Amid neutral global markets, foreign institutional investors (FIIs), domestic institutional investors (DIIs), future & options (F&O) and positive sentiment cues, the short-term trend of the Indian stock markets will be positive on Wednesday, September 8, 2021. 

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Benchmarks indices ended almost flat after a volatile session on Tuesday, September 7, 2021. Headline indices, Sensex and Nifty 50 stuck the new high of 58,553.07 and 17,436.50, respectively yesterday before declining and closing in the red. 

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The S&P BSE Sensex shed 17.43 points or 0.03 per cent to close at 58,279.48. The Nifty 50 index lost 15.70 points or 0.09 per cent to 17,362.10. The Bank Nifty fell 123.55 points or 0.34 per cent to end at 36,468.80. In the broader market at BSE, the Mid-Cap also fell 0.23 per cent and the Small-Cap index ended 0.42 per cent down.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for September 8:

Day support zone on Nifty is 17,275-17,325, below that 17,200-17,225 is a strong Buy zone.

Day higher zone on Nifty is 17,400-17,425, above that 17,475-17,525 is a Profit-booking zone.

Day support zone on Bank Nifty is 36,150-36,200, below that 35,800-36,000 is a strong Buy zone.

Day higher zone on Bank Nifty is 36,675-36,825, above that 36,900-37,100 is a Profit-booking zone. 

The small day range for trading on Nifty is 17,275-17,425, while the medium and bigger day ranges are 17,225-17,475 and 17,200-17,525, respectively. 

The small day range for trading on Bank Nifty is 36,350-36,675, while the medium and bigger day ranges are 36,150-36,825 and 36,000-36,900, respectively. 

FIIs Index long at 68% Vs 66%

PCR light and comfortable at 1.20 Vs 1.29

India VIX down by 1% at 14.90

For Existing Long Positions:

Nifty Intraday and Closing stop loss are 17,200.

Bank Nifty Intraday and Closing stop loss are 36,350.

For Existing Short Positions:

Nifty Intraday and Closing stop loss are 17,500.

Bank Nifty Intraday stop loss is 36,700 and Closing stop loss is 36,850.

For New Positions:

Buy Nifty in 17,225-17,300 range with a stop loss of 17,175 and target 17,350, 17,375, 17,425, 17,475.

Aggressive Traders Buy Nifty with a strict stop loss of 17,275 and target 17,400, 17,425, 17,475, 17,525.

Sell Nifty in 17,475-17,525 range with a stop loss of 17,600 and target 17,435, 17,375, 17,350, 17,325, 17,300.

Aggressive Traders Sell Nifty on Gap-up Opening with a strict stop loss of 17,500 and target 17,325, 17,300, 17,250, 17,225.

For New Positions:

Buy Bank Nifty in 36,150-36,200 range with a stop loss of 36,000 and target 36,350, 36,425, 36,475, 36,575, 36,675.

Aggressive Traders Buy Bank Nifty with a strict stop loss of 36,150 and target 36,575, 36,675, 36,750, 36,825, 36,900, 36,975.

Sell Bank Nifty in 36,800-37,000 range with a stop loss of 37,150 and target 36,700, 36,600, 36,475, 36,425, 36,350. 

Aggressive Traders Sell Bank Nifty on Gap-up Opening with a strict stop loss of 36,900 and target 36,425, 36,350, 36,200, 36,150, 36,050.

F&O Ban Update:

Already In Ban: NALCO, Indiabulls Housing

New In Ban: Nil

Out Of Ban: Nil

Stock Of The Day:

Buy Arvind Ltd: Stop loss 92 and target 97, 99, 103. Cabinet may consider Textile PLI Scheme today