Anil Singhvi’s Strategy April 21: Strong Support Zone on Nifty is 8,925-9,125; Sell ONGC Cash with Stop Loss 76.75

Anil Singhvi’s Strategy April 21: Amid negative global market, foreign institutional investors (FIIs), domestic institutional investors (DIIs), neutral futures & options (F&O) and cautious sentiments cues, the short-term trend of the Indian stock markets will be neutral on Tuesday, April 21, 2020.

Benchmark domestic stock indices, Sensex and Nifty remained almost flat but closed divergently amid negative global cues on Monday, April 20, 2020. The rapidly rising number of COVID-19 infections in India and the resultant deaths put pressure on bourses. However, hopes of fresh relief measures and economic stimulus supported buying.

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The barometer index, the S&P BSE Sensex, rose 59.28 points or 0.19% at 31,648. The index rose as much as 467.75 points at the day's high of 32,056.47. It fell as much as 98.46 points at the day's low of 31,490.26. The Nifty 50 index shed 4.90 points or 0.05% at 9,261.85. The index rose as much as 124.10 points at the day's high of 9,390.85. It fell as much as 35.95 points at the day's low of 9,230.80. Likewise, Bank Nifty fell 158.80 points or 0.77% to 20,522.65. 

Zee Business's Managing Editor Anil Singhvi's Market Strategy for April 21:

Strong Support Zone on Nifty is 8,925-9,125 and Bank Nifty is 19,700-19,900.

Strong Sell Zone on Nifty is 9,400-9,500 and Bank Nifty is 20,900-21,200. 

The small day range for trading on Nifty is 9,125-9,325, while the medium and bigger range are 9,050-9,400 and 8,925-9,500 respectively.

The small day range for trading on Bank Nifty is 20,150-20,650, while the medium and bigger range are 19,900-20,850 and 19,700-21,100 respectively. 

For Existing Long Positions:

Nifty intraday and closing stop loss 9,100.

Bank Nifty intraday and closing stop loss 20,150. 

For Existing Short Positions:

Nifty intraday and closing stop loss 9,400.

Bank Nifty intraday and closing stop loss 21,200. 

For New Positions:

Sell Nifty with a stop loss 9,400 and target 9,150, 9,050, 9,000, 8,925.

Buy Nifty in 9,000-9,050 range with a stop loss of 8,900 and target 9,125, 9,250, 9,325, 9,375.

Sell Bank Nifty in a stop loss of 21,200 and target 20,200, 20,000, 19,900, 19,700.

Buy Bank Nifty in 19,800-20,000 range with a stop loss of 19,700 and target 20,150, 20,400, 20,500, 20,650.

Put-Call Ratio (PCR) is 1.37 and the Volatility Index (VIX) is up by 2% to 43.46.

Stock Of The Day

Sell ONGC (Cash): Stop loss 76.75 and target 72.50, 71, 69.5.