Anil Singhvi’s Strategy October 28: Day support range on Nifty is 11,775-11,825 & Bank Nifty is 24,350-24,500

Amid negative global markets, domestic institutional investors (DIIs), positive foreign institutional investors (FIIs), cautious futures & options (F&O) and neutral sentiment cues, the short-term trend of the Indian stock markets will be positive on Wednesday, October 28, 2020. 

Key barometers ended with strong gains on Tuesday, October 27, 2020, supported by private banks and financial stocks. The equity benchmark S&P BSE Sensex gained 376.60 points, or 0.94 per cent, and closed at 40,522.10. The Nifty 50 rose 121.65 points, or 1.03 per cent, to end at 11,889.40. Bank Nifty went up 694.05 points, or 2.88 per cent, to close at 24,769.50. The broader market at BSE also rose. The BSE Mid-Cap index jumped 1.65 per cent and the BSE Small-Cap index appreciated 0.6 per cent.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for October 28: 

Day support range on Nifty is 11,775-11,825, below that 11,675-11,725 is the strong buy zone. 

Day higher range on Nifty is 11,975-12,025. 

Day support range on Bank Nifty is 24,350-24,500, below that 24,100-24,250 is the strong buy zone. 

Day higher range on Bank Nifty is 24,950-25,200. 

Small day range for trading on Nifty is 11,825-11,935, while the medium and bigger day ranges are 11,775-11,975 and 11,725-12,025, respectively.

Small day range for trading on Bank Nifty is 24,500-24,825, while the medium and bigger day ranges are 24,350-24,950 and 24,250-25,200, respectively. 

FIIs Net Index long 55% Vs 60%

Put-Call Ratio (PCR) lower at 1.48 Vs 1.20, India Volatility Index (VIX) 3% down at 22.20.

For Existing Long Positions:

Nifty Intraday stop loss is 11,800 and closing stop loss is 11,700.

Bank Nifty Intraday and closing stop loss 24,450.

For Existing Short Positions:

Nifty Intraday stop loss is 12,025 and closing stop loss is 11,975

Bank Nifty Intraday and closing stop loss are 24,850.

For New Positions:

Buy Nifty in 11,725-11,775 range with a stop loss of 11,650 and target 11,825, 11,875, 11,925, 11,975. 

Sell Nifty in 11,970-12,015 range with a stop loss of 12,050 and target 11,935, 11,910, 11,875, 11,825.

For New Positions:

Buy Bank Nifty in 24,250-24,350 range with a stop loss of 24,200 and target 24,475, 24,550, 24,650, 24,800. 

Sell Bank Nifty in 24,950-25,200 range with a stop loss of 25,300 and target 24,850, 24,775, 24,650, 24,550.

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Total 2 Stocks in F&O Ban 

Enters F&O Ban: NIL

3 Out Of Ban: Nalco, Escorts, Vedanta

2 Already in Ban: COFORGE, Idea