Anil Singhvi’s Strategy June 3: Bank & NBFC sectors are Positive; Day Support Zone on Nifty is 9,700-9,825

Anil Singhvi’s Strategy June 3: Amid positive global market, sentiment, neutral foreign institutional investors (FIIs), domestic institutional investors (DIIs) and futures & options (F&O) cues, the short-term trend of the Indian stock markets will be positive on Wednesday, June 3, 2020.

Led by index-heavyweights amid positive cues from global markets, the domestic stocks markets surged for the fifth session in a row on Tuesday, June 2, 2020, and closed in green. After opening on a tepid note, the 30-share index BSE Sensex jumped over 522 points or 1.57% to close at 33,826. Similarly, NSE Nifty advanced 153 points or 1.56% to 9,979, while Bank Nifty rose 570 points or 2.86% to 20,530. Sentiment got a boost after Prime Minister Narendra Modi assured industry leaders on Tuesday that India will get its economic growth back and is already on that path with government's various reforms.  

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In the previous session, the BSE barometer settled 879 points or 2.57 per cent higher at 33,304 and the broader Nifty surged 246 points or 2.57 per cent to finish at 9,826.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for June 3: 

Day Support Zone on Nifty is 9,700-9,825 and the Higher Range is 10,300-10,450.

Day Support Zone on Bank Nifty is 19,850-20,250 and the Higher Range is 21,000-21,350.

The small day range for trading on Nifty is 9,975-10,050, while the medium and bigger ranges are 9,925-10,150 and 9,825-10,300 respectively.

The small day range for trading on Bank Nifty is 20,500-20,850, while the medium and bigger ranges are 20,250-21,000 and 20,000-21,350 respectively.

Put-Call Ratio (PCR) is 1.59 and the Volatility Index (VIX) down 2% at 30.12. 

For Existing Long Positions:

Nifty intraday and closing stop loss 9,800.

Bank Nifty intraday stop loss 20,200 and closing stop loss 19,950.

For Existing Short Positions:

Nifty intraday and closing stop loss 10,000.

Bank Nifty intraday and closing stop loss 20,650.

For New Positions:

Buy Nifty with a stop loss of 9,900 and target 10,050, 10,150, 10,200, 10,300.

Sell Nifty in 10,300-10,350 range with a stop loss of 10,450 and target 10,200, 10,150, 10,050.

Buy Bank Nifty with a stop loss of 20,200 and target 20,750, 20,850, 21,050.

Sell Bank Nifty in 21,050-21,300 range with a stop loss of 21,400 and target 20,950, 20,850, 20,750.

Sectors:

Positive: Bank, NBFCs

F&O Ban Update:

Vodafone Idea enters in a ban