Anil Singhvi’s Strategy September 10: Day support zone on Nifty is 11,200-11,225 & 21,900-22,100; Buy Vedanta Futures with Stop Loss 127

Amid positive global markets, negative foreign institutional investors (FIIs), neutral domestic institutional investors (DIIs), futures & options (F&O) and sentiment cues, the short-term trend of the Indian stock markets will be positive Thursday, September 10, 2020. 

Key domestic equity indices today logged modest losses amid a plunge in global stocks on Wednesday, September 9, 2020. The Sensex at Bombay Stock Exchange lost 171 points, or 0.45 per cent, to close at 38,194. The Nifty 50 at National Stock Exchange also fell 40 points, or 0.35 per cent, to settle at 11,278. The Bank Nifty lost 477.40 points, or 2.1 per cent, to settle down at 22,267.

At the broader market at BSE, the Mid-cap slipped 0.28 per cent while Small-cap declined 0.94 per cent.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for September 10: 

Reduce your long positions if Nifty and Bank Nifty closes below 11,175 & 22,250, respectively. 

The trend again bullish if Nifty and Bank Nifty closes above 11,550 & 23,500, respectively. 

Day support zone on Nifty is 11,200-11,225, below that 11,125-11,175 is strong buy zone and 11,375-11,425 is the day higher range.

 Day support zone on Bank Nifty is 21,900-22,100 and the day higher range is 22,450-22,550, above that 22,650-22,850 is profit booking range.

The small day range for trading on Nifty is 11,200-11,325, while the medium and bigger range is 11,175-11,375 and 11,125-11,425, respectively.

The small day range for trading on Bank Nifty is 22,075-22,550, while the medium and bigger range is 22,000-22,650 and 21,900-22,750, respectively.

FIIs net index long 55% Vs 59%, Put-Call Ratio (PCR) 1.20 Vs 1.22, India Volatility Index (VIX) down 2% to 22.23.

For Existing Long Positions:

Nifty intraday and closing stop loss 11,175.

Bank Nifty intraday and closing stop loss 22,000.

For Existing Short Positions:

Nifty intraday and closing stop loss 11,375.

Bank Nifty intraday and closing stop loss 23,000.

For New Positions:

Buy Nifty with a stop loss of 11,100 and target 11,300, 11,325, 11,375, 11,425.

Sell Nifty in 11,375-11,425 range with a stop loss of 11,500 and target 11,325, 11,300, 11,275, 11,250.

Buy Bank Nifty with a stop loss of 22,000 and target 22,450, 22,550, 22,650, 22,750.

Sell Bank Nifty in 22,650-22,750 range with a stop loss of 22,900 and target 22,550, 22,450, 22,300.

7 Stocks In F&O Ban: Bank of Baroda, IB Housing, PNB, Vodafone Idea, Canara Bank, BHEL, JSPL

NO Fresh Entry and Exit from Ban

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Stock of the Day: 

Buy Vedanta Futures: Stop loss 127; target 133, 135, 140.  Metals looking strong, Board meeting on September 15, 2020.