Amid neutral global markets, foreign institutional investors (FIIs), futures & options (F&O), sentiment, and positive domestic institutional investors (DIIs) cues, the short-term trend of the Indian stock markets will be neutral on Wednesday, April 28, 2021.

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Domestic equity markets rallied for the consecutive second session on Tuesday, April 27, 2021. The S&P BSE Sensex surged 557.63 points or 1.15 per cent and closed at 48,944.92. The Nifty 50 index added 168.05 points or 1.16 per cent to settle at 14,653.10, while Bank Nifty jumped 460.20 points or 1.43 per cent to 32,735.35.

The overall market breadth remained firmly in the favour of the bulls as broader markets too participated in the rally. The S&P BSE MidCap index added 1.04 per cent today while the SmallCap index surged 1.49 per cent.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for April 28:

Day support zone on Nifty is 14,550-14,600, below that 14,425-14,475 is a strong Buy zone. 

Day higher zone on Nifty is 14,700-14,775, above that 14,825-14,875 is strong Sell zone. 

Day support zone on Bank Nifty is 32,150-32,275, below that 31,700-31,800 is a strong Buy zone.

Day higher zone on Bank Nifty is 32,975-33,175, above that 33,325-33,500 is strong Profit-booking zone. 

The small day range for trading on Nifty is 14,600-14,700, while the medium and bigger day ranges are 14,550-14,750 and 14,475-14,825, respectively. 

The small day range for trading on Bank Nifty is 32,275-32,975, while the medium and bigger day ranges are 32,150-33,175 and 31,800-33,325, respectively. 

FIIs Index long at 67% Vs 68%.

PCR at 1.51 Vs 1.38.

India VIX down by 2% at 23.08.

For Existing Long Positions:

Nifty intraday stop loss is 14,575 and closing stop loss is 14,475.

Bank Nifty intraday stop loss is 32,500 and closing stop loss is 32,150.

For Existing Short Positions:

Nifty intraday and closing stop loss are 14,700.

Bank Nifty intraday and closing stop loss are 33,000.

For New Positions: 

Buy Nifty in 14,475-14,550 range with a stop loss of 14,400 and target 14,600, 14,650, 14,700.

Aggressive Traders Buy Nifty with strict stop loss of 14,575 and target 14,700, 14,750, 14,775, 14,825, 14,875.

Sell Nifty in 14,750-14,825 range with a stop loss of 14,900 and target 14,700, 14,650, 14,600, 14,550.

For New Positions:

Buy Bank Nifty in 32,150-32,325 range with a stop loss of 32,000 and target 32,450, 32,575, 32,675, 32,725, 32,775, 32,975. 

Aggressive Traders Buy Bank Nifty with strict stop loss of 32,500 and target 32,975, 33,175, 33,325, 33,500, 33,575, 33,625. 

Sell Bank Nifty in 33,325-33,500 range with a stop loss of 33,600 and target 33,200, 33,000, 32,800, 32,725, 32,600.

Aggressive Traders Sell Bank Nifty in 32,975-33,175 range with strict stop loss of 33,350 and target 32,800, 32,725, 32,600, 32,500, 32,275, 32,150.

F&O Ban Update:

New in Ban: Nil

Already in Ban: SAIL

Out of Ban: Indiabulls Housing Finance, Sun TV