Amid negative global markets, foreign institutional investors (FIIs), neutral domestic institutional investors (DIIs), positive future & options (F&O) and cautious sentiment cues, the short-term trend of the Indian stock markets will be positive on Wednesday, September 29, 2021. 

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Key equity indices ended with steep losses on Tuesday, September 28, 2021. The S&P BSE Sensex declined 410.28 points or 0.68 per cent to close at 59,667.60. The Nifty 50 index ended 106.50 points or 0.60 per cent lower at 17,748.60. The Bank Nifty fell 226.25 points or 0.59 per cent to 37,946. 

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In tandem with the benchmarks, the broader markets also declined with the S&P BSE MidCap index declining 0.71 per cent and the S&P BSE SmallCap losing 0.62 per cent. 

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

Trend to change from Positive to Neutral only if Nifty closes below 17,325-17,400 range.

Day support zone on Nifty is 17,575-17,650, Below that 17,425-17,500 is a strong support zone. 

Day higher zone on Nifty is 17,750-17,800, Above that 17,850-17,925 is a strong Sell zone.

Day support zone on Bank Nifty is 37,325-37,400, below that 37,100-37,250 is a strong support zone.

Day higher zone on Bank Nifty is 37,950-38,100, above that 38,175-38,350 is a strong Sell zone.

The small day range for trading on Nifty is 17,600-17,750, while the medium and bigger day ranges are 17,550-17,800 and 17,500-17,850, respectively.

The small day range for trading on Bank Nifty is 37,400-37,950, while the medium and bigger day ranges are 37,325-38,100 and 37,150-38,350, respectively. 

FIIs Index long decreased to 53% Vs 61%.

PCR oversold at 0.94 Vs 1.11, short-covering expected from lower levels.

India VIX up by 3% at 18.54, volatility expected to increase.

For Existing Long Positions:

Nifty Intraday stop loss is 17,500 and Closing stop loss is 17,550.

Bank Nifty Intraday stop loss is 37,300 and Closing stop loss is 37,150.

For Existing Short Positions:

Nifty Intraday stop loss is 17,950 and Closing stop loss is 17,850.

Bank Nifty Intraday stop loss is 38,350 and Closing stop loss is 38,000.

For New Positions:

Sell Nifty with a stop loss of 17,850 and target 17,650, 17,600, 17,575, 17,525, 17,500, 17,440.

Buy Nifty in 17,500-17,575 range with a stop loss of 17,400 and target 17,650, 17,750, 17,800.

For New Positions:

Sell Bank Nifty with a stop loss of 38,200 and target 37,775, 37,675, 37,400, 37,325, 37,250, 37,150.

Buy Bank Nifty in 37,325-37,400 range with a stop loss of 37,150 and target 37,675, 37,775, 37,825, 37,950.

F&O Ban Update:

2 Stocks Out of Ban: Canara Bank, Escorts

4 Stocks Already In Ban: Vodafone-Idea, SAIL, Sun Tv, Zee Entertainment  

New In Ban: NIL

Aditya Birla Sun Life AMC IPO Preview: APPLY ONLY FOR LONG TERM

Positives:

Strong Growth prospects of Mutual Fund Industry

Strong Promoter quality management

Negatives:

Reasonable Valuations

Further Equity dilution from promoters in next 3 years