Anil Singhvi’s Strategy October 6: Day support zone on Nifty is 11,350-11,450 & Bank Nifty is 22,050-22,250

Anil Singhvi’s Strategy October 6: Amid neutral global markets, foreign institutional investors (FIIs), domestic institutional investors (DIIs), futures & options (F&O) and positive sentiments cues, the short-term trend of the Indian stock markets will be positive on Tuesday, October 6, 2020.

Benchmark domestic stocks on Monday, October 5, 2020, gained around 0.75 per cent amid positive global cues. The Sensex at Bombay Stock Exchange climbed 277 points, or 0.71 per cent, to close at 38,974. The Nifty at National Stock Exchange also surged 86 points, or 0.76 per cent, to settle at 11,503. Similarly, Bank Nifty gained 1225 points, or 0.56 per cent, to settle at 22,371.

The broader market at BSE closed divergently. The Mid-cap fell 0.18 per cent and Small-cap appreciated 0.38 per cent.

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Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for October 6: 

The day support zone on Nifty is 11,350-11,450 and the day higher range is 11,575-11,650. 

The day support range on Bank Nifty is 22,050-22,250 and the day higher range is 22,800-22,950.

The small day range for trading on Nifty is 11,450-11,575, while the medium and bigger ranges are 11,400-11,625 and 11,350-11,650, respectively. 

The small day range for trading on Bank Nifty is 22,250-22,650, while the medium and bigger ranges are 22,050-22,800 and 21,950-22,950, respectively. 

FIIs Net Index long unchanged at 66%. 

Put-Call Ratio (PCR) 1.37 Vs 1.55, India Volatility Index (VIX) up 7% at 19.71

For Existing Long Positions:

Nifty intraday and closing stop loss are 11,400.

Bank Nifty intraday and closing stop loss are 22,200. 

For Existing Short Positions:

Nifty intraday and closing stop loss are 11,600.

Bank Nifty intraday and closing stop loss are 22,800.

For New Positions:

Buy Nifty with a stop loss of 11,400 and target 11,575, 11,625, 11,650.

Sell Nifty in 11,600-11,650 range with a stop loss of 11,700 and target 11,550, 11,500

Buy Bank Nifty with stop loss of 22,200 and target 22,550, 22,650, 22,750, 22,950. 

Sell Bank Nifty in 22,800-22,950 range with a stop loss of 23,100 and target 22,650, 22,550, 22,450.

Already in F&O Ban: Vedanta