Anil Singhvi’s Strategy October 9: Amid positive global markets, foreign institutional investors (FIIs), sentiment, neutral domestic institutional investors (DIIs) and futures & options (F&O) cues, the short-term trend of the Indian stock markets will be positive on Friday, October 9, 2020. 

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Equity benchmarks Thursday, October 8, 2020, extended gains for the sixth session in a row amid positive global cues. The Sensex reclaimed 40,000-mark while Nifty regained 11,800 level.

The S&P BSE Sensex, gained 304 points or 0.76 per cent to settle at 40,183. The Nifty-50 index also jumped 96 points or 0.82 per cent to settle at 11,835. Similarly, Bank Nifty grew 227 points or 0.99 per cent to 23,191. 

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On the other hand, the broader market at BSE closed divergently underperforming the Sensex. The BSE Mid-Cap index rose 0.29 per cent and the BSE Small-Cap index slipped 0.26 per cent.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for October 8: 

Day Support zone on Nifty is 11,725-11,800 and the day higher range is 11,900-11,975.

Day support range on Bank Nifty is 22,850-22,950, below that 22,525-22,625 is strong buy zone and 23,425-23,525 is the day higher range. 

Small Day Range for trading is Nifty 11,800-11,900, while the medium and bigger day ranges are 11,750-11,950 and 11,675-12,000, respectively. 

Small Day Range for trading on Bank Nifty is 23,050-23,425, while the medium and bigger ranges are 22,950-23,525 and 22,850-23,650, respectively.

FIIs Net Index long at 68% Vs 66% 

Put-Call Ratio (PCR) 1.59 Vs 1.58, India Volatility Index (VIX) 2% up at 20.38

For Existing Long Positions:

Nifty intraday and closing stop loss are 11,725

Bank Nifty intraday stop loss is 23,000 and closing stop loss 22,850. 

For Existing Short Positions:

Nifty intraday and closing stop loss are 11,910.

Bank Nifty intraday and closing stop loss are 23,550.

For New Positions:

Buy Nifty with a stop loss of 11,725 and target 11,875, 11,900, 11,950, 11,975.

Sell Nifty in 11,950-12,000 range with a stop loss of 12,050 and target 11,900, 11,850.

Buy Bank Nifty in 22,950-23,050 range with a stop loss of 22,800 and target 23,175, 23,300, 23,425, 23,525. 

Sell Bank Nifty in 23,425-23,525 range with a stop loss of 23,650 and target 23,300, 23,200, 23,075.

4 Stocks in F&O Ban:

New in Ban:  Vedanta

Already in Ban:  Vodafone Idea, BHEL, Adani Enterprises