Anil Singhvi’s Strategy July 10: Day support zone on Nifty is 10,675-10,725 & Bank Nifty is 22,500-22,700; Buy First Source with a Stop Loss of 40

Amid negative global markets, domestic institutional investors (DIIs), futures & options (F&O), neutral foreign institutional investors (FIIs), and sentiment cues, the short-term trend of the Indian stock markets will be positive on Friday, July 10, 2020.

Benchmark domestic stocks gained more than 1 per cent on Thursday, July 9, 2020, amid positive global cues. Sensex at Bombay Stock Exchange climbed 409 points, or 1.12 per cent, to close at 36,738. Similarly, the Nifty at National Stock Exchange surged 108 points, or 1.01 per cent, to settle at 10,813. Bank Nifty gained 323 points, or 1.43 per cent, to settle at 22,907. 

Broader indices at BSE underperformed the Sensex as the Mid-cap closed almost flat adding marginally by 0.07 per cent and the Small-cap rose 0.49 per cent.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for July 10: 

Day support zone on Nifty is 10,675-10,725, below that 10,550-10,625 is strong support zone.

Day Higher range on Nifty is 10,825-10,875, above that 10,950-11,000 is final target.

Day support zone on Bank Nifty is 22,500-22,700, below that 22,200-22,350 is strong support zone. 

Higher range on Bank Nifty is 22,900-23,100, above 23,100, direct 23,500 is possible.

The small day range for trading on Nifty is 10,765-10,850, while the medium and bigger ranges are 10,725-10,900 and 10,675-10,975, respectively. 

The small day range for trading on Bank Nifty is 22,675-22,900, while the medium and bigger ranges are 22,600-23,000 and 22,500-23,100, respectively.

Put-Call Ratio (PCR) is 1.67, alert at a higher level, India Volatility Index (VIX) down 5% at 24.91. 

For Existing Long Positions:

Nifty intraday and closing stop loss 10,675.

Bank Nifty intraday stop loss 22,675 and closing stop loss 22,500.

For Existing Short Positions:

Nifty intraday and closing stop loss 10,850.

Bank Nifty intraday and closing stop loss 23,100.

For New Positions:

Buy Nifty in 10,675-10,725 range with a stop loss of 10,600 and target 10,760, 10,800, 10,835, 10,875.

Sell Nifty in 10875-10950 range with a stop loss of 11,000 and target 10,825, 10,775, 10,725.

Buy Bank Nifty in 22,500-22,675 range with a stop loss of 22,400 and target 22,900, 23,000, 23,075, 23...

Sell Bank Nifty in 22,900-23,100 range with a stop loss of 23,200 and target 22,700, 22,625, 22,525.

4 Stocks In F&O Ban: Glenmark, IB Housing Finance, BHEL, SAIL

Out of Ban: Equitas

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Buy First Source: Stop loss 40 and target 42.50, 43.50. Rakesh Jhunjhunwala increase stake in Varinder Results x-ray stock.