Anil Singhvi’s Strategy November 3: Day support zone on Nifty is 17,800-17,850 & Bank Nifty is 39,600-39,775

Amid positive global markets, future & options (F&O), sentiment, negative foreign institutional investors (FIIs) and neutral domestic institutional investors (DIIs) cues, the short-term trend of the Indian stock markets will be neutral on Wednesday, November 3, 2021. 

The domestic equity benchmarks closed the volatile session of Tuesday, November 2, 2021, with limited losses. However, the Sensex closed above the 60,000 mark while the Nifty ended a few points below the 17,900 level. 

See Zee Business Live TV Streaming Below:

The S&P BSE Sensex fell 109.40 points or 0.18 per cent to 60,029.06. The Nifty 50 index lost 40.70 points or 0.23 per cent to 17,888.95. The Bank Nifty index closed with a gain of 174.70 points or 0.44 per cent at 39,938.45.

The broader markets outperformed the Sensex at the BSE with the S&P BSE MidCap index rising 0.55 per cent and S&P BSE SmallCap gaining 1.11 per cent.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for November 3:

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 17,975-18,025, above that 18,100-18,175 is a strong Profit booking zone.

Day support zone on Bank Nifty is 39,600-39,775, below that 39,350-39,500 is a strong Buy zone.

Day higher zone on Bank Nifty is 40,150-40,325, above that 40,500-40,575 is a Profit booking zone.

The small day range for trading on Nifty is 17,850-18,000, while the medium and bigger day ranges are 17800-18100 and 17700-18175, respectively.

The small day range for trading on Bank Nifty is 39,775-40,150, while the medium and bigger day ranges are 39,600-40,325 and 39,500-40,500, respectively.

FIIs Index long decreased to 51% Vs 56%.

PCR oversold at 0.78 Vs 0.90, Short covering and fresh Buying expected.

India VIX down by 1% at 17.06.

For Existing Long Positions:

Nifty Intraday stop loss is 17,775 and Closing stop loss is 17,675.

Bank Nifty Intraday and Closing stop loss are 39,500.

For Existing Short Positions:

Nifty Intraday and Closing stop loss are 18,050.

Bank Nifty Intraday and Closing stop loss are 40,150.

For New Positions:

Buy Nifty with a stop loss of 17,775 and target 17,975, 18,000, 18,100, 18,125, 18,175.

Sell Nifty in 18100-18175 range with a stop loss of 18,250 and target 18,050, 18,000, 17,950, 17,900.

For New Positions:

Buy Bank Nifty in 39,600-39,775 range with a stop loss of 39,500 and target 39,850, 39,950, 40,050, 40,150.

Aggressive Traders Buy Bank Nifty with a strict stop loss of 39,600 and target 40,050, 40,150, 40,325, 40,500, 40,575.

Sell Bank Nifty in 40325-40500 range with a stop loss of 40,600 and target 40,150, 40,050, 39,950, 39,875, 39,775.

F&O Ban Update:

Already In Ban: Escorts, PNB.

New In Ban: Nil.

Out Of Ban: Nil.