Anil Singhvi’s Strategy September 1: Day support zone on Nifty is 16,925-17,000 & Bank Nifty is 36,200-36,350

Amid positive global markets, foreign institutional investors (FIIs), sentiment, negative domestic institutional investors (DIIs) and cautious future & options (F&O) cues, the short-term trend of the Indian stock markets will be positive on Wednesday, September 1, 2021. 

Domestic stock markets ended at record closing highs for the second consecutive day on Tuesday, August 31, 2021, amid positive global cues. In the intraday trade, the Sensex hit a record high of 57,625.26 while the Nifty hit an all-time high of 17,153.50.

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The S&P BSE Sensex surged 662.63 points or 1.16 per cent to end at 57,552.39. The Nifty 50 closed 201.15 points or 1.19 per cent higher at 17,122.20. The Bank Nifty rose 76.95 points or 0.21 per cent to end at 36,424.60. 

Meanwhile, the broader markets underperformed today at the BSE. The S&P BSE MidCap and S&P BSE SmallCap rose 0.83 per cent and 0.86 per cent, respectively. 

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for September 1:

Day support zone on Nifty is 16,925-17,000, below that 16,725-16,775 is a strong Buy zone.

Day higher zone on Nifty is 17,175-17,225, above that 17,275-17,325 is a Profit-booking zone.

Day support zone on Bank Nifty is 36,200-36,350, below that 35,800-36,000 is a strong Buy zone. 

Day higher zone on Bank Nifty is 36,550-36,625, above that 36,750-36,900 is a Profit-booking zone. 

The small day range for trading on Nifty is 17,100-17,200, while the medium and bigger day ranges are 17,000-17,250 and 16,925-17,300, respectively.

The small day range for trading on Bank Nifty is 36,200-36,625, while the medium and bigger day ranges are 36,000-36,750 and 35,900-36,900, respectively.

FIIs Index long at 66% Vs 67%.

PCR near overbought at 1.66 Vs 1.59, cautious at a higher level.

India VIX up by 9% at 14.52.

For Existing Long Positions:

Nifty Intraday stop loss is 17,000 and Closing stop loss is 16,900.

Bank Nifty Intraday stop loss is 36,200 and Closing stop loss is 36,000.

For Existing Short Positions:

Nifty Intraday and Closing stop loss are 17,200.

Bank Nifty Intraday and Closing stop loss are 36,550.

For New Positions:

Buy Nifty with a stop loss of 17,000 and target 17,175, 17,225, 17,275, 17,300.

Aggressive Traders Sell Nifty in 17275-17300 range with a Strict stop loss of 17,350 and target 17,200, 17,150, 17,125.

For New Positions:

Buy Bank Nifty in 36,200-36,350 range with a stop loss of 36,000 and target 36,425, 36,550, 36,625, 36,750.

Aggressive Traders Buy Bank Nifty Strict stop loss are 36,200 and target 36,625, 36,750, 36,900, 37,000.

Sell Bank Nifty in 36,750-36,900 range with a stop loss of 37,000 and target 36,625, 36,550, 36,425, 36,350.

F&O Ban Update:

New In Ban: Canara Bank

Already in Ban: Nil

Out Of Ban: Nil

AMI Organics IPO Preview: APPLY FOR LONG TERM

Positives:

Impressive growth track record for last 5-10 years, although on a small base

The company will be debt-free from IPO money

Reasonable Valuations

Negatives:

Very small size company of 2200 Crore Market Cap

Low-capacity utilisation, only 63%

Vijaya Diagnostic IPO Preview: APPLY FOR LONG TERM

Positives:

Experienced Promoters, 40 years track record

Impressive growth in Financials, although on a small base

A debt-free company, Healthy Free Cash Flow

Reasonable Valuations

Negatives:

Only OFS, no money going to the company

High concentration in AP and Telangana

Highly Competitive Business