Anil Singhvi’s Strategy July 2: Banks & NBFCs are Positive; Buy Bank Nifty Spot with Stop Loss 21,800 & Nifty Spot with Stop loss 10,400

Anil Singhvi’s Strategy July 2: Amid positive global markets, domestic institutional investors (DIIs), sentiment, negative foreign institutional investors (FIIs) and neutral futures & options (F&O) cues, the short-term trend of the Indian stock markets will be positive on Thursday, July 2, 2020.

Domestic equity benchmarks on Wednesday, July 1, 2020, closed with gains of more than one per cent amid mixed global cues. Sensex at the Bombay Stock Exchange climbed 499 points, or 1.43 per cent, to close at 35,414. Similarly, the Nifty at National Stock Exchange surged 128 points, or 1.24 per cent, to settle at 10,430. Bank Nifty gained 607 points, or 2.84 per cent, to 21,978.

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Broader indices at BSE logged marginal gains. Mid-cap appreciated 0.18 per cent while Small-cap added 0.39 per cent.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for July 2: 

Strong support zone on Nifty is 10,250-10,325 and the higher range is 10,550-10,600.

Strong support zone on Bank Nifty is 21,500-21,700 and the higher range is 22,250-22,475.

The small day range for trading on Nifty is 10,400-10,500, while the medium and bigger trading ranges are 10,350-10,550 and 10300-10600, respectively. 

The small day range for trading on Bank Nifty is 21,800-22,150, while the medium and bigger trading ranges are 21,700-22,250 and 21,600-22,475, respectively.

Put-Call Ratio (PCR) is 1.43, India Volatility Index (VIX) down 3% at 28.12. 

For Existing Long Positions:

Nifty intraday and closing stop loss 10,275.

Bank Nifty intraday and closing stop loss 21,700.

For Existing Short Positions:

Nifty intraday and closing stop loss 10,550.

Bank Nifty intraday and closing stop loss 22,100.

For New Positions:

Buy Nifty with a stop loss of 10,350 and target 10,475, 10,500, 10,550, 10,600.

Buy Bank Nifty with a stop loss of 21,700, and target 22,150, 22,250, 22,450.

Sectors:

Positive: Bank, NBFCs

Enters F&O Ban: Glenmark

Already in Ban: Vodafone Idea

Stock of the Day:

Buy Bank Nifty Spot: Stop loss 21,800 and target 22,150, 22,250, 22,450

Buy Nifty Spot: Stop loss 10,400 and target 10,500, 10,550, 10,600.