Anil Singhvis Strategy July 6: Day support zone on Nifty is 10,475-10,550 & Bank Nifty is 21,500-21,700; Midcaps & Smallcaps sectors are Positive

Amid positive global markets, foreign institutional investors (FIIs), neutral domestic institutional investors (DIIs), futures & options (F&O) and cautious sentiment cues, the short-term trend of the Indian stock markets will be positive on Monday, July 6, 2020.

The domestic stocks markets closed with modest gains or around 0.50 per cent on Friday, July 3, 2020. BSE Sensex closed 177.72 points or 0.50 per cent, higher at 36,021.42. Nifty 50 closed 55.65 points or 0.53 per cent, higher at 10,607.35. However, Bank Nifty dropped 100.80 points, or 0.45 per cent, to 21,852.40. 

Key domestic indices logged gains of more than two per cent for the third straight week ended on Friday. In steady trade this week, stocks rose in sync with global markets. Global stocks appreciated on the hope of continued recovery in economic activity, offsetting the COVID 19 concerns. The Sensex reclaimed 36,000-mark and the Nifty regained 10,600 level. During the week, Sensex rose 850 points or 2.42 per cent to settle at 36021. The Nifty 50 index gained 224 points or 2.16 per cent to settle at 10,603.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for July 6: 

Day support zone on Nifty is 10,475-10,550 and higher range is 10,700-10,750.

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

The small day range for trading on Nifty is 10,550-10,650, while the medium and bigger trading ranges are 10,500-10,700 and 10,475-10,750 respectively. 

The small day range for trading on Bank Nifty is 21,700-22,150, while the medium and bigger trading ranges are 21,600-22,325 and 21,500-22,450 respectively. 

Put-Call Ratio (PCR) is 1.5, India Volatility Index (VIX) down 3% at 25.77. 

For Existing Long Positions:

Nifty intraday stop loss 10,475 and closing stop loss 10,550.

Bank Nifty intraday and closing stop loss 21,700.

For Existing Short Positions:

Nifty intraday and closing stop loss 10,625.

BankNifty intraday and closing stop loss 22,100.

For New Positions:

Buy Nifty with a stop loss of 10,475 and target 10,650, 10,700, 10,750.

Sell Nifty in 10,700-10,750 range with a stop loss of 10,800, and target 10,650, 10,625, 10,600. 

Buy Bank Nifty with a stop loss of 21,700, and target 22,050, 22,150, 22,250, 22,350, 22,450.

Sell Bank Nifty in 22,300-22,450 range with a stop loss of 22,550, and target 22,200, 22,050, 21,950.

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Sectors:

Positive: Midcaps & Smallcaps

Enters F&O Ban: IB Housing Finance

Already in Ban: Vodafone Idea, Glenmark, SAIL