Anil Singhvi’s Strategy on Nov 29: Day support zone on Nifty is 16900-16975 & Bank Nifty is 35850-36000

Amid neutral global sentiments, negative foreign institutional investors (FIIs) data, positive domestic institutional investors (DIIs) and future & options (F&O) cues, the overall sentiment and trend remain negative on Monday, November 29, 2021.

  See Zee Business Live TV Streaming Below:

The Indian markets tanked on Friday amid massive selloff and new Covid 19 variant detected in South Africa. Benchmark indices Sensex and Nifty both slipped nearly 3 per cent each on Friday. Sensex crashed 1650 points and Nifty closed below 17,050 level on Friday. Realty, metal, Auto, PSU Bank stocks triggered the decline as they slipped between 3-6 per cent on Friday.  

On the Nifty 50 index, Pharma stocks like Cipla, Dr Reddy, & Divis Lab were the top gainers, while JSW Steel, Hindalco, Tata Motors, IndusInd Bank were the laggards.  

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for November 29

Day support zone on Nifty is 16900-16975; below that 16625-16700 is a strong buy zone 

Day higher zone on Nifty is 17200-17275; above that 17350-17415 is a strong sell zone

Day support zone on Bank Nifty is 35850-36000; below that 35600-35700 is strong buy zone
 
Day higher zone on Bank Nifty is 36500-36650; above that 36850-37125 is a strong sell zone
 
Small Day Range on Nifty is 16975-17200, medium range is 16900-17275 and 16700-17350 is a bigger range

Small Day Range on Bank Nifty is 35850-36650, medium range is 35700-36850 and bigger range is 35600-37125
 
FIIs Index long decreased to 59% Vs 70%
PCR oversold at 0.73 Vs 1.30, short covering expected
India VIX up by 25% at 20.80

For Existing Long Positions:
 
Nifty Intraday and Closing stoploss 16900
Bank Nifty Intraday and Closing stoploss 35850
 
For Existing Short Positions:
 
Nifty Intraday stoploss 17350 and Closing stoploss 17425
Bank Nifty Intraday SL 36700 and Closing stoploss  37125
 
For New Positions:
 
Buy Nifty:
Stoploss: 16900; targets: 17200, 17275, 17350, 17400
 
Sell Nifty in 17275-17400 range:
Stoploss: 17500; Targets: 17200, 17150, 17075, 17025

For New Positions:
 
Aggressive Traders Buy BankNifty
Strict stoploss 35850; Target: 36350, 36425, 36550, 36650, 36850, 37125
 
Buy Bank Nifty in 35600-35700 range:
Stoploss 35450; targets: 35900, 36025, 36350, 36425
 
Sell Bank Nifty in 36850-37125 range:
Stoploss: 37400; Targets: 36650, 36425, 36350, 36200, 36025

F&O Ban Update:
New In Ban: Indiabulls Housing Finance
Out Of Ban: Nil  
Already In Ban: Nil