Amid positive global markets, foreign institutional investors (FIIs), domestic institutional investors (DIIs), sentiment and neutral future & options (F&O) cues, the short-term trend of the Indian stock markets will be positive on Friday, October 8, 2021. 

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The equity benchmarks ended with strong gains amid positive global cues on Thursday, October 7, 2021. The Sensex reclaimed the 59,500 mark while the Nifty ended near the 17,800 level. The S&P BSE Sensex added 488.10 points or 0.82% to end at 59,677.83. The Nifty 50 index rose 144.35 points or 0.82% to settle at 17,790.35. The Bank Nifty gained 231.65 points or 0.62% and closed at 37,753.20. 

The broader markets outperformed the Sensex at the BSE with S&P BSE MidCap and S&P BSE SmallCap adding 1.68% and 1.38%, respectively. 

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for October 8:

Day support zone on Nifty is 17,700-17,750, below that 17,600-17,650 is a strong Buy zone. 

Day higher zone on Nifty is 17,850-17,900, above that 17,940-18,000 is a strong Profit booking zone. 

Day support zone on Bank Nifty is 37,425-37,575, below that 37,225-37,350 is a strong Buy zone. 

Day higher zone on Bank Nifty is 37,925-38,100, above that 38,175-38,350 is a strong Profit booking zone. 

The small day range for trading on Nifty is 17,750-17,850, while the medium and bigger ranges are 17,700-17,900 and 17,650-17,950, respectively. 

The small day range for trading on Bank Nifty is 37,575-37,925, while the medium and bigger ranges are 37,425-38,100 and 37,350-38,350, respectively. 

FIIs Index long increased to 59% Vs 53%.

PCR at 1.29 Vs 0.84.

India VIX up down 7% at 16.16.

For Existing Long Positions:

Nifty Intraday stop loss is 17,750 and Closing stop loss is 17,600. 

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:

Aggressive Traders Buy Nifty with a Strict stop loss of 17,750 and target 17,850, 17,900, 17,940, 17,980.

After Policy if you get a chance Buy Nifty in 17,600-17,650 range with a stop loss of 17,525 and target 17,700, 17,750, 17,800, 17,850.

Aggressive Traders Sell Nifty in 17,900-17,950 range with a Strict stop loss of 18,050 and target 17,850, 17,825, 17,800, 17,750.

Aggressive Traders Sell Bank Nifty in 37900-38100 range:

For New Positions:

Aggressive Traders Buy Bank Nifty with a stop loss of 37,500 and target 37,925, 38,100, 38,175, 38,350.

Buy Bank Nifty in 37,350-37,450 range with a stop loss of 37,200 and target 37,525, 37,575, 37,650, 37,750, 37,825, 37,925.

Sell Bank Nifty in 38,100-38,350 range with a stop loss of 38,500 and target 37,950, 37,850, 37,775, 37,700, 37,650.

Aggressive Traders Sell Bank Nifty in 37,900-38,100 range with a stop loss of 38,200 and target 37,775, 37,700, 37,650, 37,575, 37,525, 37,450. 

F&O Ban Update:

5 Already In Ban: Indiabulls Housing Finance, PNB, SAIL, Canara Bank, NALCO

New In Ban: Nil

Out Of Ban: Nil