Anil Singhvi’s Strategy July 16: Amid neutral global markets, foreign institutional investors (FIIs), futures & options (F&O), negative domestic institutional investors (DIIs) and cautious sentiment, cues, the short-term trend of the Indian stock markets will be positive on Thursday, July 16, 2020.

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Equity benchmarks Sensex and Nifty on Wednesday, July 15, 2020, surrendered most of the day's gains to end marginally higher. During the day, the 30-share BSE Sensex rallied 777 points, driven by positive sentiment across global markets on hopes of a COVID-19 vaccine. The index, however, made a U-turn in the last hour of trade and settled just 19 points, or 0.05 per cent, higher at 36,052. Similarly, the NSE Nifty closed 11 points, or 0.10 per cent, up at 10,618. However, Bank Nifty dropped 51 points, or 0.24 per cent, to 21,341.

In the broader market at BSE, the Mid-cap closed lower by 0.35 per cent while the Small-cap closed almost flat as it logged a marginal loss of 0.05 per cent.

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Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for July 16: 

Day support zone on Nifty is 10,475-10,550, the higher range is 10,700-10,750, above that 10,800-10,850 is Profit-Booking zone.

Day support zone on Bank Nifty is 21,200-21,350, below that 20,800-21,000 is next support. 

The higher range on Bank Nifty is 21,650-21,850, above that 21,950-22,150 is Profit-Booking zone.

Put-Call Ratio (PCR) is 1.15, India Volatility Index (VIX) 1% down at 26.29.

For Existing Long Positions:

Nifty intraday and closing stop loss 10,550.

Bank Nifty intraday and closing stop loss 21,200

For Existing Short Positions:

Nifty intraday stop loss 10,725 and closing stop loss 10,850.

BankNifty intraday stop loss 21,650 and closing stop loss 22,050.

For New Positions:

Buy Nifty with a stop loss of 10,550 and target 10,700, 10,750, 10,800.

Sell Nifty in 10,750-10,800 range with a stop loss of 10,900 and target 10,700, 10,625.

Buy Bank Nifty with a stop loss of 21,200 and target 21,500, 21,650, 21,750, 21,850, 21,950

Sell Bank Nifty in 21,850-21,950 range with a stop loss of 22,200 and target 21,750, 21,650, 21,500, 21,400.

Stocks In F&O Ban:

New Entry: L&T Finance

9 Already in Ban: Canara Bank, Mindtree, Century Textiles, Vodafone Idea, PNB, Equitas, SAIL, Escorts, Sun TV

Out of Ban: Nil

Stock of the Day:

Buy Infosys Futures: Stop loss 825, target 850, 860, 875. Strong Results, ADR up by 13%.