Anil Singhvi’s Strategy July 9: Day support zone on Nifty is 10,550-10,625 & Bank Nifty is 22,200-22,400

Amid positive global markets, negative foreign institutional investors (FIIs), domestic institutional investors (DIIs), neutral futures & options (F&O) and sentiment cues, the short-term trend of the Indian stock markets will be positive on Thursday, July 9, 2020.

Snapping winning rally of five straight sessions amid weak global cues, the benchmark domestic stocks declined on Wednesday, July 8, 2020, and closed in a red. The Sensex at Bombay Stock Exchange (BSE) lost 346 points, or 0.94 per cent, to close at 36,329. Similarly, the Nifty at National Stock Exchange fell 94 points, or 0.87 per cent, to settle at 10,706. Bank Nifty lost 43 points, or 0.19 per cent, and settled at 22,585. 

Broader indices at BSE outperformed the Sensex as they fell marginally. Mid-cap lost 0.39 per cent and Small-cap slipped 0.43 per cent.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for July 9: 

Day support zone on Nifty is 10,550-10,625, Weakness only if break 10,675.

Higher range on Nifty is 10,800-10,875, above that 10,950-11,000 is final target.

Day support zone on Bank Nifty is 22,200-22,400, below that 21,950 is strong support and 22,900-23,100 is higher range.

The small day range for trading on Nifty is 10,675-10,750, while the medium and bigger ranges are 10,625-10,800 and 10,550-10,850, respectively. 

The small day range for trading on Bank Nifty is 22,300-22,675, while the medium and bigger ranges are 22,200-22,900 and 22,050-23,050, respectively. 

Put-Call Ratio (PCR) is 1.37, India Volatility Index (VIX) up 4% at 26.10. 

For Existing Long Positions:

Nifty intraday stop loss is 10,675 and closing stop loss is 10,550.

Bank Nifty intraday stop loss is 22,500 and closing stop loss is 22,200.

For Existing Short Positions:

Nifty intraday and closing stop loss are 10,850.

Bank Nifty intraday and closing stop loss are 22,700.

For New Positions:

Buy Nifty in 10,550-10,625 range with a stop loss of 10,500 and target 10,675, 10,725, 10,775, 10,825.

Sell Nifty in 10,800-10,875 range with a stop loss of 10,925 and target 10,775, 10,700, 10,675.

Buy Bank Nifty in 22,200-22,300 range with a stop loss of 22,000 and target 22,400, 22,500, 22,625, 22,700, 22,900.

Sell Bank Nifty in 22,900-23,100 range with a stop loss of 23,200 and target 22,700, 22,600, 22,500

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