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

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Domestic equity benchmarks ended near the day's low amid a heavy sell-off on Monday, September 20, 2021. The S&P BSE Sensex declined 524.96 points or to 58,490.93. The Nifty 50 index lost 188.25 points or 1.07 per cent to 17,396.90. The Nifty Bank index fell 666.25 points or 1.76 per cent to end at 37,145.70. 

In the broader markets at the BSE, the S&P BSE MidCap dropped 1.79 per cent and S&P BSE MidCap declined 1.84 per cent.

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

The trend will change only if Nifty closes below 17,275-17,350 range and Bank Nifty closes below 36,700-36,850 range.

Day support zone on Nifty is 17,300-17,350, below that 17,200-17,250 is a strong Buy zone. 

Day higher zone on Nifty is 17500-17525, above that 17,600-17,625 is a Profit-booking zone.

Day support zone on Bank Nifty is 36,850-37,050, below that 36,550-36,700 is a strong Buy zone. 

Day higher zone on Bank Nifty is 37,300-37,400, above that 37,675-37,800 is a Profit-booking zone. 

The small day range for trading on Nifty is 17,350-17,500, while the medium and bigger day ranges are 17,275-17,575 and 17,200-17,625, respectively.

The small day range for trading on Bank Nifty is 37,000-37,400, while the medium and bigger day ranges are 36,850-37,675 and 36,600-37,800, respectively. 

Big reduction in FIIs Index long decreased to 60% Vs 68%.

PCR OVERSOLD at 0.98 Vs 1.15, good short covering expected from lower levels.

India VIX up by 15% at 17.49.

 

For Existing Long Positions:

Nifty Intraday and Closing stop loss are 17,325.

Bank Nifty Intraday stop loss is 37,000 and Closing stop loss is 36,850.

For Existing Short Positions:

Nifty Intraday stop loss is 17,450 and Closing stop loss is 17,630.

Bank Nifty Intraday and Closing stop loss are 37,500.

For New Positions:

Buy Nifty in 17275-17350 range with a stop loss of 17,200 and target 17,400, 17,440, 17,500, 17,525.

Aggressive Traders Buy Nifty with a Strict stop loss of 17,300 and target 17,500, 17,525, 17,575, 17,625, 17,700.

Sell Nifty in 17575-17625 range with a stop loss of 17,700 and target 17,525, 17,500, 17,440, 17,380, 17,350.

Aggressive Traders Sell Nifty in 17500-17525 range with a Strict stop loss of 17,600 and target 17,440, 17,400, 17,350, 17,300.

For New Positions:

Buy Bank Nifty in 36,700-36,850 range with a stop loss of 36,500 and target 36,975, 37,050, 37,150, 37,300, 37,400.

Aggressive Traders Buy Bank Nifty with a Strict stop loss of 36,850 and target 37,300, 37,400, 37,675, 38,000.

Sell Bank Nifty in 37,650-37,800 range with a stop loss of 38,000 and target 37,550, 37,400, 37,300, 37,150.

Aggressive Traders Sell Bank Nifty in 37,300-37,400 range with a Strict stop loss of 37,500 and target 37,150, 37,000, 36,925, 36,850, 36,750, 36,600. 

F&O Ban Update:

New In Ban: Vodafone-Idea

Out Of Ban: Escorts

7 Already In Ban: IRCTC, PNB, Indiabulls Housing Finance, SAIL, Sun Tv, Exide Ind, NALCO

Paras Defence IPO Preview: APPLY FOR BIG LISTING GAINS AND LONG TERM

Positives:

Experienced promoter and professional management

Unique Business model

Small size IPO

Negatives:

Very small base

Financials not impressive