Amid positive global markets, future & options (F&O), sentiment, neutral foreign institutional investors (FIIs) and negative domestic institutional investors (DIIs) cues, the short-term trend of the Indian stock markets will be positive on Thursday, September 2, 2021. 

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Key benchmark indices ended with modest losses on Wednesday, September 1, 2021, amid profit booking after recent steep gains. The S&P BSE Sensex fell 214.18 points or 0.37 per cent to end at 57,338.21. The Nifty 50 index lost 55.95 points or 0.33 per cent to close at 17,076.25. However, the Bank Nifty index rose 149.70 points or 0.41 per cent to settle at 36,574.30. 

The broader markets outperformed at the BSE with S&P BSE MidCap rose 0.92 per cent and S&P BSE SmallCap ended 0.22 per cent higher. 

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Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for September 2:

Day support zone on Nifty is 16,925-17,000, below that 16,725-16,775 is a strong Buy zone.

Day higher zone on Nifty is 17,125-17,150, above that 17,200-17,250 is a Profit-booking zone

Day support zone on Bank Nifty is 36,200-36,350, below that 35,800-36,000 is a strong Buy zone.

Day higher zone on Bank Nifty is 36,900-37,000, above that 37,100-37,300 is a Profit-booking zone. 

The small day range for trading on Nifty is 17,000-17,125, while the medium and bigger day ranges are 16,950-17,200 and 16,900-17,225, respectively. 

The small day range for trading on Bank Nifty is 36,425-36,750, while the medium and bigger day ranges are 36,350-36,900 and 36,200-37,000, respectively. 

 

FIIs Index long at 64% Vs 66%

PCR near the oversold level at 1.17 Vs 1.66, short covering expected from lower levels

India VIX down by 2% at 14.19

For Existing Long Positions:

Nifty Intraday stop loss is 17,000 and Closing stop loss is 16,900.

Bank Nifty Intraday and Closing stop loss are 36,200.

For Existing Short Positions:

Nifty Intraday and Closing stop loss are 17,250.

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

For New Positions:

Buy Nifty with a stop loss of 16,900 and target 17,125, 17,150, 17,200, 17,225.

Sell Nifty in 17,200-17,225 range with a stop loss of 17,300 and target 17,150, 17,075, 17,050, 17,000.

For New Positions:

Buy Bank Nifty in 36,350-36,425 range with a stop loss of 36,200 and target 36,550, 36,625, 36,750, 36,900.

Aggressive Traders Buy Bank Nifty with a Strict stop loss of 36,200 and target 36,750, 36,900, 36,975, 37,100, 37,300.

Sell Bank Nifty in 36,900-37,000 range with a stop loss of 37,150 and target 36,750, 36,625, 36,575, 36,500, 36,425.

F&O Ban Update:

Out Of Ban: Canara Bank

New In Ban: Nil

Already in Ban: Nil