Amid positive global markets, future & options (F&O), negative foreign institutional investors (FIIs), domestic institutional investors (DIIs) and cautious sentiment, cues, the short-term trend of the Indian stock markets will be positive on Thursday, October 21, 2021. 

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Domestic equity benchmarks corrected for the second consecutive session on Wednesday, October 20, 2021, and closed with significant cuts. Sensex closed below 61,300 while Nifty 50 slipped below the 18,300 level. The S&P BSE Sensex fell 456.09 points, or 0.74 per cent, at 61,259.96. The Nifty 50 index declined 152.15 points, or 0.83 per cent, to 18,266.60. The Bank Nifty index also fell 22.30 points or 0.06 per cent to 39,718.20.

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In the broader markets, the S&P BSE MidCap index plunged 1.91 per cent to 25,914.53 while the S&P BSE SmallCap index fell 2.31 per cent to 28,878.73.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for October 21:

Trend to turn Neutral only if Nifty closes below 17,950-18,050 range.

Day support zone on Nifty is 18,150-18,200, below that 17,950-18,050 is a strong Buy zone.

Day higher zone on Nifty is 18,350-18,375, above that 18,425-18,475 is a strong Profit booking zone.

 

Day support zone on Bank Nifty is 39,300-39,400, below that 38,800-39,000 is a strong Buy zone.

Day higher zone on Bank Nifty is 39,675-39,775, above that 39,900-40,000 is a strong Profit booking zone.

 

The small day range for trading on Nifty is 18,200-18,350, while the medium and bigger day ranges are 18,150-18,425 and 18,050-18,475, respectively.  

The small day range for trading on Bank Nifty is 39,300-39,675, while the medium and bigger day ranges are 39,000-39,775 and 38,800-39,950, respectively.

 

FIIs Index long decreased to 68% Vs 69%.

PCR oversold at 0.91 Vs 1.23, short covering expected from lower levels.

India VIX up 5% at 18.31.

 

For Existing Long Positions:

Nifty Intraday and Closing stop loss are 18,150.

Bank Nifty Intraday and Closing stop loss are 39,250.

 

For Existing Short Positions:

Nifty Intraday and Closing stop loss are 18,500.

Bank Nifty Intraday and Closing stop loss are 40,000.

For New Positions:

Buy Nifty in 18,050-18,150 range with a stop loss of 17,950 and target 18,200, 18,250, 18,350, 18,375.

Aggressive Traders Buy Nifty with a Strict stop loss of 18,150 and target 18,350, 18,375, 18,425, 18,450, 18,475.

Sell Nifty in 18,425-18,475 range with a stop loss of 18,550 and target 18,375, 18,350, 18,275, 18,200.

For New Positions:

Buy Bank Nifty in 38,800-39,000 range with a stop loss of 38,600 and target 39,275, 39,350, 39,400, 39,500.

Aggressive Traders Buy Bank Nifty with a Strict stop loss of 39,250 and target 39,675, 39,775, 39,950, 40,000.

Aggressive Traders Sell Bank Nifty in 39,800-39,950 range with a Strict stop loss of 40,050 and target 39,700, 39,600, 39,525, 39,400, 39,300.

F&O Ban Update:

2 New In Ban: L&T Finance Holding, Tata Power

Out Of Ban: BHEL

8 Already In Ban: IRCTC, SAIL, PNB, Escorts, NALCO, Amara Raja, Vodafone Idea, Sun Tv

Stock Of The Day:

Buy Indian Hotels Futures: Stop loss is 217 and target 228, 232, 233. India to allow International passengers from European countries.