Anil Singhvi’s Strategy on December 3: Day support zone on Nifty is 17,275-17,325 & Bank Nifty is 36025-36175

Amid positive global sentiments, neutral foreign institutional investors (FIIs) data, positive domestic institutional investors (DIIs) and negative future & options (F&O) cues, the overall sentiment will be neutral and trend will remain negative on Friday, December 3, 2021.

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The Indian markets closed on a good note amid positive global cues on Thursday. The S&P BSE Sensex and Nifty50 gained 1.35 per cent and 1.37 per cent respectively. The Sensex closed 776.50 points higher to 58,461.29 and Nifty50 reclaimed 17400-mark as the index surged by 234.75 points. 

The bounce back by the markets on consecutive second day was well supported by IT, metal, and pharma and banking stocks.  

The Nifty Bank also closed above 36,500. The 12-share banking index gained 143 points or 0.39% to settle at 36,508 on Thursday. 

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for December 3
 
Day support zone on Nifty is 17275-17350; below that 17150-17225 is a strong buy zone 
Day higher zone on Nifty is 17440-17500; above that 17550-17600 is a strong sell zone
Day support zone on Bank Nifty is 36025-36175; below that 35700-35900 is a strong buy zone 
Day higher zone on Bank Nifty is 36650-36850; above that 37125-37275 is a strong sell zone 
Nifty Small Day Range is 17325-17440, Medium Range is 17225-17500 and 17150-17550 is a Bigger Range
Small Day Range on Bank Nifty is 36175-36650, Medium Range is 36025-36850 and Bigger Range is 35800-37125

FIIs Index long unchanged 73%
PCR overbought at 1.42 Vs 1.01, profit-booking and selling expected at higher levels
India VIX down by 7% at 18.09

For Existing Long Positions:
 
Nifty Intraday Stoploss (SL) 17275 and Closing SL 17150
Bank Nifty Intraday SL 36150 and Closing SL 35950
 
For Existing Short Positions:
 
Nifty Intraday SL is 17450 and Closing SL 17600
Bank Nifty Intraday and Closing SL 36800
 
For New Positions:
Buy Nifty in 17225-17350 range:
SL 17150; Targets: 17350, 17400, 17440, 17500
 
Aggressive Traders Buy Nifty if opens Gap-down:
Strict SL 17275; Targets: 17400, 17440, 17500, 17550, 17600
 
Sell Nifty in 17500-17600 range:
SL 17700 ; Targets: 17450, 17400, 17350, 17275
 
Aggressive Traders Sell Nifty:
Strict SL 17600; Targets: 17350, 17325, 17275, 17225, 17150

For New Positions:
 
Buy Bank Nifty in 35800-36000 range:

SL 35700 ; Targets: 36150, 36350, 36450, 36500
 
Aggressive Traders Buy Bank Nifty in 36025-36175 range:
Strict SL 35900 ; Targets: 36350, 36450, 36500, 36650, 36775, 36850
 
Aggressive Traders Sell Bank Nifty in 36650-36875 range:

Strict SL 37000; Targets: 36550, 36450, 36375, 36175
 
F&O Ban Update:
New In Ban: Vodafone Idea
Already In Ban: Indiabulls Housing Finance
Out Of Ban: Nil