Anil Singhvi’s Strategy July 17: Day support zone on Nifty is 10,550-10,625 & Bank Nifty is 21,225-21,350

Anil Singhvi’s Strategy July 17: Amid neutral global markets, negative foreign institutional investors (FIIs), positive domestic institutional investors (DIIs), sentiment and cautious futures & options (F&O) cues, the short-term trend of the Indian stock markets will be positive on Friday, July 17, 2020.

Benchmark domestic stocks on Thursday, July 16, 2020, advanced more than one per cent even as global cues were negative. Sensex at Bombay Stock Exchange closed 420 points, or 1.16 per cent, up at 36,472. Similarly, the Nifty at National Stock Exchange gained 122 points, or 1.15 per cent, to settle at 10,740. Likewise, Bank Nifty gained 256 points, or 1.2 per cent, to settle at 21,597.15 

In the broader market at BSE, the Mid-cap also added 0.71 per cent while the Small-cap logged a loss of 0.13 per cent.

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Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for July 17: 

Day support zone on Nifty is 10,550-10,625 and the higher range is 10,800-10,850, above that 10,900-10,950 is Profit-Booking zone.

Day support zone on Bank Nifty is 21,225-21,350, below that 20,900-21,050 is next support. 

The higher range on Bank Nifty is 21,850-21,950, above that 22,100-22,200 is Profit-Booking zone.

The small day range for trading on Nifty is 10,700-10,800, while the medium and bigger ranges are 10,625-10,850 and 10,575-10,900 respectively. 

The small day range for trading on Bank Nifty is 21,400-21,850, while the medium and bigger ranges are 21,225-21,950 and 21,050-22,050, respectively.

Put-Call Ratio (PCR) is 1.62, cautious at higher levels, India Volatility Index (VIX) 4% down at 25.36.

For Existing Long Positions:

Nifty intraday stop loss is 10,700 and closing stop loss is 10,600.

Bank Nifty intraday and closing stop loss are 21,300.

For Existing Short Positions:

Nifty intraday and closing stop loss are 10,825.

Bank Nifty intraday and closing stop loss are 21,750.

For New Positions:

Buy Nifty with a stop loss of 10,700 and target 10,800, 10,825, 10,875, 10,900.

Sell Nifty in 10,825-10,900 range with a stop loss of 10,925 and target 10,775, 10,725.

Buy Bank Nifty with a stop loss of 21,300 and target 21,750, 21,850, 21,950, 22,075. 

Sell Bank Nifty in 21,900-22,050 range with a stop loss of 22,200 and target 21,750, 21,650, 21,550.

Stocks In F&O Ban:

6 Already in Ban: Canara Bank, Century Textiles, Vodafone Idea, PNB, Sun TV, L&T Finance

Out of Ban: Equitas, SAIL, Escorts, Mindtree