Amid negative global markets, foreign institutional investors (FIIs), positive domestic institutional investors (DIIs), neutral future & options (F&O) and sentiment, the short-term trend of the Indian stock markets will be positive on Thursday, April 7, 2022.
At the stock exchanges, the Sensex and the Nifty, on Wednesday, April 6, 2022, witnessed losses for the second day in a row. Both indices slipped amid weak cues from global share markets. The S&P BSE Sensex closed near 59,600 points and the NSE Nifty ended near the 17,800 level.
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The Sensex plunged 566.09 points, or 0.94 per cent, to finish at 59,610.41. The Nifty 50 index also declined 149.75 points, or 0.83 per cent, to settle at 17,807.65. In the sectoral indices, the Bank Nifty fell 435.10 points, or 1.14 per cent, to 37,632.80.
In the broader markets at the BSE settled higher, the S&P BSE MidCap index rose 0.41 per cent while the S&P BSE Small-Cap index gained 0.38 per cent.
Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for April 7:
Nifty support zone is 17,675-17,700, below that 17,500-17,550 is a strong Buy zone
Nifty higher zone is 17,900-17,950, above that 18,050-18,100 is a strong Sell zone.
Bank Nifty support zone is 37,150-37,225, below that 36,825-36,925 is a strong Buy zone.
Bank Nifty higher zone is 37,850-37,925, above that 38,075-38,225 is a Profit-booking zone.
Nifty support levels are 17,700, 17,675, 17,625, 17,550, 17,500, 17,475.
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Nifty higher levels are 17,900, 17,925, 17,950, 18,000, 18,050, 18,100.
Bank Nifty support levels are 37,525, 37,450, 37,350, 37,225, 37,150, 37,050, 36,925, 36,825.
Bank Nifty higher levels are 37,850, 37,925, 38,075, 38,225, 38,300, 38,450, 38,550, 38,625.
FIIs Index Long position unchanged at 74%
PCR light and comfortable at 0.86 Vs 1.06
India VIX up by 3% at 19.02
For Existing Long Positions:
Nifty Intraday and Closing stop loss are 17,650.
Bank Nifty Intraday stop loss is 37,450 and Closing stop loss is 37150
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For Existing Short Positions:
Nifty Intraday stop loss is 17,925 and Closing stop loss is 18,050.
Bank Nifty Intraday and Closing stop loss are 38,075.
For New Positions:
Sell Nifty with a stop loss of 17,925 and target 17,700, 17,675, 17,625, 17,550, 17,500.
Buy Nifty in 17550-17600 range with a stop loss of 17,475 and target 17,625, 17.675, 17,700, 17,775, 17,800.
Aggressive Traders Buy Nifty on Gap-down Opening with a strict stop loss of 17,650 and target 17,775, 17,800, 17,900, 17,925, 17,950, 18,000, 18,050, 18,100.
Read More:-Sensex falls over 350 pts at opening trade, Nifty opens below 17,800; IT, Banks stocks drag
For New Positions:
Sell Bank Nifty with a stop loss of 38,075 and target 37,525, 37,450, 37,350, 37,225, 37,150, 37,050, 36,925, 36,825.
Buy Bank Nifty in 37,150-37,225 range with a stop loss of 36,800 and target 37,350, 37,450, 37,525, 37,650, 37,825, 37,925.
No Stocks in F&O Ban
Uma Exports Listing: Expected to list at 5-10% higher than the issue price of 68. Keep Stop loss of issue price.
