Anil Singhvi's strategy on August 4: Support zone on Nifty is 17300-17350, Bank Nifty is 37625-37750

Amid positive global markets, neutral Foreign Institutional Investors (FIIs), Domestic Institutional Investors (FIIs), Future and Options (F&O) and positive sentiment, the short-term trend of the Indian market will remain neutral on Thursday, August 4, 2022, said Zee Business Managing Editor Anil Singhvi. 

Earlier on Wednesday, the Indian markets extended their winning streak the sixth day in a row despite a volatile session. The Nifty50 gained by 42.7 points (0.25%) to 17,388.15, while the Sensex surged 214.17 points or 0.37% to 58,350.53 levels.

Anil Singhvi's strategy on Nifty, Bank Nifty on August 4, 2022

Nifty support zone 17300-17350, Below that 17150-17225 Strong Buy zone

Nifty higher zone 17475-17525, Above that 17600-17675 Profit booking zone

Bank Nifty support zone 37625-37750, Below that 37425-37500 Strong Buy zone

Bank Nifty higher zone 38350-38500, Above that 38600-38750 Profit booking zone

Nifty support levels 17390, 17350, 17300, 17225, 17175, 17150

Nifty higher levels 17450, 17475, 17525, 17600, 17650, 17675, 17775

Bank Nifty support levels 37900, 37750, 37700, 37625, 37500, 37425

Bank Nifty higher levels 38175, 38350, 38400, 38500, 38600, 38750, 38825, 38875

FIIs Index Long at 55% Vs 57%

PCR at 1.28 Vs 1.38

India VIX unchanged at 18.45

For Existing Long Positions:

Nifty Intraday SL 17200 n Closing SL 17300

BankNifty Intraday n Closing SL 37600

For Existing Short Positions:

Nifty Intraday SL 17525 n Closing SL 17400

BankNifty Intraday n Closing SL 38200

For New Positions:

Buy Nifty:

SL 17300 Tgt 17450, 17475, 17525, 17600, 17650, 17675

Sell Nifty in 17600-17675 range:

SL 17775 Tgt 17525, 17475, 17450, 17400, 17350, 17300, 17225

For New Positions:

Buy BankNifty:

SL 37600 Tgt 38175, 38350, 38400, 38500, 38600, 38750

Sell BankNifty in 38500-38750 range:

SL 38825 Tgt 38400, 38350, 38200, 38050, 37950, 37900, 37750, 37700

F&O Ban Update:

Already In Ban: Escorts

New In Ban: Nil

Out Of Ban: Nil