Anil Singhvi’s Strategy July 29: Day support zone on Nifty is 11,150-11,225 & Bank Nifty is 21,600-21,850

Anil Singhvi’s Strategy July 29: Amid neutral global markets, futures & options (F&O), positive foreign institutional investors (FIIs), sentiment and the negative domestic institutional investors (DIIs) cues, the short-term trend of the Indian stock markets will be positive on Wednesday, July 29, 2020.

Equity benchmarks on Tuesday, July 28, 2020, surged around one and a half per cent amid mixed cues from global markets. Auto and IT shares were in demand. Strength in index pivotal TCS pushed the barometers higher. 

The Sensex at Bombay Stock Exchange climbed 558 points, or 1.47 per cent, to close at 38,493. Similarly, Nifty at National Stock Exchange gained 169 points, or 1.52 per cent, to settle at 11,301. Nifty Bank gained 256 points, or 1.17 per cent, to close at 22,105.

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In the broader market at BSE, the Mid-cap and Small-cap underperformed the Sensex. Mid-cap closed 0.76 per cent up and Small-cap added 0.61 per cent.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for July 29: 

Day support zone on Nifty is 11,150-11,225 and the day higher range is 11,400-11,450.

Day support zone on Bank Nifty is 21,600-21,850 and the day higher range is 22,300-22,500, above that 22,600-22,800 is profit-booking range. 

Small Day Range for trading on Nifty is 11,250-11,350, while the medium and bigger ranges are 11,200-11,400 and 11,150-11,450, respectively. 

Small Day Range on Bank Nifty is 22,000-22,300, while the medium and bigger ranges are 21,850-22,400 and 21,600-22,500, respectively.

Put-Call Ratio (PCR) is 1.83, cautious at a higher level, India Volatility Index (VIX) 5.5% down at 23.64.

For Existing Long Positions:

Nifty intraday stop loss is 11,200 and closing stop loss is 11,125.

Bank Nifty intraday stop loss is 21,950 and closing stop loss is 21,850.

For Existing Short Positions:

Nifty intraday and closing stop loss are 11,325.

Bank Nifty intraday and closing stop loss are 22,250.

For New Positions:

Buy Nifty with a stop loss of 11,200 and target 11,350, 11,400, 11,450.

Sell Nifty in 11,400-11,450 range with a stop loss of 11,500 and target 11,350, 11,325, 11,300.

Buy Bank Nifty with a stop loss of 21,850 and target 22,225, 22,300, 22,400, 22,500. 

Sell Bank Nifty in 22,400-22,500 range with a stop loss of 22,600 and target 22,300, 22,225, 22,100.

4 Stocks In F&O Ban:

Out of Ban: BHEL, Adani Enterprises, GMR Infra, SAIL, RBL Bank

Already in Ban: Vodafone Idea, IB Housing, Canara Bank, IndusInd Bank