Anil Singhvi’s Strategy June 16: Day support zone on Nifty is 9,725-9,800 & Bank Nifty is 19,550-19,750

Amid positive global market, positive domestic institutional investors (DIIs), negative foreign institutional investors (FIIs), neutral futures & options (F&O) and sentiment cues, the short-term trend of the Indian stock markets will be neutral on Tuesday, June 16, 2020. 

Domestic equity benchmarks declined around 1.6 per cent on Monday, June 15, 2020, amid a plunge in global stocks due to a fear of second round of COVID-19 infections. Several districts of China's capital Beijing closed schools and ordered people to be tested after an unexpected rise in infections linked to the biggest wholesale food market in Asia.

Sensex at Bombay Stock Exchange fell 552 points, or 1.63 per cent, to close at 33,229. Similarly, the Nifty at National Stock Exchange settled 159 points, or 1.6 per cent, down at 9,814. Bank Nifty fell 742 points, or 3.59 per cent, to 19,913. In the broader market at BSE, Mid-cap ended 1.15 per cent down while Small-cap remained flat.  

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for June 16: 

Day support zone on Nifty is 9,725-9,800 and the higher range is 9,950-10,000, above that 10,050-10,175 is strong sell zone.

Day support zone on Bank Nifty is 19,550-19,750 and the higher range is 20,300-20,500, above that 20,650-20,850 is strong sell zone 

Put-Call Ratio (PCR) is 1.34 and India Volatility Index (VIX) up 6% at 32.58. 

For Existing Long Positions:

Nifty intraday stop loss is 9,700 and closing stop loss is 9,800.

Bank Nifty intraday stop loss is 19,750 and closing stop loss is 19,900.

For Existing Short Positions:

Nifty intraday stop loss is 10,000 and closing stop loss is 10,175.

Bank Nifty intraday stop loss is 20,300 and closing stop loss is 20,550.

For New Positions:

Buy Nifty with a stop loss of 9,800 and target 10,000, 10,050, 10,125, 10,175.

Sell Nifty in 10,000-10,175 range with a stop loss of 10,200, and target 9,950, 9,900.

Buy Bank Nifty with a stop loss of 19,750, and target 20,500, 20,650, 20,725, 20,850, 20,950.

Sell Bank Nifty in 20,650-20,850 range with a stop loss of 21,000, and target 20,550, 20,425, 20,325.

F&O Ban Update:

Out of Ban: PVR

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Already in Ban: Vodafone Idea, Adani Enterprises, BHEL, Just Dial