and Closing stop loss are 17,700.

Bank Nifty Intraday stop loss is 39,350 and Closing stop loss is 39,000.

For Existing Short Positions:

Nifty Intraday and Closing stop loss are 18,050.

Bank Nifty Intraday and Closing stop loss are 40,050.

For New Positions:

Buy Nifty in 17,800-17,850 range with a stop loss of 17,700 and target 17,900, 17,925, 18,025.

Aggressive Traders Buy Nifty with a Strict Stop Loss of 17,800 and target 18,000, 18,025, 18,100, 18,125, 18,175.

Sell Nifty in 18,100-18,175 range with a stop loss of 18,250 and target 18,050, 18,000, 17,925, 17,900.

For New Positions:

Buy Bank Nifty in 39,125-39,350 range with a stop loss of 39,000 and target 39,500, 39,700, 39,775, 39,850.

Aggressive Traders Buy Bank Nifty with a Strict Stop Loss of 39,350 and target 39,950, 40,050, 40,150, 40,325, 40,500.

Sell Bank Nifty in 40,150-40,325 range with a stop loss of 40,500 and target 40,050, 39,950, 39,875, 39,800, 39,700, 39,525.

F&O Ban Update:

New In Ban: Escorts

Already In Ban: PNB

Out Of Ban: Nil

Stock Of The Day:

Buy Tata Motors Futures: Stop loss 478 and target 500, 510.