Anil Singhvi strategy today, October 6: Check Nifty and Bank Nifty support levels

Amid positive global cues and healthy buying indications from the FIIs and DIIs, the short term sentiment for the Indian stock market is positive, according to Zee Business Managing Editor Anil Singhvi. He said that the benchmark indices -- Sensex and Nifty are likely to open in green on Thursday, October 6, as indicated by SGX Nifty which was trading nearly 90 points higher to comfortably sit above 17400 at 8:30 am. He also said if the US inflation data subdues, the market could reach the life high by Diwali. He advised viewers to buy on dips and ruled out any chance of recession at least till Diwali.  

Given below is Anil Singhvi's strategy for Thursday, October 6: 

Global: Positive
FII:  Positive
DII: Positive
F&O: Neutral
Sentiment: Positive
Trend: Positive

Nifty support zone 17200-17275, Below that 17100-17125 Strong Buy zone

Nifty higher zone 17400-17450, Above that 17500-17575 Profit booking zone

Bank Nifty support zone 39050-39175, Below that 38650-38825 Strong Buy zone

Bank Nifty higher zone 39400-39550, Above that 39700-39900 Profit booking zone

Nifty support levels 17325, 17275, 17200, 17175, 17125, 17100

Nifty higher levels 17380, 17400, 17425, 17450, 17500, 17525, 17575

Bank Nifty support levels 39200, 39125, 39050, 38900, 38825, 38650

Bank Nifty higher levels 39325, 39400, 39550, 39700, 39800, 39900, 40075, 40200

FIIs Index Long still near lowest level at 19% Vs 13%
PCR at 1.24 Vs 0.84
BankNifty PCR at 1.03 Vs 0.76
India VIX down by 8% at 19.57

For Existing Long Positions:

Nifty Intraday Stop Loss 17250 and Closing Stop Loss 17100
BankNifty Intraday Stop Loss 38900 and Closing Stop Loss 38600

For Existing Short Positions:

Nifty Intraday and Closing Stop Loss 17350
BankNifty Intraday and Closing Stop Loss 39550

For New Positions:

Buy Nifty:
Stop Loss 17250 Target 17380, 17400, 17425, 17450, 17500, 17525, 17575

Sell Nifty in 17500-17575 range:
Stop Loss 17650 Target 17450, 17425, 17400, 17380, 17360, 17325, 17275

For New Positions:

Buy BankNifty:
Stop Loss 38900 Target 39325, 39400, 39550, 39700, 39800, 39900, 40075, 40200

Aggressive Traders Sell BankNifty in 39700-39900 range:
Strict SL 40100 Tgt 39550, 39425, 39325, 39200, 39125, 39050

No Stocks in F&O Ban