Anil Singhvi’s Strategy August 13: Day support zone on Nifty is 11,200-11,240 & Bank Nifty is 22,000-22,075

Amid positive global markets, futures & options (F&O), sentiment and negative neutral foreign institutional investors (FIIs) and domestic institutional investors (DIIs) cues, the short-term trend of the Indian stock markets will be positive on Thursday, August 13, 2020. 

The domestic benchmarks corrected themselves on Wednesday, August 12, 2020, by snapping their recent rising streak. The profit selling was triggered following weak macroeconomic data and concerns over rising coronavirus cases. The Sensex at Bombay Stock Exchange dropped 37 points, or 0.10 per cent, to close at 38,370. Nifty 50 at National Stock Exchange lost 14 points, or 0.12 per cent, to settle at 11,308. Bank Nifty gained 37 points, or 0.17 per cent, to close at 22,264. 

In the broader market at BSE, the Mid-cap closed 0.26 per cent down and Small-cap remained almost flat by slipping 0.2 per cent. 

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for August 13: 

Day support zone on Nifty is 11,200-11,240, below that 11,100-11,150 is strong buy zone.

Day higher range on Nifty is 11,375-11,400, above that 11,450-11,475 is profit booking zone.

Day support zone on Bank Nifty is 22,000-22,075, below that 21,800-21,900 is strong buy zone. 

Day higher range on Bank Nifty is 22,400-22,500, above that 22,650-22,750 is profit booking zone.

The small day range for trading on Nifty is 11,275-11,375, while the medium and bigger ranges are 11,240-11,400 and 11,200-11,450, respectively. 

The small day range for trading on Bank Nifty is 22,225-22,400, while the medium and bigger ranges are 22,075-22,500 and 21,900-22,650, respectively. 

Put-Call Ratio (PCR) is 1.45; India Volatility Index (VIX) is 2% down at 20.85.

For Existing Long Positions:

Nifty intraday and closing stop loss are 11,200.

Bank Nifty intraday stop loss is 22,000 and closing stop loss is 21,900

For Existing Short Positions:

Nifty intraday and closing stop loss are 11,400.

Bank Nifty intraday and closing stop loss are 22,325.

For New Positions: 

Buy Nifty with a stop loss of 11,200 and target 11,375, 11,400, 11,450.

Sell Nifty in 11,400-11,450 range with a stop loss of 11,500 and target 11,350, 11,325, 11,300.

Buy Bank Nifty with a stop loss of 22,200 and target 22,400, 22,500, 22,650.

Sell Bank Nifty in 22,450-22,500 range, only for skilled traders with strict stop loss of 22,575 and target 22,350, 22,250, 22,100. 

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