Anil Singhvi’s Strategy October 22: Day support range on Nifty is 11,765-11,835 & Bank Nifty is 24,275-24,425

Amid negative global markets, domestic institutional investors (DIIs), positive foreign institutional investors (FIIs), neutral futures & options (F&O) and sentiment cues, the short-term trend of the Indian stock markets will be positive on Thursday, October 22, 2020. 

The benchmark indices ended the roller coaster session with decent gains on Wednesday, October 21, 2020. The S&P BSE Sensex gained 162.94 points or 0.40 per cent at 40,707.31. The Nifty 50 index added 40.85 points or 0.34 per cent at 11,937.65. Similarly, the Bank Nifty gained 323.25 points or 1.33 per cent to settle at 24,635.05.

The broader market at BSE also climbed marginally but underperformed the Sensex. The BSE Mid-Cap index rose 0.23 per cent and the BSE Small-Cap index added 0.03 per cent.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for October 22:

Day support range on Nifty is 11,765-11,835 and the day higher range is 11,975-12,025.

Day support range on Bank Nifty is 24,275-24,425, Below that 24,050-24,100 is the strong buy zone. 

Day higher range on Bank Nifty is 24.800-25,000. 

The small day range for trading on Nifty is 11,875-11,975, while the medium and bigger day ranges are 11,835-12,020 and 11,775-12,100, respectively.

The small day range for trading on Bank Nifty is 24,425-24,625, while the medium and bigger day ranges are 24,300-24,800 and 24,100-24,950, respectively. 

FIIs Net Index long unchanged at 65%.

Put-Call Ratio (PCR) is 1.42 Vs 1.46, India Volatility Index (VIX) 1% up at 22.92.

For Existing Long Positions:

Nifty Intraday and closing stop loss are 11,750.

Bank Nifty Intraday and closing stop loss are 24,250.

For Existing Short Positions:

Nifty Intraday and closing stop loss are 12,050.

Bank Nifty Intraday and closing stop loss are 24,825.

For New Positions:

Buy Nifty in 11,800-11,875 range with a stop loss of 11,750 and target 11,900, 11,935, 11,975, 12,020.

Sell Nifty in 11,975-12,025 range with a stop loss of 12,050 and target 11,950, 11,900, 11,875. 

For New Positions:

Buy Bank Nifty in 24,275-24,425 range with a stop loss of 24,200 and target 24,500, 24,625, 24,800, 24,950.

Sell Bank Nifty with a stop loss of 24,825 and target 24,525, 24,425, 24,325, 24,275, 24,100.

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Enters F&O Ban: NIL

3 Out Of Ban: SAIL, Tata Motors, JSPL

7 Already in Ban: Idea, BHEL, Canara Bank, IB Housing, PNB, Nalco, Mindtree