Anil Singhvi’s Strategy November 2: Day support range on Nifty is 11,525-11,600 & Bank Nifty is 23,725-23,825

Amid neutral global markets, negative foreign institutional investors (FIIs), futures & options (F&O) & sentiment and positive domestic institutional investors (DIIs) cues, the short-term trend of the Indian stock markets will be positive on Monday, November 2, 2020. 

Key equity benchmarks declined for a third straight session on Friday, October 30, 2020, mirroring weak global cues. After opening higher, the S&P BSE Sensex fell 135.78 points or 0.34 per cent to settle at 39,614.07. The Nifty 50 index lost 28.40 points or 0.24 per cent to end at 11,642.40. The Bank Nifty lost 191.10 points or 0.79 per cent and closed at 23,900.90.

The broader market at BSE, the BSE Mid-Cap closed rose 0.68 per cent, while the BSE Small-Cap index depreciated 0.03 per cent.

Editor’s Take

Global Vs Local

Uncertainty over USA Elections and Corona break out in Europe and US

Strong quarterly results, better GST collection, Better Sales during the festive season

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for November 2: 

Day support range on Nifty is 11,525-11,600 and day higher range is 11,750-11,825. 

Day support range on Bank Nifty is 23,725-23,825, below that 23,450-23,550 is strong buy zone. 

Day higher range on Bank Nifty is 24,075-24,250, above that 24,350-24,475 is strong sell zone

Small Day Range for trading on Nifty is 11,625-11,725, while the medium and bigger day ranges are 11,600-11,750 and 11,525-11,825, respectively.

Small Day Range for trading on Bank Nifty is 23,825-24,075, while the medium and bigger day ranges are 23,625-24,250 and 23,550-24,350, respectively. 

FIIs Net Index long at lowest level 40% Vs 45%

Put-Call Ratio (PCR) higher at 1.46 Vs 1.65, India VIX 3% up at 24.75

For Existing Long Positions:

Nifty Intraday and closing stop loss are 11600

Bank Nifty Intraday stop loss is 23,600 and closing stop loss is 23,800.

For Existing Short Positions:

Nifty Intraday and closing stop loss are 11,775.

Bank Nifty Intraday stop loss is 24,100 and closing stop loss is 24,250.

For New Positions:

Buy Nifty with a stop loss of 11,600 and target 11,725, 11,750, 11,775, 11,825. 

Sell Nifty in 11,750-11,825 range with a stop loss of 11,900 and target 11,725, 11,675, 11,650.

For New Positions:

Buy Bank Nifty with a stop loss of 23,600 and target 24,075, 24,150, 24,250, 24,350, 24,475. 

Sell Bank Nifty in 24,350-24,475 range with a stop loss of 24,550 and target 24,250, 24,150, 24,075, 23,950. 

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