Anil Singhvi’s Strategy October 27: Day support range on Nifty is 11,650-11,700 & Bank Nifty is 24,250-24,350

Amid negative global markets, domestic institutional investors (DIIs), neutral foreign institutional investors (FIIs), futures & options (F&O) and cautious sentiment cues, the short-term trend of the Indian stock markets will be positive on Tuesday, October 27, 2020. 

Equity benchmarks declined more than 1.3 per cent on Monday, October 26, 2020, amid negative global cues. The domestic indices fell mainly due to the plunge in Energy, Metal and Auto sector stocks. The BSE 30-share index, Sensex lost 540 points or 1.33 per cent to settle at 40,145.50. The NSE Nifty 50 index also fell 162.60 points or 1.36 per cent to settle at 11,767.75. Similarly, Nifty Bank fell 402.85 points or 1.65 per cent to 24,075.45.

The broader market at BSE also declined. The BSE Mid-Cap index tumbled 1.77 per cent and the BSE Small-Cap index depreciated 0.88 per cent.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for October 27:

The trend will be Neutral if Nifty and Bank Nifty closes below 11,650 and 23,450 levels. 

Day support range on Nifty is 11,650-11,700 and the day higher range is 11,875-11,925.

Day support range on Bank Nifty is 23,750-23,850, below that 23,450-23,550 is strong buy zone. 

Day higher on Bank Nifty is 24,250-24,350, above that 24,475-24,650 is strong sell zone.

The small day rage for trading on Nifty is 11,700-11,825, while medium and bigger day ranges are 11,675-11,875 and 11,600-11,900, respectively.

The small day rage for trading on Bank Nifty is 23,850-24,250, while medium and bigger day ranges are 23,750-24,350 and 23,550-24,475, respectively.

FIIs Net Index long 60% Vs 62%

Put-Call Ratio (PCR) lower at 1.2 Vs 1.47. India Volatility Index (VIX) 5% up at 22.83.

For Existing Long Positions:

Nifty Intraday and closing stop loss are 11,650.

Bank Nifty Intraday and closing stop loss are 23,850.

For Existing Short Positions:

Nifty Intraday and closing stop loss are 11,900.

Bank Nifty Intraday and closing stop loss are 24,500.

For New Positions:

Sell Nifty in 11,875-11,925 range with a stop loss of 11,975 and target 11,825, 11,800, 11,775, 11,740. 

Buy Nifty in 11,650-11,700 range with a stop loss of 11,600 and target 11,735, 11,765, 11,800, 11,825, 11,875.

  For New Positions:

Sell Bank Nifty in 24,350-24,475 range with a stop loss of 24,650 and target 24,250, 24,100, 23,950, 23,850, 23,750. 

Buy Bank Nifty in 23,450-23,550 range with a stop loss of 23,350 and target 23,750, 23,850, 23,950.

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Total 5 Stocks in F&O Ban 

1 Enters F&O Ban: COFORGE

3 Out of Ban: BHEL, PNB, Canara Bank

4 Already in Ban: Nalco, Escorts, Idea, Vedanta