Anil Singhvi’s Strategy December 29: Day Support Zone on Nifty is 17,120-17,160 & Bank Nifty is 34,850-35,050

Amid neutral global markets, positive foreign institutional investors (FIIs), domestic institutional investors (DIIs), sentiment and negative future & options (F&O) cues, the short-term trend of the Indian stock markets will be negative on Wednesday, December 29, 2021.

The domestic equity benchmarks ended with strong gains on Tuesday, December 28, 2021. tracking the positive global trend. The Nifty settled above the 17200 mark. The barometer index, the S&P BSE Sensex, rose 477.24 points or 0.83% to 57,897.48. The Nifty 50 index gained 147 points or 0.86% to 17,233.25. The Bank Nifty closed with a gain of 125.90 points or 0.36 per cent at 35,183.80.

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In the broader market at BSE, the Mid-Cap climbed 0.95% and the Small-Cap index surged 1.43%.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for December 29: 

Day support zone on Nifty is 17,120-17,160, below that 17,025-17,085 is a strong Buy zone.

Day higher zone on Nifty is 17,250-17,300, above that 17,325-17,400 is a strong Profit booking zone.

Day support zone on Bank Nifty is 34,850-35,050, below that 34,600-34,700 is a strong Buy zone.

Day higher zone on Bank Nifty is 35,325-35,475, above that 35,550-35,700 is a strong Profit booking zone.

The small day range for trading on Nifty is 17,160-17,300, while the medium and bigger day ranges are 17,120-17,325 and 17,085-17,375, respectively.

The small day range for trading on Bank Nifty is 35,025-35,325, while the medium and bigger day ranges are 34,850-35,475 and 34,600-35,550, respectively.

FIIs long position decreased to 66% Vs 67%.

PCR near overbought at 1.34 Vs 1.25, Profit booking expected.

India VIX down by 4% at 16.48.

For Existing Long Positions:

Nifty Intraday stop loss is 17,100 and Closing stop loss is 17,000.

Bank Nifty Intraday stop loss is 35,000 and Closing stop loss is 34,850.

For Existing Short Positions:

Nifty Intraday and Closing stop loss are 17,250.

Bank Nifty Intraday stop loss is 35,500 and Closing stop loss is 35,200.

For New Positions:

Buy Nifty in 17,085-17,160 range with a Stop Loss of 17,000 and target 17,200, 17,225, 17,250, 17,300.

Aggressive Traders Buy Nifty on Gap-down Opening with a Strict Stop Loss of 17,100 and target 17,225, 17,250, 17,300, 17,325, 17,350, 17,375.

Sell Nifty in 17,300-17,375 range with a Stop Loss of 17,450 and target 17,250, 17,200, 17,160, 17,120.

Aggressive Traders Sell Nifty with a Strict Stop Loss of 17,300 and target 17,200, 17,160, 17,120, 17,085, 17,025.

For New Positions:

Buy Bank Nifty in 34,700-34,850 range with a Stop Loss of 34,550 and target 35,000, 35,125, 35,175, 35,225, 35,325, 35,475.

Sell Bank Nifty in 35,325-35,475 range with a Stop Loss of 35,625 and target 35,225, 35,175, 35,125, 35,050, 34,850.

Aggressive Traders Sell Bank Nifty with a Strict Stop Loss of 35,375 and target 35,050, 34,850, 34,700, 34,600, 34,450.

F&O Ban Update:

Out Of Ban: Escorts

Already In Ban: RBL Bank, Vodafone Idea, IB Housing Finance

New In Ban: Nil