Anil Singhvi’s Strategy July 24: Day support zone on Nifty is 11,050-11,100 & Bank Nifty is 22,800-22,900

Anil Singhvi’s Strategy July 24: Amid neutral global markets, positive foreign institutional investors (FIIs), sentiment, negative domestic institutional investors (DIIs) and futures & options (F&O) cues, the short-term trend of the Indian stock markets will be positive on Friday, July 24, 2020.

Benchmark domestic stocks on Thursday, July 23, 2020, gained more than 0.7 per cent amid positive global cues. The Sensex at Bombay Stock Exchange reclaimed 38,000-mark while the Nifty at National Stock Exchange regained 11,200-level.

Sensex closed 269 points, or 0.71 per cent, up at 38,140. Similarly, the Nifty rose 83 points, or 0.74 per cent, to settle at 11,215. Bank Nifty rose 201 points, or 0.88 per cent, to settle at 23.084. 

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In the broader market at BSE, the Mid-cap climbed 0.98 per cent and the Small-cap added 0.61 per cent.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for July 24: 

Day support zone on Nifty is 11,050-11,100 and the day higher range is 11,250-11,350. 

Day support zone on Bank Nifty is 22,800-22,900, below that 22,550-22,650 is strong buy zone.  

Day higher range on Bank Nifty is 23,125-23,200, above that 23,300-23,450 is profit booking range.

The small day range for trading on Nifty is 11,175-11,250, while the medium and bigger ranges are 11,125-11,300 and 11,050-11,350 respectively. 

The small day range for trading on Bank Nifty is 22,800-23,125, while the medium and bigger ranges are 22,700-23,300 and 22,600-23,400, respectively.

Put-Call Ratio (PCR) is 1.90, overbought, Alert at a higher level, India Volatility Index (VIX) 1% down 24.64.

For Existing Long Positions:

Nifty intraday and closing stop loss 11,100.

Bank Nifty intraday and closing stop loss 22,750.

For Existing Short Positions:

Nifty intraday and closing stop loss 11,250.

BankNifty intraday and closing stop loss 23,225.

For New Positions:

Buy Nifty in 11,050-11,125 range with a stop loss of 11,000 and target 11,175, 11,225, 11,300, 11,350.

Sell Nifty in 11,300-11,350 range with a stop loss of 11,400 and target 11,250, 11,200, 11,175, 11,125. 

Buy Bank Nifty in 22,650-22,750 range with a stop loss of 22,500 and target 22,900, 23,075, 23,200, 23,300. 

Sell Bank Nifty in 23,300-23,450 range with a stop loss of 23,550 and target 23,150, 23,075, 22,950, 22,850.

11 Stocks in F&O Ban:

Out of Ban: Escorts

Already in Ban: Sun TV, L&T Finance, NALCO, Glenmark, BHEL, Adani Enterprises, M&M Finance, JSPL, GMR Infra, Vodafone Idea, SAIL.