Anil Singhvi’s Strategy May 20: Market bullish if Nifty and Bank Nifty closes above 9200 & 19000

Anil Singhvi’s Strategy May 20: Amid neutral global markets, foreign institutional investors (FIIs), futures & options (F&O), sentiment, positive domestic institutional investors (DIIs) and cautious sentiment cues, the short-term trend of the Indian stock markets will be negative on Wednesday, May 20, 2020.

Domestic stock markets ended in green on Tuesday, May 19, 2020, amid positive cues from global markets. Equity benchmark Sensex gained 167.19 points, or 0.56%, to settle at 30,196.17. Similarly, NSE Nifty jumped 55.85 points, or 0.63%, to 8,879.10. However, Bank Nifty lost 86.95 points, or 0.49%, and closed at 17,486.25. 

In the previous session, the BSE barometer settled 1,069 points or 3.44 per cent lower at 30,029, while the broader NSE Nifty plunged 313 points or 3.43 per cent to 8,823.

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Zee Business's Managing Editor Anil Singhvi's Market Strategy for May 20:

Day Support Zone on Nifty is 8,650-8,800 and Higher Range is 9,000-9,150.

Day Support Zone on Bank Nifty is 16,800-17,100 and Higher Range is 18,000-18,300.

Small Day Range for trading on Nifty is 8,800-9,000, while the medium and bigger ranges are 8,750-9,050 and 8,650-9,150 respectively.

Small Day Range for trading on Bank Nifty 17,100-18,000, while the medium and bigger ranges are 17,000-18,150 and 16,800-18,300 respectively.

Market neutral if Nifty and Bank Nifty closes above 9,050 & 18,300.

Market bullish if Nifty and Bank Nifty closes above 9,200 & 19,000.

Put-Call Ratio (PCR) 1.03 and India Volatility Index (VIX) down 4% at 39.45. 

For Existing Long Positions:

Nifty intraday and closing stop loss 8,800.

Bank Nifty intraday and closing stop loss 17,400.

For Existing Short Positions:

Nifty intraday and closing stop loss 9,050.

Bank Nifty intraday stop loss 17,850 and closing stop loss 18,300

For New Positions:

Buy Nifty with a stop loss of 8,800 and target 9,000, 9,050, 9,125, 9,150.

Sell Nifty in 9000-9150 range with a stop loss of 9,200 and target 8,925, 8,875, 8,850, 8,800.

Buy Bank Nifty in 16,800-17,100 range with a stop loss of 16,650 and target 17,400, 17,500, 17,600.

Sell Bank Nifty in 18,000-18,250 range with a stop loss of 18,500 and target 17,800, 17,600, 17,500.                                                                               

In F&O Ban:

Vodafone Idea entered in Ban