Anil Singhvi’s Strategy on Nov 24: Day support zone on Nifty is 17,400-17,440 & Bank Nifty is 37,000-37,125

Amid positive global sentiments, neutral foreign institutional investors (FIIs) data, positive domestic institutional investors (DIIs) and future & options (F&O) cues, the overall sentiment will be neutral and trend negative on Wednesday, November 24, 2021.  

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Domestic equity benchmarks Nifty50 and S&P BSE Sensex closed Tuesday's session on a positive note after opening in the red as the indices corrected nearly 1 per cent in the opening trade. Led by metal and pharma stocks, Nifty and Sensex both ended nearly 0.5 per cent higher on Tuesday.    

Benchmark indices witnessed highly volatile session on November 23 with Nifty closing above 17500 on positive note. Sensex was up 198.44 points (0.34 per cent) at 58,664.33, and the Nifty was up 86.80 points (0.50 per cent) at 17,503.30

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for November 24: 

Trend to change Neutral again only if Nifty and Bank Nifty close above 17,800 and 38,300
 
Day support zone on Nifty is 17400-17440; below that 17225-17275 is a strong buy zone
 
Day higher zone on Nifty is 17550-17600; above that 17625-17675 is a strong sell zone

Day support zone on Bank Nifty is 37000-37125; Below that 36650-36750 is a strong buy zone
 
Day higher zone on Bank Nifty is 37450-37575; above that 37750-37925 is a strong sell zone

Small Day Range on Nifty is 17440-17550, medium range is 17400-17600 and 17275-17675 is bigger range

Small day range on Bank Nifty is 37125-37450, medium range is 37000-37750 and bigger range is 36650-37925
 
FIIs Index long increased to 55% Vs 54%
PCR near oversold at 0.84 Vs 0.67, Short covering expected
India VIX up by 3% at 18.02

For Existing Long Positions:
 
Nifty Intraday and closing stoploss: 17400
Bank Nifty Intraday and closing stoploss: 37000
 
For Existing Short Positions:
 
Nifty Intraday stoploss is 17550 and closing stoploss is17675
Bank Nifty Intraday stoploss is 37600 and closing stoploss is 38050
 
For New Positions:
 
Aggressive Traders Buy Nifty:
Strict stoploss 17400; Targets:  17550, 17600, 17625, 17675, 17750
 
Buy Nifty in 17225-17300 range:
Stoploss: 17200; Targets: 17400, 17440, 17500, 17550
 
Sell Nifty in 17650-17750 range:
Stoploss:17825; Targets: 17615, 17550, 17500, 17450
 
Aggressive Traders Sell Nifty:
Strict stoploss: 17700; Targets: 17450, 17415, 17325, 17275, 17225

For New Positions:
 
Aggressive Traders Buy Bank Nifty:
Strict stoploss: 37000; Targets 37450, 37525, 37600, 37750, 37975
 
Buy Bank Nifty in 36650-36750 range:
Stoploss: 36500; Targets: 36950, 37125, 37275, 37350, 37450
 
Sell Bank Nifty in 37750-37975 range:
Stoploss: 38225; Targets: 37575, 37450, 37275, 37125

F&O Ban Update:
Already In Ban: Escorts, Vodafone Idea  
New In Ban: Nil
Out Of Ban:  Nil