Amid neutral global markets, foreign institutional investors (FIIs), negative domestic institutional investors (DIIs), cautious future & options (F&O) and positive sentiment cues, the short-term trend of the Indian stock markets will be positive on Friday, September 17, 2021. 

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Benchmark indices ended with robust gains on Thursday, September 16, 2021, supported by firmness in banks and FMCG stocks. A strong global market and recently introduced reforms for the telecom and auto sector pushed the indices to fresh peaks. The S&P BSE Sensex jumped 417.96 points or 0.71 per cent to end at 59,141.16. The Nifty 50 index advanced 110.05 points or 0.63 per cent to close at 17,629.50. The Nifty Bank index closed 816.35 points or 2.22 per cent higher at 37,668.60. 

The broader markets underperformed the Sensex with the S&P BSE MidCap index rising 0.48 per cent and S&P BSE SmallCap adding 0.08 per cent. 

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for September 17:

Day support zone on Nifty is 17,500-17,525, below that 17,380-17,440 is a strong Buy zone.

Day higher zone on Nifty is 17,675-17,725, above that 17,775-17,800 is a Profit-booking zone. 

Day support zone on Bank Nifty is 37,300-37,450, below that 36,900-37,100 is a strong Buy zone. 

Day higher zone on Bank Nifty is 37,800-38,000, above that 38,100-38,300 is a Profit-booking zone.

The small day range for trading on Nifty is 17,600-17,700, while the medium and bigger day ranges are 17,525-17,750 and 17,440-17,775, respectively.

The small day range for trading on Bank Nifty is 37,450-37,900, while the medium and bigger day ranges are 37,300-38,000 and 37,100-38,100, respectively. 

 

FIIs Index long unchanged at 61% 

PCR at 1.58 Vs 1.47, cautious at a higher level

India VIX up by 5% at 14.41

 

For Existing Long Positions:

Nifty Intraday stop loss is 17,500 and Closing stop loss is 17,350.

Bank Nifty Intraday and Closing stop loss are 37,250.

For Existing Short Positions:

Nifty Intraday and Closing stop loss are 17,700.

Bank Nifty Intraday and Closing stop loss are 38,000.

For New Positions:

Buy Nifty with a stop loss of 17,500 and target 17,675, 17,725, 17,750, 17,800.

Sell Nifty in 17,750-17,800 range with a stop loss of 17,850 and target 17,700, 17,650, 17,625, 17,600, 17,550.

For New Positions:

Buy Bank Nifty in 37,300-37,450 range with a stop loss of 37,250 and target 37,650, 37,725, 37,800, 37,900.

Aggressive Traders Buy Bank Nifty with a Strict stop loss of 37,250 and target 37,800, 37,900, 38,000, 38,100, 38,300.

Aggressive Traders Sell Bank Nifty near 38,000 with a Strict stop loss of 38,100 and target 37,800, 37,700, 37,550, 37,450, 37,300.

F&O Ban Update:

New In Ban: SAIL

4 Out Of Ban: Canara Bank, IRCTC, Vodafone-Idea, LIC Housing Finance

5 Already In Ban: Zee Entertainment, Sun TV, Escorts, Exide Industries, NALCO