Anil Singhvi's strategy on July 29: Support zone on Nifty is 16850-16925, Bank Nifty is 36925-37050

Amid positive global markets, positive Domestic Institutional Investors (DIIs), positive Foreign Institutional Investors (FIIs), neutral Future and Options (F&O) and positive sentiment, the short-term trend of the Indian market will remain neutral on Friday, July 29, 2022, said Zee Business Managing Editor Anil Singhvi.

Earlier, benchmarks Nifty50 and Sensex ended higher by over 1.5 per cent each on Thursday. The Nifty50 gained by 287 points to end at 16,929.6, while the Sensex surged by almost 1041 points to settle at the 56,857.79 level on Thursday.

Anil Singhvi's Strategy on Nifty, Bank Nifty on July 29, 2022

Nifty support zone 16850-16925, Below that 16750-16800 strong Buy zone

Nifty higher zone 17100-17150, Above that 17200-17250 Profit booking zone

Bank Nifty support zone 36925-37050, Below that 36725-36825 strong Buy zone

Bank Nifty higher zone 37600-37750, Above that 37950-38025 Profit booking zone

Nifty support levels 16925, 16875, 16825, 16800, 16750, 16725, 16700

Nifty higher levels 17000, 17050, 17100, 17125, 17150, 17200, 17250, 17300

Bank Nifty support levels 37325, 37225, 37150, 37050, 36925, 36825, 36725

Bank Nifty higher levels 37500, 37600, 37750, 37950, 38025, 38200

FIIs Index Long at 57% Vs 45%

PCR near overbought level at 1.43 Vs 1.24, Profit booking accepted at higher level 

India VIX down 6% by at 17

For Existing Long Positions:

Nifty Intraday SL 16900 n Closing SL 16700

BankNifty Intraday SL 37000 n Closing SL 36700

For Existing Short Positions:

Nifty Intraday n Closing SL 17050

BankNifty Intraday n Closing SL 37500

For New Positions:

Buy Nifty: SL 16900 Tgt 17000, 17050, 17100, 17125, 17150, 17200, 17250

Aggressive Traders Sell Nifty in 17200-17300 range:

Strict SL 17350 Tgt 17150, 17125, 17100, 17050, 17000, 16950, 16925

For New Positions:

Buy BankNifty: SL 37000 Tgt  37500, 37600, 37750, 37950, 38025, 38200

Sell BankNifty 37950-38000 range:

SL 38200 Tgt  37750, 37600, 37500, 37425, 37375, 37325, 37225, 37050

F&O BAN

NEW IN BAN: NIL

ALREADY IN BAN: NIL

OUT OF BAN: NIL