Anil Singhvi’s Strategy September 11: Day support zone on Nifty is 11,375-11,425 & Bank Nifty is 22,075-22,275

Amid neutral global markets, domestic institutional investors (DIIs), sentiment, positive foreign institutional investors (FIIs) and cautious futures & options (F&O) cues, the short-term trend of the Indian stock markets will be positive Friday, September 11, 2020.

The domestic stock markets closed in the green on Thursday, September 10, 2020. The 30-share BSE Sensex soared 646 points or 1.69 per cent to finish at 38,840. The broader NSE Nifty rallied 171 points or 1.52 per cent to close at 11,449. Similarly, Bank Nifty gained 199 points or 0.89 per cent to settle at 22,466.  

On the other hand, the broader market at BSE underperformed the Sensex. The Mid-cap added 0.92 per cent and Small-cap climbed 1.27 per cent.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for September 11: 

Day support zone on Nifty is 11,375-11,425, below that 11,275-11,325 is the strong buy zone, 11,475-11,525 is the day higher range, above that 11,575-11,650 is profit booking zone.

Day support zone on Bank Nifty is 22,075-22,275, day higher range is 22,650-22,850 and above that 22,950-23,075 is the profit booking range.

The small day range for trading on Nifty is 11,375-11,500, while the medium and bigger range is 11,325-11,550 and 11,275-11,650, respectively.

The small day range for trading on Bank Nifty is 22,250-22,650, while the medium and bigger range is 22,075-22,750 and 22,000-22,850, respectively.

FIIs net index long 58% Vs 55%, Put-Call Ratio (PCR) 1.57 Vs 1.20, Alert at a higher level. India Volatility Index (VIX) down 4% to 21.22.

For Existing Long Positions:

Nifty intraday and closing stop loss are 11,275.

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

For Existing Short Positions:

Nifty intraday and closing stop loss are 11,525. 

Bank Nifty intraday and closing stop loss are 22,700.

For New Positions:

Buy Nifty in 11,325-11,375 range with a stop loss of 11,275 and target 11,400, 11,450, 11,500, 11,550.

Sell Nifty in 11,500-11,550 range with a stop loss of 11,650 and target 11,450, 11,425, 11,375.   

Buy Bank Nifty in 22,100-22,300 range with a stop loss of 22,000 and target 22,450, 22,550, 22,650, 22,750, 22,850. 

Sell Bank Nifty in 22,650-22,850 range with a stop loss of 23,000 and target 22,550, 22,450, 22,300.

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7 Stocks In F&O Ban:

Enters Ban: Apollo Tyres

Out of Ban: Canara Bank

6 Already in Ban: Bank Of Baroda, IB Housing, PNB, Vodafone Idea, BHEL, JSPL