Anil Singhvi's strategy on 04 October: Support zone on Nifty is 16950-17000 and Bank Nifty is 37950-38050

Anil Singhvi's strategy on 04 October: Amid positive global markets, negative foreign institutional investors (FIIs), neutral domestic institutional investors (DIIs), positive future and options, and neutral sentiment, the short-term trend of the Indian market will remain positive on Tuesday, October 04, 2022, said Zee Business Managing Editor Anil Singhvi.

Anil Singhvi's strategy on Nifty, Bank Nifty on October 04, 2022

Nifty support zone 16950-17000, Below that 16825-16900 Strong Buy zone

Nifty higher zone 17100-17175, Above that 17275-17325 Profit booking zone

Bank Nifty support zone 37950-38050, Below that 37650-37750 Strong Buy zone

Bank Nifty higher zone 38625-38800, Above that 38900-39050 Profit booking zone

Nifty support levels 17025, 17000, 16975, 16950, 16900, 16850

Nifty higher levels 17100, 17175, 17200, 17275, 17325

Bank Nifty support levels 38350, 38275, 38175, 38050, 37950, 37750

Bank Nifty higher levels 38475, 38625, 38800, 38900, 39050, 39125, 39200, 39250

FIIs Index Long near lowest level at 13% Vs 16%

PCR near Oversold levels at 0.84 Vs 1.22, short covering expected

BankNifty PCR at 0.76 Vs 1.05

India VIX up by 7% at 21.37

For Existing Long Positions:

Nifty Intraday n Closing SL 16800

BankNifty Intraday n Closing SL 37900

For Existing Short Positions:

Nifty Intraday SL 17200 n Closing SL 17100

BankNifty Intraday SL 38850 n Closing SL 38650

For New Positions:

Buy Nifty:

SL 16950 Tgt 17025, 17100, 17125, 17175, 17200, 17275, 17325

Sell Nifty in 17275-17325 range:

SL 17350 Tgt 17200, 17175, 17125, 17100, 17025, 17000

Aggressive Traders Sell Nifty in 17175-17200 range:

Strict SL 17250 Tgt 17125, 17100, 17025, 17000, 16950, 16900

For New Positions:

Buy BankNifty:

SL 37900 Tgt 38475, 38625, 38800, 38900, 39050, 39125, 39200

Sell BankNifty in 39050-39225 range:

SL 39300 Tgt 38900, 38825, 38650, 38500, 38375, 38300, 38200

Aggressive Traders Sell BankNifty in 38625-38800 range:

Strict SL 38900 Tgt 38500, 38375, 38300, 38200, 38050, 37950

No Stocks in F&O Ban