Anil Singhvi’s Strategy September 1: Day support zone on Nifty is 11,250-11,325 & Bank Nifty is 23,400-23,600

Amid neutral global markets, domestic institutional investors (DIIs), positive neutral futures & options (F&O), negative foreign institutional investors (FIIs) and cautious sentiment cues, the short-term trend of the Indian stock markets will be positive on Tuesday, September 1, 2020.

Equity benchmarks' six-session rally on Monday, August 31, 2020, came to a halt amid Profit-booking and negative global cues. The Sensex ended at 38,628, down 839 points or 2.13 per cent. On similar lines, the NSE Nifty tanked 260 points or 2.23 per cent to end at 11,388. Bank Nifty dropped 769 points or 3.14 per cent to 23,754.  

The broader market at BSE underperformed the Sensex. The Mid-cap tumbled 3.79 per cent while Small-cap crashed 4.37 per cent.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for September 1: 

The trend will change from positive to neutral only if Nifty & Bank Nifty closes below 11,175 & 22,300, respectively.

The trend again bullish if Nifty and Bank Nifty closes above 11,550 & 24,500, respectively.

FIIs reduced index long positions significantly to 58% Vs 77%

Put-Call Ratio (PCR) 1.17 Vs 1.64 very light, India Volatility Index (VIX) shot up 24% to 22.84 a sign of caution.

Day support zone on Nifty is 11,250-11,325, below that 11,100-11,175 is strong support zone. 

Day higher range on Nifty is 11,425-11,475, above that 11,550-11,650 is profit booking zone.

Day support zone on Bank Nifty is 23,400-23,600, below that 22,900-23,100 is strong support zone. 

Day higher range on Bank Nifty is 23,950-24,050, above that 24,500-24,600 is profit booking zone.

Small day range for trading on Nifty is 11,325-11,425, while the medium and bigger ranges are 11,250-11,475 and 11,175-11,550, respectively.

Small day range for trading on Bank Nifty is 23,400-24,050, while the medium and bigger ranges are 23,100-24,500 and 22,900-24,600, respectively.

For Existing Long Positions:

Nifty intraday and closing stop loss are 11,300.

Bank Nifty intraday and closing stop loss are 23,375.

For Existing Short Positions:

Nifty intraday and closing stop loss are 11,550.

Bank Nifty intraday and closing stop loss are 24,100.

For New Positions:

Buy Nifty with a stop loss of 11,300 and target 11,425, 11,475, 11,550.

Sell Nifty in 11,550-11,600 range with a stop loss of 11,650 and target 11,500, 11,475, 11,425. 

Buy Bank Nifty with a stop loss of 23,375 and target 23,950, 24,050, 24,500, 24,600.

Sell Bank Nifty in 24,500-24,600 range with a stop loss of 24,700 and target 24,100, 24,000, 23,800.

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Stocks In F&O Ban:

Out of Ban: Bank of Baroda

Already In Ban: Vodafone Idea