Anil Singhvi’s Strategy October 8: Day support zone on Nifty is 11,625-11,675 & Bank Nifty is 22,750-22,850

Anil Singhvi’s Strategy October 8: Amid positive global markets, foreign institutional investors (FIIs), sentiment, neutral futures & options (F&O) and negative domestic institutional investors (DIIs) cues, the short-term trend of the Indian stock markets will be positive on Thursday, October 8, 2020.

The domestic share markets advanced for the fifth trading session on Wednesday, October 7, 2020, led by the index major Reliance. While huge buying was seen in the shares of consumer durables, auto and energy sectors; shares of metal, power, realty and utility sectors recorded maximum selling.

The benchmark index at the Bombay Stock Exchange surged by 304 points or 0.8 per cent to end at 39,879. The National Stock Exchange also recorded a rise of 0.7 per cent. The Nifty climbed 76 points to close the day at 11,739. Similarly, the Bank Nifty index grew by 111 points, or 0.49 per cent, to close at 22,965.

See Zee Business Live TV streaming below:

Strong Indicators for Market

Strong Global Market
TCS Wipro buyback
Strong FIIs Buying
Strong technical and short-covering
Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for October 8: 

Day support zone on Nifty is 11,625-11,675 and day higher range is 11,800-11,900.

Day support range on Bank Nifty is 22,750-22,850, below that 22,525-22,625 is strong buy zone.

Day higher range on Bank Nifty is 23,075-23,200, above that 23,425-23,525 is profit-booking zone.

The small day range for trading on Nifty is 11,675-11,775, while the medium and bigger day ranges are 11,625-11,825 and 11,575-11,900, respectively.

The small day range for trading on Bank Nifty is 22,850-23,075, while the medium and bigger day ranges are 22,625-23,200 and 22,525-23,425, respectively. 

FIIs Net Index long at 66% Vs 64% 

Put-Call Ratio (PCR) 1.58 Vs 1.57, India Volatility Index (VIX) 2% up at 20.06

For Existing Long Positions:

Nifty intraday and closing stop loss are 11,625

Bank Nifty intraday and closing stop loss are 22,500 

For Existing Short Positions:

Nifty intraday and closing stop loss are 11,800

Bank Nifty intraday and closing stop loss are 23,100.

For New Positions:

Buy Nifty in 11,650-11,700 range with a stop loss of 11,600 and target 11,775, 11,800, 11,850, 11,900.

Sell Nifty in 11,875-11,900 range with a stop loss of 12,000 and target 11,825, 11,775. 

Buy Bank Nifty in 22,650-22,850 range with a stop loss of 22,500 and target 22,950, 23,050, 23,200, 23,425. 

Sell Bank Nifty in 23,400-23,500 range with a stop loss of 23,600 and target 23,250, 23,200, 23,100.

3 Stocks in F&O Ban:

New in Ban:  BHEL, Adani Enterprises

Out of Ban: Vedanta

Already in Ban:  Vodafone Idea