Anil Singhvi's strategy on Aug 8: Support zone on Nifty is 17300-17350, Bank Nifty is 38050-38225

Amid neutral global markets, positive Foreign Institutional Investors (FIIs), neutral Domestic Institutional Investors (DIIs), positive Future and Options (F&O) and positive sentiment, the short-term trend of the Indian market will remain neutral on Monday, August 8, 2022, said Zee Business Managing Editor Anil Singhvi.  

On Friday, the benchmarks closed with marginal gains as Nifty50 added 15.50 (0.09%) to end at 17,397.50, while the Sensex gained 89 points or 0.15% to settle at 58,387.93. Nifty Midcap ended higher by 0.22%, while Smallcap index marginally dropped by 0.06% to end in the red. Among sectoral indices, banking and financial indices gained on expected rate hike by the Reserve Bank of India (RBI), while auto and consumer durables declined more than one per cent on Friday.  

Anil Singhvi Strategy on Nifty, Bank Nifty on August 8, 2022   

Nifty support zone is 17300-17350, below that 17150-17225 is a strong buy zone 
 
Nifty higher zone is 17475-17525, above that 17600-17675 is a profit booking zone 
 
Bank Nifty support zone is 37625-37775, below that 37375-37500 is a strong buy zone 
 
Bank Nifty higher zone is 38050-38225, above that 38350-38500 is a profit booking zone 
 
Nifty support levels 17350, 17300, 17225, 17175, 17100 
 
Nifty higher levels 17450, 17475, 17500, 17525, 17600, 17650, 17675 
 
Bank Nifty support levels 37775, 37700, 37625, 37500, 37375, 37250 
 
Bank Nifty higher levels 37975, 38050, 38150, 38225, 38350, 38400, 38500 
 
FIIs Index Long at 55% Vs 52%  
PCR at 1.05 Vs 1.23 
India VIX down by 2% at 18.92 
 
For Existing Long Positions: 
 
Nifty Intraday and Closing SL 17300 
BankNifty Intraday SL 37625 and Closing SL 37750 
 
For Existing Short Positions: 
 
Nifty Intraday and Closing SL 17525 
BankNifty Intraday and Closing SL 38250 

For New Positions: 
 
Buy Nifty in 17225-17350 range: 
SL 17150 Tgt 17380, 17400, 17475, 17500, 17525, 17600, 17650 
 
Aggressive Traders Sell Nifty in 17475-17600 range: 
Strict SL 17700 Tgt 17400, 17375, 17350, 17300, 17225, 17175 
 
For New Positions: 
 
Buy BankNifty in 37625-37775 range: 
SL 37475 Tgt 37900, 37975, 38050, 38150, 38225, 38350, 38500 
 
Aggressive Traders Sell BankNifty in 38150-38350 range: 
Strict SL 38500 Tgt 38050, 38000, 37925, 37750, 37700, 37650, 37500 
 
F&O Ban Update: 
New In Ban: Balrampur Chini, Delta Corp 
Already In Ban: Escorts 
Out Of Ban: Nil