Anil Singhvi’s Strategy August 17: Day support zone on Nifty is 11,050-11,125 & Bank Nifty is 21,375-21,450

Amid positive global markets, futures & options (F&O), neutral foreign institutional investors (FIIs), sentiment and negative domestic institutional investors (DIIs) cues, the short-term trend of the Indian stock markets will be positive on Monday, August 17, 2020. 

Domestic equity benchmarks on Friday, August 14, 2020, plunged more than one per cent, tracking negative global markets. The 30-share BSE index, Sensex, settled 433 points, or 1.13 per cent, lower at 37,877. The broader NSE Nifty slumped 122 points, or 1.08 per cent, to close at 11,178. Similarly, Bank Nifty closed 517 points, or 2.33%, lower at 21,679. 

In the broader market at BSE, the Mid-cap fell 1.02 per cent and Small-cap slipped 0.61 per cent.

Eicher Motors was the top loser in the Nifty 50 pack, falling around seven per cent, followed by Tata Motors, M&M, Axis Bank, Bajaj Finance, SBI, ITC, HDFC Bank, HCL Tech and IOC. On the other hand, JSW Steel, Coal India, Sun Pharma, Cipla, NTPC, Titan, Tata Steel, Shree Cement and Infosys were the gainers.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for August 17: 

Day support zone on Nifty is 11,050-11,125, the day higher range is 11,250-11,300, above that 11,325-11,375 is profit booking zone.

Day support zone on Bank Nifty is 21,375-21,450, below that 21,000-21,100 is strong buy zone, and 21,900-22,075 is the Day higher range.

The small day range for trading on Nifty is 11,175-11,250, while the medium and bigger ranges are 11,125-11,300 and 11,050-11,350, respectively.

The small day range for trading on Bank Nifty is 21,450-21,900, while the medium and bigger ranges are 21,375-22,000 and 21,100-22,075, respectively.

Put-Call Ratio (PCR) is 1.31; week-long positions reduced, India Volatility Index (VIX) is 5% up at 21.67.

For Existing Long Positions:

Nifty intraday and closing stop loss are 11,100.

BankNifty intraday and closing stop loss are 21,450.

For Existing Short Positions:

Nifty intraday and closing stop loss are 11,325.

BankNifty intraday and closing stop loss are 21,900.

For New Positions: 

Buy Nifty with a stop loss of 11,100 and target 11,250, 11,275, 11,300, 11,325, 11,350.

Sell Nifty in 11,300-11,350 range with a stop loss of 11,400 and target 11,250, 11,225, 11,200.

Buy Bank Nifty with a stop loss of 21,450 and target 21,800, 21,900, 22,000, 22,075. 

Sell Bank Nifty in 22,000-22,100 range with a stop loss of 22,250 and target 21,900, 21,800, 21,750, 21,650. 

9 Stocks In F&O Ban:

New in Ban: Manappuram Finance

8 Already In Ban: Vodafone Idea, Vedanta, Bata India, Glenmark Pharma, SAIL, Aurobindo Pharma, Ashok Leyland, BHEL

See Zee Business Live TV Streaming Below:

4 Out Of Ban: Muthoot Finance, Canara Bank, Century Textile, IB Housing