Amid negative global cues and neutral FIIs DIIs activities, the short term trend for the Indian stock market is positive, according to Zee Business Managing Editor Anil Singhvi. At 8:30 am, SGX Nifty was trading nearly 30 points down to 17275. The Wall Street indices had on Thursday closed lower with Dow Jones crashing nearly 350 points or 1.15 per cent, to 29,926.94, the S&P 500 sinking 38.76 points, or 1.02 per cent, to 3,744.52 and the Nasdaq Composite dropping 75.33 points, or 0.68 per cent, to 11,073.31 ahead of the US jobs data that will provide clues on the Federal Reserve's rate hike strategy. He advised viewers to buy on every dip till Diwali as he exuded confidence that Indian markets are in good shape.

Given below is Anil Singhvi's strategy for Thursday, October 7:  

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Global: Negative
FII:  Neutral
DII: Neutral
F&O: Neutral
Sentiment: Neutral
Trend: Positive  

Nifty support zone 17175-17200, Below that 17100-17125 Strong Buy zone

Nifty higher zone 17375-17425, Above that 17450-17525 Profit booking zone

Bank Nifty support zone 38900-39050, Below that 38500-38650 Strong Buy zone

Bank Nifty higher zone 39500-39600, Above that 39700-39900 Profit booking zone

Nifty support levels 17275, 17200, 17175, 17125, 17100, 17025

Nifty higher levels 17380, 17400, 17425, 17450, 17500, 17525

Bank Nifty support levels 39200, 39125, 39050, 38900, 38825, 38650, 38500

Bank Nifty higher levels 39325, 39400, 39550, 39600, 39700, 39800, 39900

FIIs Index Long still near lowest level at 20% Vs 19%
PCR at 1.07 Vs 1.24 
BankNifty PCR at 0.91 Vs 1.03
India VIX down by 1% at 19.32

For Existing Long Positions:

Nifty Intraday SL 17250 n Closing SL 17100
BankNifty Intraday SL 38900 n Closing SL 38600

For Existing Short Positions:

Nifty Intraday n Closing SL 17450
BankNifty Intraday n Closing SL 39625

For New Positions:

Buy Nifty in 17175-17200 range:
SL 17075 Tgt 17275, 17325, 17360, 17400, 17425, 17450

Sell Nifty in 17425-17500 range:
SL 17575 Tgt 17380, 17360, 17325, 17275, 17200

For New Positions:

Buy BankNifty in 38500-38650 range:
SL 38350 Tgt 38800, 38900, 39050, 39125, 39175, 39275

Aggressive Traders Buy BankNifty in 38900-39050 range:
Strict SL 38800 Tgt 39125, 39175, 39275, 39325, 39400, 39550, 39600

Aggressive Traders Sell BankNifty in 39550-39700 range:
Strict SL 39900 Tgt 39425, 39325, 39275, 39200, 39125, 39050

No Stocks in F&O Ban