Anil Singhvi’s Strategy October 28: Day support zone on Nifty is 18,100-18,175 & Bank Nifty is 40,500-40,600
Amid neutral global markets, sentiment, positive domestic institutional investors (DIIs), future & options (F&O) and negative foreign institutional investors (FIIs) cues, the short-term trend of the Indian stock markets will be positive on Thursday, October 28, 2021.
Amid neutral global markets, sentiment, positive domestic institutional investors (DIIs), future & options (F&O) and negative foreign institutional investors (FIIs) cues, the short-term trend of the Indian stock markets will be positive on Thursday, October 28, 2021.
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The Indian equity markets ended at the day's low amid weak global cues and heavy selling in late trade on Wednesday, October 27, 2021. However, the Sensex remained above the 61,000-mark while the Nifty remained above the 18,200 level. The S&P BSE Sensex fell 206.93 points, or 0.34 per cent, to 61,143.33. The Nifty 50 index was down 57.45 points, or 0.31 per cent, to 18,210.15. Bank Nifty gave up 363.95 points, or 0.88 per cent, to close at 40,874.35.
The broader markets at the BSE underperformed the Sensex with S&P BSE MidCap and S&P BSE SmallCap closing with marginal gains of 0.02 per cent and 0.30 per cent, respectively.
Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for October 28:
Day support zone on Nifty is 18,100-18,175, below that 17,950-18,050 is a strong Buy zone.
Day higher zone on Nifty is 18,265-18,300, above that 18,350-18,425 is a strong Profit booking zone.
Day support zone on Bank Nifty is 40,500-40,600, below that 40,150-40,325 is a strong Buy zone.
Day higher zone on Bank Nifty is 41,175-41,250, above that 41,350-41,500 is a strong Profit booking zone.
The small day range for trading on Nifty is 18,125-18,265, while the medium and bigger day ranges are 18,050-18,350 and 17,950-18,425, respectively.
The small day range for trading on Bank Nifty is 40,750-41,175, while the medium and bigger day ranges are 40,525-41,350 and 40,325-41,500, respectively.
FIIs reduced Index long substantially to 50% Vs 58%.
PCR at 0.86 Vs 0.98, still oversold, short-covering expected from lower levels.
India VIX unchanged at 16.83.
For Existing Long Positions:
Nifty Intraday stop loss is 17,950 and Closing stop loss is 18,100.
Bank Nifty Intraday stop loss is 40,500 and Closing stop loss is 40,800.
For Existing Short Positions:
Nifty Intraday and Closing stop loss are 18,400.
Bank Nifty Intraday and Closing stop loss are 41,400.
For New Positions:
Buy Nifty in 18050-18125 range with a stop loss of 17,950 and target 18,175, 18,200, 18,265.
Aggressive Traders Buy Nifty with a strict stop loss of 18,100 and target 18,265, 18,300, 18,350, 18,375.
Sell Nifty in 18300-18350 range with a stop loss of 18,450 and target 18,250, 18,200, 18,175, 18,125, 18,100.
Aggressive Traders Sell Nifty with a strict stop loss of 18,400 and target 18,175, 18,125, 18,100, 18,050, 17,950.
For New Positions:
Buy Bank Nifty in 40,150-40,325 range with a stop loss of 40,000 and target 40,500, 40,575, 40,750, 40,825, 40,875.
Aggressive Traders Buy Bank Nifty with a strict stop loss of 40,500 and target 41,000, 41,175, 41,250, 41,350.
Aggressive Traders Sell Bank Nifty with a strict stop loss of 41,400 and target 40,750, 40,600, 40,525, 40,325, 40,200.
Sell Bank Nifty in 41,200-41,350 range with a stop loss of 41,400 and target 41,000, 40,875, 40,750, 40,600, 40,525.
F&O Ban Update:
2 Out Of Ban: IEX, SAIL
4 Already In Ban: Canara Bank, Sun TV, NMDC, IB Housing
New In Ban: Nil
Nykaa IPO Preview: APPLY FOR GOOD LISTING GAIN AND LONG TERM
Positives:
- Strong Growth Track Record and Better Outlook
- Impressive Promoters Background
- Cash Rich, Profitable New Age Company
Negatives:
- Consistent Profit track record is yet to be seen
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