Anil Singhvi’s Strategy April 23: Strong Support Zone on Nifty is 8,950-9,050 & Bank Nifty is 19,050-19,250

Anil Singhvi’s Strategy April 23: Amid neutral global market, foreign institutional investors (FIIs) and sentiment, and futures & options (F&O) and positive neutral domestic institutional investors (DIIs) cues, the short-term trend of the Indian stock markets will be neutral on Thursday, April 23, 2020.

Key equity barometers ended with robust gains of about than 2% on Wednesday, 22 April 2020. Index heavyweight Reliance Industries (RIL) was the single biggest contributor to the rally in the benchmark indices. RIL spurted about 10% after Facebook-Jio deal. The Nifty managed to close above the 9,100-mark. The barometer S&P BSE Sensex, jumped 742.84 points or 2.42% at 31,379.55. The Nifty 50 index gained 205.85 points or 2.29% at 9,187.30. Bank Nifty gained 292.50 points or 1.51% and closed at 19,701.85.

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Zee Business's Managing Editor Anil Singhvi's Market Strategy for April 23:

Strong Support Zone on Nifty is 8,950-9,050 and Bank Nifty is 19,050-19,250.

Higher Zone on Nifty 9,250-9,400 and Bank Nifty is 20,450-20,650.

The small day range on Nifty is 9,125-9,250, while medium and bigger ranges are 9,050-9,325 and 9,000-9,400 respectively.

The small day range on Bank Nifty is 19,500-19,900, while medium and bigger ranges are 19,420-20,150 and 19,050-20,450 respectively.

For Existing Long Positions:

Nifty intraday stop loss 9,100 and closing stop loss 8,975.

Bank Nifty intraday and closing stop loss 19,400.

For Existing Short Positions:

Nifty intraday and closing stop loss 9,275.

Bank Nifty intraday and closing stop loss 20,000.

For New Positions:

Buy Nifty with a stop loss of 9,000 and target 9,250, 9,325, 9,375.

Sell Nifty in 9,325-9,400 range with a stop loss of 9,500 and target 9,275, 9,225, 9,200.

Buy Bank Nifty with a stop loss of 19,400 and target 19,900, 20,150, 20,450, 20,650.

Sell Bank Nifty in 20,150-20,450 range with a stop loss of 20,550 and target 20,000, 19,900, 19,700. 

Put-Call Ratio (PCR) is 1.37 and the Volatility Index (VIX) is down by 5% to 42.82.