Anil Singhvi's strategy on August 23: Support zone on Nifty is 17350-17400, Bank Nifty is 37925-38050

Amid negative global markets, neutral foreign institutional investors (FIIs), neutral domestic institutional investors (DIIs), neutral future and options (F&O) and neutral sentiment, the short-term of the Indian market will remain positive on Tuesday, August 23, 2022, said Zee Business Managing Editor Anil Singhvi.  

Earlier, the market closed with around 1.5% cut on Monday. The Nifty50 declined by 267.75 points or (-1.51%) to end at 17,490.70, while the 30-share Sensex dropped 872.28 or 1.46% to 58,773.87 on Monday. In the broader market, Nifty Midcap ended 2% lower, while the Smallcap dropped 1.6% in the closing. Likewise, all sectoral indices ended in the red on Monday.  
 

Anil Singhvi's strategy on Nifty, Bank Nifty on August 23, 2022 

Nifty support zone is 17350-17400, below that 17150-17225 is a strong buy zone 
 
Nifty higher zone is 17525-17600, above that 17650-17725 is a strong Sell zone 
 
Bank Nifty support zone is 37925-38050, below that 37625-37750 is a strong support zone 
 
Bank Nifty higher zone is 38650-38750, above that 38850-38925 is a strong Sell zone 
 
Nifty support levels 17450, 17400, 17360, 17340, 17225, 17175, 17150 
 
Nifty higher levels 17525, 17550, 17600, 17625, 17650, 17700, 17725 
 
Bank Nifty support levels 38225, 38175, 38050, 37975, 37925, 37750, 37700, 37625 
 
Bank Nifty higher levels 38400, 38500, 38600, 38650, 38750, 38850, 38925 
 
FIIs Index Long at 50% Vs 48%  
PCR light and comfortable at 0.79 Vs 0.88 
India VIX up by 4% at 19.04 
 
For Existing Long Positions: 
 
Nifty Intraday stoploss (SL) 17400 and Closing SL 17325 
BankNifty Intraday and Closing SL 37900 
 
For Existing Short Positions: 
 
Nifty Intraday and Closing SL 17700 
BankNifty Intraday and Closing SL 38750 
 
For New Positions: 
 
Sell Nifty: 
SL 17700 Tgt 17450, 17400, 17360, 17340, 17225, 17175, 17150 
 
Buy Nifty in 17150-17225 range: 
SL 17000 Tgt 17300, 17340, 17360, 17390, 17450, 17490 
 
Aggressive Traders Buy Nifty in 17340-17400 range: 
Strict SL 17300 Tgt 17450, 17490, 17525, 17550, 17600, 17625, 17650, 17700 
 
For New Positions: 
 
Sell BankNifty: 
SL 38750 Tgt 38225, 38175, 38050, 37975, 37925, 37750, 37700, 37625 
 
Buy BankNifty in 37625-37750 range: 
SL 37500 Tgt 37925, 37975, 38050, 38175, 38225, 38300, 38500 
 
Aggressive Traders Buy BankNifty in 37925-38050 range: 
Strict SL 37850 Tgt 38175, 38225, 38300, 38400, 38500, 38600, 38650, 38750 
 
F&O Ban Update: 
Out Of Ban: Balrampur Chini, Delta Corp 
Already In Ban: Tata Chemicals 
New In Ban: Nil