Anil Singhvi’s Strategy August 7: Day support zone on Nifty is 11,050-11,125 & Bank Nifty is 21,375-21,450; Sell Lupin Futures with Stop loss 950

Anil Singhvi’s Strategy August 7: Amid positive global markets, sentiment, neutral foreign institutional investors (FIIs), futures & options (F&O), negative domestic institutional investors (DIIs) cues, the short-term trend of the Indian stock markets will be positive on Friday, August 7, 2020. 

Benchmark domestic stocks on Thursday, August 6, 2020, surged around one per cent amid mixed global cues. The Sensex at Bombay Stock Exchange gained 362 points, or 0.96 per cent, to close at 38,025. Nifty at National Stock Exchange rose 99 points, or 0.89 per cent, to settle at 11,200. Likewise, Bank Nifty gained 133 points, or 0.62 per cent, to close at 21,643.

In the broader market at BSE, the Mid-cap closed 0.77 per cent up and Small-cap gained 0.99 per cent.

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Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for August 7: 

Day support zone on Nifty is 11,050-11,125 and the day higher range is 11,200-11,340.

Day support zone on Bank Nifty is 21,375-21,450, below that 21,025-21,100 is strong buy zone. 

Day higher range on Bank Nifty is 21,800-21,925 and above that 22,075-22,225 is profit booking zone.

The small day range for trading on Nifty is 11,125-11,250, while the medium and bigger ranges are 11,100-11,300 and 11,050-11,340, respectively.

The small day range for trading on Bank Nifty is 21,450-21,800, while the medium and bigger ranges are 21,375-21,925 and 21,075-22,075, respectively.

Put-Call Ratio (PCR) is 1.64, profit-booking expected at a higher level, India Volatility Index (VIX) 2% down at 23.15.

For Existing Long Positions:

Nifty intraday and closing stop loss 11,050.

Bank Nifty intraday and closing stop loss 21,350

For Existing Short Positions:

Nifty intraday and closing stop loss 11,260.

Bank Nifty intraday and closing stop loss 21,700.

For New Positions:

Buy Nifty in 11,050-11,125 range with a stop loss of 11,000 and target 11,150, 11,200, 11,225, 11,300.

Sell Nifty in 11,275-11,325 range with a stop loss of 11,350 and target 11,200, 11,150, 11,125. 

Buy Bank Nifty in 21,375-21,500 range with a stop loss of 21,300 and target 21,650, 21,800, 21,900, 22,000.

Sell Bank Nifty in 21,900-22,100 range with a stop loss of 22,250 and target 21,800, 21,650, 21,500. 

Canara Bank enters F&O Ban

Result Analysis:

Sell Lupin Futures: Stop loss 950 and target is 900, 885, 850.

Stock of the Day:

Buy Vedanta Futures in 122-125 range: Stop loss 120 and target 128, 131. Metals looking very strong.