Anil Singhvi’s Strategy August 31: Day support zone on Nifty is 11,550-11,600 & Bank Nifty is 23,950-24,100

Amid positive global markets, foreign institutional investors (FIIs), sentiment, negative domestic institutional investors (DIIs) and neutral futures & options (F&O) cues, the short-term trend of the Indian stock markets will be positive on Monday, August 31, 2020.

Benchmark domestic stocks on Friday, August 28, 2020, gained amid mixed global cues. The Sensex at Bombay Stock Exchange rose 354 points, or 0.9 per cent, to close at 39,467. Nifty at National Stock Exchange also added 88 points, or 0.83 per cent, to settle at 11,648. Similarly, Bank Nifty gained 923 points, or 4.19 per cent, to close at 24,524.  

At the broader market at BSE, the Mid-cap gained 0.55 per cent while Small-cap fell 0.23 per cent.

Reliance- Future Deal

Positive for Reliance
Negative for Futures Enterprises
Positive for all other Future group companies
Positive for PSU Banks: Bank of India, BoB, IDBI etc.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for August 31: 

Day support zone on Nifty is 11,550-11,600 and the higher range is 11,775-11,825.

Day support zone on Bank Nifty is 23,950-24,100 and the higher range is 24,950-25,225.

The small day range for trading on Nifty is 11,600-11,700, while the medium and bigger ranges are 11,550-11,775 and 11,475-11,825, respectively.

The small Day Range on Bank Nifty is 24,500-24,950, while the medium and bigger ranges are 24,100-25,150 and 23,950-25,225, respectively.

For Existing Long Positions:

Nifty intraday and closing stop loss are 11,550.

Bank Nifty intraday and closing stop loss are 24,000.

For Existing Short Positions:

Nifty intraday and closing stop loss are 11,700

Bank Nifty intraday and closing stop loss are 24,650.

FIIs net long in the index, 77% Vs 75%, Put-Call Ratio (PCR) is 1.64.

For New Positions:

Buy Nifty with a stop loss of 11,550 and target 11,700, 11,775, 11,825.

Buy Bank Nifty with a stop loss of 24,000 and target 24,950, 25,175, 25,225.

Sectors: 

Positive: Banks, NBFCs, Metals, PSUs

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Stocks In F&O Ban:

New in Ban: Vodafone Idea, Bank of Baroda