Anil Singhvi’s Strategy May 11: Day Support Zone on Nifty is 9,125-9,200 & Bank Nifty is 18,950-19,250

Amid positive global markets, neutral foreign institutional investors (FIIs), futures & options (F&O), sentiments, and negative domestic institutional investors (DIIs) cues, the short-term trend of the Indian stock markets will be Neutral on Monday, May 11, 2020. 

Following positive global cues, the Indian markets ended with gains of about 0.6 per cent on Friday, May 8, 2020. The benchmark index at the Bombay Stock Exchange gained 199.32 points or 0.63 per cent to end at 31,642.70. Besides some stock-specific action, appreciation in rupee and strong foreign fund inflows enthused buying activity in the domestic market. While heavy buying was recorded in the shares of FMCG, energy, healthcare, IT and technology sectors, shares of power, utilities, auto, consumer durables and metal sector registered selling. The National Stock Exchange ended with a gain of 0.57 per cent. The Nifty jumped 52.45 points to end at 9,251.50. However, weakness in banks shares capped gains. Bank Nifty lost 138.90 points or 0.71 per cent and settled at 19,352.90.  

Zee Business's Managing Editor Anil Singhvi's Market Strategy for May 11:

Day Support Zone on Nifty is 9,125-9,200 and the Higher Range is 9,375-9,500.

Day Support Range on Bank Nifty is 18,950-19,250 and the Higher Range is 19,700-20,000.

The small day range for trading on Nifty is 9,200-9,300, while the medium and bigger ranges are 9,175-9,375 and 9,100-9,500 respectively. 

The small day range for trading on Bank Nifty is 19,300-19,750, while the medium and bigger ranges are 19,200-19,850 and 19,000-20,050 respectively. 

For Existing Long Positions:

Nifty intraday and closing stop loss 9,175.

Bank Nifty intraday and closing stop loss 18,950.

For Existing Short Positions:

Nifty intraday and closing stop loss 9,400.

Bank Nifty intraday and closing stop loss 19,750.

For New Positions:

Buy Nifty with a stop loss of 9,175 and target 9,300, 9,375, 9,400, 9,450.

Sell Nifty in 9,375-9,500 range with a stop loss of 9,550 and target 9,300, 9,275, 9,250.

Buy Bank Nifty with a stop loss of 18,950 and target 19,500, 19,650, 19,850, 19,950. 

Sell Bank Nifty in 19,850-20,000 range with a stop loss of 20,300 and target 19,750, 19,650, 19,500.  

Put-Call Ratio (PCR) is 1.32 and the Volatility Index (VIX) down 4% at 38.41.

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Result Analysis:

ICICI Bank Futures: 322-328 Support Zone. 355-365 selling range. 30 per cent book under moratorium is a concern.