Anil Singhvis Strategy on December 2: Day support zone on Nifty is 16,985-17,065 & Bank Nifty is 35,900-36,025

Amid negative global sentiments, neutral foreign institutional investors (FIIs) data, positive domestic institutional investors (DIIs) and neutral future & options (F&O) cues, the overall sentiment will be cautious and trend will remain negative on Thursday, December 2, 2021.

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The Indian markets were sitting in the green on Wednesday’s closing amid robust macroeconomic numbers. Metal, auto and banking stocks fueled the rally as the BSE Sensex gained over 600 points, while Nifty50 reclaimed 17150-mark at the market close. Nifty Bank surged 669.60 points or 1.88 per cent to 36,364.90 on Wednesday.  

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for December 2
 
Nifty day support zone is 16985-17065; below that 16785-16935 is a strong buy zone 
Nifty day higher zone is 17215–17275; above that 17325-17415 is a strong Sell zone

Bank Nifty day support zone is 35900-36025 ; below that 35700-35800 is a strong buy zone
 
Bank Nifty day higher zone is 36450-36650 ; above that 36775-36875 is a strong sell zone
 
Nifty small day range is 17065-17215, while 16985-17275 is medium range, 16935-17325 Bigger Range

Bank Nifty small day range is 36025-36650, while 35900-36775 is medium range and bigger range is 35700-36850

FIIs Index long increased to 73% Vs 71%
PCR at 1.01 Vs 0.89
India VIX down by 8% at 19.45

For Existing Long Positions:
 
Nifty Intraday and closing stoploss (SL) 16975
Bank Nifty Intraday and closing SL 35900
 
For Existing Short Positions:
Nifty Intraday and closing SL 17225
Bank Nifty Intraday and closing stoploss 36650
 
For New Positions:
Buy Nifty in 16985-17065 range:
SL 16900; targets: 17160, 17200, 17275, 17325
 
Aggressive Traders Buy Nifty on gap-down opening:
Strict SL 16975; targets: 17160, 17215, 17275, 17325, 17415
 
Aggressive Traders Sell Nifty:
Strict SL 17225; targets; 17065, 17025, 16985, 16935
 
Sell Nifty in 17200-17350 range:
SL 17425; targets: 17165, 17065, 17035, 16985, 16935

For New Positions:
 
Buy Bank Nifty in 35700-35900 range:

SL 35500; targets: 36025, 36350, 36450
 
Aggressive Traders Buy Bank Nifty on gap-down opening:
Strict SL 35900; targets: 36350, 36450, 36650, 36775, 36850

Aggressive Traders Sell Bank Nifty:
Strict SL 36650; Targets: 36025, 35900, 35800, 35700, 35525

Sell Bank Nifty in 36650-36850 range:

SL 37000; targets: 36500, 36375, 36025, 35900
 
F&O Ban Update:
Already In ban: Indiabulls Housing Finance
New In ban: Nil
Out Of ban: Nil  
 
Anand Rathi Wealth IPO Preview:
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Positives:
Strong Growth Prospects
Experienced Promoters and Management
Reasonable Valuations

Negatives:

Highly Competitive Business
Dependence on Market Conditions