Anil Singhvi’s Strategy June 17: Day support zone on Nifty is 9,725-9,800 & Bank Nifty is 19,500-19,750

Amid negative global market, foreign institutional investors (FIIs), positive domestic institutional investors (DIIs), neutral futures & options (F&O) and cautious sentiment cues, the short-term trend of the Indian stock markets will be neutral on Wednesday, June 17, 2020. 

Domestic equity benchmarks gained more than one per cent on Tuesday, June 16, 2020, amid positive global cues. Sensex at Bombay Stock Exchange climbed 376 points, or 1.13 per cent to close at 33,605. Similarly, the Nifty at National Stock Exchange settled 100 points, or 1.02 per cent, up at 9,914. Bank Nifty gained 384 points, or 1.93 per cent, to settle at 20,297. In the broader market at BSE, Mid-cap added 0.37 per cent while Small-cap remained flat. 

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for June 17: 

Day support zone on Nifty is 9,725-9,800, below that strong support zone is 9,500-9,550.

Day higher range on Nifty is 10,000-10,050 and above that, the strong sell zone is 10,125-10,175. 

Day support zone on Bank Nifty is 19,500-19,750, higher range is 20,500-20,750, and above that the strong sell zone is 21,000-21,200.

Put-Call Ratio (PCR) is 1.28 and India Volatility Index (VIX) up 1% at 32.97. 

For Existing Long Positions:

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

Bank Nifty intraday and closing stop loss are 19,900.

For Existing Short Positions:

Nifty intraday stop loss is 10,050 and closing stop loss is 10,175.

Bank Nifty intraday stop loss is 20,500 and closing stop loss is 20,750.

For New Positions:

Buy Nifty in 9,725-9,800 range with a stop loss of 9,675 and target 9,850, 9,900, 9,950, 10,000.

Sell Nifty in 10,000-10,175 range with a stop loss of 10,200, and target 9,950, 9,900, 9,850.

Buy Bank Nifty in 19,500-19,750 range with a stop loss of 19,400, and target 19,900, 20,300, 20,400, 20,500.

Sell Bank Nifty in 20,500-20,750 range with a stop loss of 20,900, and target 20,500, 20,400, 20,300, 20,000.

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F&O Ban Update:

Enter F&O Ban: JSPL

Out of Ban: BHEL

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