Amid positive global markets, future & options (F&O), negative foreign institutional investors (FIIs), domestic institutional investors (DIIs) and neutral sentiment cues, the short-term trend of the Indian stock markets will be positive on Thursday, October 7, 2021. 

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Domestic equity barometers tumbled and ended with significant cuts on Wednesday, October 6, 2021. The Sensex closed below the 59,500 mark while the Nifty settled below the 17,650 level. The S&P BSE Sensex plunged 555.15 points, or 0.93 per cent, to 59,189.73. The Nifty 50 index tumbled 176.30 points, or 0.99 per cent, to 17,646. The Bank Nifty dropped 219.45 points, or 0.58 per cent, to 37,521.55.

In the broader markets at BSE, the S&P BSE MidCap and S&P BSE SmallCap fell 1.22 per cent and 0.55 per cent, respectively.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for October 7:

Day support zone on Nifty is 17,575-17,625, below that 17,450-17,525 is a strong Buy zone. 

Day higher zone on Nifty is 17,725-17,775, above that 18,825-18,875 is a strong Profit booking zone. 

Day support zone on Bank Nifty is 37,350-37,425, below that 37,075-37,225 is a strong Buy zone.

Day higher zone on Bank Nifty is 37,750-37,825, above that 37,925-38,100 is a strong Profit booking zone.

                                       

The small day range for trading on Nifty is 17,625-17,750, while the medium and bigger day ranges are 17,575-17,825 and 17,525-17,875, respectively. 

The small day range for trading on Bank Nifty is 37,350-37,750, while the medium and bigger day ranges are 37,225-37,925 and 37,100-38,100, respectively. 

FIIs Index long decreased to 53% Vs 54%.

PCR oversold at 0.84 Vs 1.20, Big short covering expected.

India VIX up by 6% at 17.33.

For Existing Long Positions:

Nifty Intraday and Closing stop loss are 17,575.

Bank Nifty Intraday stop loss is 37,300 and Closing stop loss is 37,200.

For Existing Short Positions:

Nifty Intraday stop loss is 18,000 and Closing stop loss is 17,860.

Bank Nifty Intraday stop loss is 38,100 and Closing stop loss is 37,850.

For New Positions:

Buy Nifty with a stop loss of 17,575 and target 17,750, 17,800, 17,825, 17,850, 17,875.

Sell Nifty in 17,825-17,900 range with a Strict stop loss of 18,000 and target 17,750, 17,700, 17,650, 17,625, 17,575.

For New Positions:

Buy Bank Nifty with a stop loss of 37,300 and target 37,675, 37,750, 37,825, 37,925, 38,100.

Sell Bank Nifty in 37,900-38,100 range with a stop loss of 38,200 and target 37,825, 37,750, 37,675, 37,575, 37,450.

Amid positive global markets, future & options (F&O), negative foreign institutional investors (FIIs), domestic institutional investors (DIIs) and neutral sentiment cues, the short-term trend of the Indian stock markets will be positive on Thursday, October 7, 2021. 

Domestic equity barometers tumbled and ended with significant cuts on Wednesday, October 6, 2021. The Sensex closed below the 59,500 mark while the Nifty settled below the 17,650 level. The S&P BSE Sensex plunged 555.15 points, or 0.93 per cent, to 59,189.73. The Nifty 50 index tumbled 176.30 points, or 0.99 per cent, to 17,646. The Bank Nifty dropped 219.45 points, or 0.58 per cent, to 37,521.55.

In the broader markets at BSE, the S&P BSE MidCap and S&P BSE SmallCap fell 1.22 per cent and 0.55 per cent, respectively.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for October 7:

Day support zone on Nifty is 17,575-17,625, below that 17,450-17,525 is a strong Buy zone. 

Day higher zone on Nifty is 17,725-17,775, above that 18,825-18,875 is a strong Profit booking zone. 

Day support zone on Bank Nifty is 37,350-37,425, below that 37,075-37,225 is a strong Buy zone.

Day higher zone on Bank Nifty is 37,750-37,825, above that 37,925-38,100 is a strong Profit booking zone.

                                       

The small day range for trading on Nifty is 17,625-17,750, while the medium and bigger day ranges are 17,575-17,825 and 17,525-17,875, respectively. 

The small day range for trading on Bank Nifty is 37,350-37,750, while the medium and bigger day ranges are 37,225-37,925 and 37,100-38,100, respectively. 

FIIs Index long decreased to 53% Vs 54%.

PCR oversold at 0.84 Vs 1.20, Big short covering expected.

India VIX up by 6% at 17.33.

For Existing Long Positions:

Nifty Intraday and Closing stop loss are 17,575.

Bank Nifty Intraday stop loss is 37,300 and Closing stop loss is 37,200.

For Existing Short Positions:

Nifty Intraday stop loss is 18,000 and Closing stop loss is 17,860.

Bank Nifty Intraday stop loss is 38,100 and Closing stop loss is 37,850.

For New Positions:

Buy Nifty with a stop loss of 17,575 and target 17,750, 17,800, 17,825, 17,850, 17,875.

Sell Nifty in 17,825-17,900 range with a Strict stop loss of 18,000 and target 17,750, 17,700, 17,650, 17,625, 17,575.

For New Positions:

Buy Bank Nifty with a stop loss of 37,300 and target 37,675, 37,750, 37,825, 37,925, 38,100.

Sell Bank Nifty in 37,900-38,100 range with a stop loss of 38,200 and target 37,825, 37,750, 37,675, 37,575, 37,450.

F&O Ban Update:

4 Stocks New In Ban: Indiabulls Housing Finance, PNB, SAIL, Canara Bank

Already In Ban: NALCO

Out Of Ban: Nil

4 Stocks New In Ban: Indiabulls Housing Finance, PNB, SAIL, Canara Bank

Already In Ban: NALCO

Out Of Ban: Nil