Anil Singhvi’s Strategy October 23: Day support range on Nifty is 11,765-11,835 & Bank Nifty is 24,250-24,325

Amid positive global markets, foreign institutional investors (FIIs), negative domestic institutional investors (DIIs), cautious futures & options (F&O) and neutral sentiment cues, the short-term trend of the Indian stock markets will be positive on Friday, October 23, 2020. 

Equity benchmarks on Thursday, October 22, 2020, logged losses, snapping winning rally of four sessions amid negative global cues. The BSE 30-share index, Sensex lost 148.82 points or 0.37 per cent to settle at 40,558.49. The NSE Nifty-50 index also fell 41.20 points or 0.35 per cent to settle at 11,896.45. Similarly, Bank Nifty fell 150.90 points or 0.61 per cent to 24,484.15.

On the other hand, the broader market at BSE climbed outperformed the Sensex. The BSE Mid-Cap index rose 0.54 per cent and the BSE Small-Cap index added 0.85 per cent.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for October 23:

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 24,250-24,325, below that 24,050-24,100 is the strong Buy zone. 

Day higher range on Bank Nifty is 24,650-24,800, above that 24,950-25,200 is the strong Sell zone.

The small day range for trading on Nifty is 11,865-11,935, while the medium and bigger day ranges are 11,830-11,970 and 11,765-12,025, respectively. 

The small day range for trading on Bank Nifty is 24,325-24,650, while the medium and bigger ranges are 24,250-24,800 and 24,050-24,950, respectively.

FIIs Net Index long 64% Vs 65%.

Put-Call Ratio (PCR) is 1.61 Vs 1.42, Alert at a higher level. India Volatility Index (VIX) 1% up at 22.64.

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 11,775-11,835 range with a stop loss of 11,725 and target 11,875, 11,900, 11,935, 11,975. 

Sell Nifty in 11,970-12,015 range with a stop loss of 12,050 and target 11,940, 11,900, 11,875, 11,835.

For New Positions:

Buy Bank Nifty in 24,100-24,250 range with a stop loss of 24,000 and target 24,325, 24,425, 24,525, 24,625, 24,800. 

Sell Bank Nifty in 24,650-24,800 range with a stop loss of 24,850 and target 24,550, 24,425, 24,325, 24,250. 

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Enters F&O Ban: NIL

2 Out Of Ban: IB Housing, Idea

5 Already in Ban: BHEL, Canara Bank, PNB, Nalco, Mindtree