Amid positive global markets, sentiment, neutral foreign institutional investors (FIIs), domestic institutional investors (DIIs) and future & options (F&O) cues, the short-term trend of the Indian stock markets will be positive on Thursday, September 16, 2021. 

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Domestic equity benchmarks ended near the day's high after a strong session on Wednesday, September 15, 2021. The S&P BSE Sensex surged 476.11 points or 0.82 per cent to end at 58,723.20. The Nifty 50 index advanced 139.45 points or 0.80 per cent to close at 17,519.45. The Bank Nifty index closed 239.20 points or 0.65 per cent higher at 36,852.25. 

The broader markets too climbed higher at the BSE with S&P BSE Midcap rising 0.65 per cent and S&P BSE SmallCap added 0.86 per cent. Both the indexes hit their respective new record levels during the session. 

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for September 16:

Day support zone on Nifty is 17,380-17,440, below that 17,300-17,350 is a strong Buy zone.

Day higher zone on Nifty is 17,550-17,600, above that 17,650-17,700 is a Profit-booking zone.

Day support zone on Bank Nifty is 36,600-36,750, below that 36,475-36,550 is a strong Buy zone.

Day higher zone on Bank Nifty is 36,850-37,000, above that 37,100-37,300 is a Profit-booking zone.

The small day range for trading on Nifty is 17,500-17,575, while the medium and bigger day ranges 17,440-17,625 and 17,380-17,675, respectively.

The small day range for trading on Bank Nifty is 36,750-36,975, while the medium and bigger day ranges are 36,600-37,100 and 36,475-37,300, respectively. 

FIIs Index long at 61% Vs 60% 

PCR at 1.47 Vs 1.19

India VIX up by 1% at 13.73

For Existing Long Positions:

Nifty Intraday and Closing stop loss are 17,350.

Bank Nifty Intraday and Closing stop loss are 36,450.

For Existing Short Positions:

Nifty Intraday and Closing stop loss are 17,550.

Bank Nifty Intraday and Closing stop loss are 37,000.

For New Positions:

Buy Nifty with a stop loss of 17,350 and target 17,550, 17,575, 17,625, 17,650, 17,700.

Sell Nifty in 17,650-17,700 range with a stop loss of 17,750 and target 17,600, 17,550, 17,525.

For New Positions:

Buy Bank Nifty in 36,550-36,750 range with a stop loss of 36,450 and target 36,850, 36,925, 37,000, 37,100.

Aggressive Traders Buy Bank Nifty with a Strict stop loss of 36,550 and target 36,975, 37,100, 37,225, 37,300, 37,450.

Aggressive Traders Sell Bank Nifty in 37,100-37,300 range with a Strict stop loss of 37,500 and target 37,000, 36,925, 36,850, 36,750, 36,675.

F&O Ban Update:

New In Ban: Zee Entertainment

8 Already In Ban: Vodafone-Idea, IRCTC, Sun Tv, Escorts, Exide Ind, LIC Housing Fin, Canara Bank, NALCO

Out Of Ban: Nil

Stock Of The Day:

Buy NLC India (Neyveli Lignite Corporation): Stop loss 53 and target 58, 60, 62. Coal Prices are expected to hike by 9% to 11%.