Anil Singhvi’s Strategy October 4: Day support zone on Nifty is 17,450-17,500 & Bank Nifty is 36,850-37,000

Amid neutral global markets, foreign institutional investors (FIIs), sentiments, negative domestic institutional investors (DIIs) and positive future & options (F&O) cues, the short-term trend of the Indian stock markets will be positive on Monday, October 4, 2021. 

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Benchmark indices ended with steep losses on Friday, October 1, 2021, declining for the fourth session in a row. The S&P BSE Sensex dropped 360.78 points or 0.61 per cent at 58,765.58. The Nifty 50 index closed 86.10 points or 0.49 per cent lower at 17,532.05. The Nifty Bank fell 199.20 points or 0.53 per cent to 37,225.90. 

In the broader markets, the S&P BSE MidCap closed 0.11 per cent down while the S&P BSE SmallCap index rose 0.48 per cent. 

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for October 4:

Day support zone on Nifty is 17,450-17,500, below that 17,325-17,400 is a strong Buy zone.

Day higher zone on Nifty is 17,575-17,625, above that 17,700-17,750 is a strong Sell zone.

Day support zone on Bank Nifty is 36,850-37,000, below that 36,550-36,650 is a strong Buy zone.

Day higher zone on Bank Nifty is 37,300-37,400, above that 37,675-37,825 is a strong Sell zone.

The small day range for trading on Nifty is 17,500-17,600, while the medium and bigger day ranges are 17,450-17,700 and 17,375-17,750, respectively.

The small day range for trading on Bank Nifty is 37,000-37,400, while the medium and bigger day ranges are 36,850-37,675 and 36,675-37,775, respectively.

FIIs Index long increased to 58% Vs 57%

PCR oversold at 0.98 Vs 1.03, short-covering expected at lower levels

India VIX down by 6% at 17.21

For Existing Long Positions:

Nifty Intraday and Closing stop loss are 17,425.

Bank Nifty Intraday and Closing stop loss are 36,850.

For Existing Short Positions:

Nifty Intraday stop loss is 17,625 and Closing stop loss is 17,750.

Bank Nifty Intraday and Closing stop loss are 37,500.

For New Positions:

Buy Nifty with a stop loss of 17,425 and target 17,575, 17,625, 17,700, 17,750.

Sell Nifty in 17,700-17,775 range with a stop loss of 17,850 and target 17,625, 17,575, 17,550, 17,500.

For New Positions:

Buy Bank Nifty with a stop loss of 37,000 and target 37,400, 37,675, 37,775, 37,825.

Sell Bank Nifty in 37,675-37,825 range with a stop loss of 38,000 and target 37,425, 37,325, 37,250, 37,150, 37,075.

No Stock In F&O Ban