Anil Singhvi’s Strategy August 3: Day support zone on Nifty is 10,950-11,025 & Bank Nifty is 21,250-21,400

Amid neutral global markets, domestic institutional investors (DIIs), futures & options (F&O), sentiment and negative foreign institutional investors (FIIs) cues, the short-term trend of the Indian stock markets will be positive on August 3, 2020. 

Domestic equity benchmarks on Friday, July 31, 2020, dropped marginally, tracking losses in index heavyweights amid mixed cues from global markets. The BSE Sensex ended 129 points or 0.34 per cent lower at 37,607, while the NSE Nifty fell 29 points or 0.26 per cent to 11,073. The Nifty declined 2.01% in three sessions. Similarly, Bank Nifty dropped 7 per cent, or 0.3 per cent, to 21,640. 

In the broader market at BSE, the Mid-cap and Small-cap outperformed the Sensex. Mid-cap closed 0.36 per cent up and Small-cap gained 0.82 per cent. 

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for August 3: 

Day support zone on Nifty is 10,950-11,025 and the day higher range is 11,150-11,225. 

Day support zone on Bank Nifty is 21,250-21,400 and day higher range is 21,800-22,000.

Small day range for trading on Nifty is 11,025-11,100, while the medium and bigger ranges are 11,000-11,150 and 10,950-11,200, respectively. 

The small day range for trading on Bank Nifty is 21,400-21,800, while the medium and bigger ranges are 21,250-21,900 and 21,050-22,050, respectively.

Put-Call Ratio (PCR) is 1.31, India Volatility Index (VIX) 2% down at 24.19.

For Existing Long Positions:

Nifty intraday and closing stop loss are 11,000.

Bank Nifty intraday stop loss is 21,500 and closing stop loss 21,600.

For Existing Short Positions:

Nifty intraday and closing stop loss are 11,200.

Bank Nifty intraday and closing stop loss are 21,800.

For New Positions:

Buy Nifty in 11,000-11,025 range with a stop loss of 10,950 and target 11,075, 11,150, 11,200. 

Sell Nifty in 11,150-11,225 range with a stop loss of 11,300 and target 11,100, 11,075, 11,025. 

Buy Bank Nifty in 21,400-21,500 range with a stop loss of 21,250 and target 21,650, 21,800, 21,900, 22,000.

Sell Bank Nifty in 21,800-22,000 range with a stop loss of 22,100 and target 21,650, 21,500, 21,400.

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