Anil Singhvi strategy on September 5: Support zone on Nifty is 17400-17475 and Bank Nifty is 39050-39200

Amid negative global markets, negative Foreign Institutional Investors (FIIs), negative domestic Institutional Investors (DIIs), neutral Future and Options (F&O) and neutral sentiment, the short-term trend of the Indian market will remain positive on Monday, September 5, 2022, said Zee Business Managing Editor Anil Singhvi.  

Anil Singhvi’s Strategy on Nifty, Bank Nifty on September 5 

Nifty support zone is 17400-17475, below that 17300-17350 is a strong buy zone 
 
Nifty higher zone is 17600-17650, above that 17690-17760 is a strong sell zone 
 
Bank Nifty support zone is 39050-39200, below that 38800-38950 is a strong Buy zone 
 

Bank Nifty higher zone is 39550-39675, above that 39750-39950 profit booking zone 
 
Nifty support levels 17525, 17500, 17475, 17450, 17400, 17350, 17300, 17225 
 
Nifty higher levels 17575, 17600, 17650, 17690, 17750, 17775 
 
Bank Nifty support levels 39300, 39250, 39200, 39050, 38950, 38850, 38800, 38700 
 
Bank Nifty higher levels 39550, 39600, 39650, 39700, 39750, 39850, 39950 
 
Big reduction in FIIs Index Long at 19% Vs 27%  
PCR at 1.04 Vs 1.16 
Bank Nifty PCR at 0.96 Vs 0.93 
India VIX down by 2% at 19.55 

For Existing Long Positions: 
 
Nifty Intraday and Closing SL 17400 
Bank Nifty Intraday stoploss (SL) 39200 and Closing SL 38950 
 
For Existing Short Positions: 
 
Nifty Intraday SL 17700 and Closing SL 17760 
Bank Nifty Intraday and Closing SL 39750 

For New Positions: 
 
Buy Nifty in 17350-17400 range: 
SL 17275 Tgt 17450, 17475, 17500, 17525, 17550, 17575, 17600 
 
Aggressive Traders Buy Nifty in 17400-17475 range: 
Strict SL 17300 Tgt 17500, 17525, 17550, 17575, 17600, 17650, 17690, 17750 
 
Sell Nifty in 17650-17750 range: 
SL 17800 Tgt 17600, 17575, 17550, 17525, 17500, 17475, 17400 

For New Positions: 
 
Buy BankNifty in 38800-39000 range: 
SL 38650 Tgt 39125, 39200, 39250, 39325, 39425, 39550, 39600, 39650 
 
Aggressive Traders Buy BankNifty: 
Strict SL 39000 Tgt 39550, 39600, 39650, 39700, 39750, 39850, 39950 
 
Aggressive Traders Sell BankNifty in 39550-39750 range: 
Strict SL 39850 Tgt 39425, 39300, 39250, 39200, 39050, 38950, 38850, 38800 
 
F&O Ban Update: 
New In Ban: Delta Corp 
Already In Ban: Nil 
Out Of Ban: Nil 
 
Tamilnad Mercantile Bank IPO Preview: 
AVOID 
Many better options available in listed Banks 
 
Positives: 
Strong asset quality 
Strong financials and NIM 
 
Negatives: 
Too many litigations 
Always under regulators scrutiny 
Valuations not very attractive