Amid positive global markets, foreign institutional investors (FIIs), negative domestic institutional investors (DIIs), neutral futures & options (F&O) and cautious sentiment cues, the short-term trend of the Indian stock markets will be positive on Wednesday, September 2, 2020.

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Equity indices on Tuesday, September 1, 2020, returned to winning rally after a day's pause, propelled by the index heavyweights. Sharp appreciation in the rupee and the positive global cues added to the momentum. Telecom stocks were in action after the Supreme Court pronounced its verdict on adjusted gross revenue (AGR) case. Recovery in monthly auto sales also supported sentiment.

The BSE Sensex settled 273 points or 0.71 per cent higher at 38,901. Similarly, the NSE Nifty advanced 83 points or 0.73 per cent to settle at 11,470. The Bank Nifty gained 58 points or 0.24 per cent to settle at 23,812.

At the broader market at BSE, the Mid-cap gained 1.16 per cent while Small-cap added 0.54 per cent.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for September 2: 

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 net index long 64% Vs 58%, Put-Call Ratio (PCR) 1.29, India Volatility Index (VIX) down 5% to 21.80 

Day support zone on Nifty is 11,325-11,375, below that 11,175-11,250 is strong support zone and 11,550-11,650 is day higher range.

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 23,950-24,200, above that 24,500-24,600 is the profit booking zone.

The Small day range on Nifty is 11,375-11,500, while the medium and bigger day ranges are 11,325-11,550 and 11,250-11,650, respectively.

The Small day range on Bank Nifty is 23,600-23,950, while the medium and bigger day ranges are 23,400-24,200 and 23,100-24,500, respectively.

For Existing Long Positions:

Nifty intraday and closing stop loss are 11,325.

Bank Nifty intraday and closing stop loss are 23,350.

For Existing Short Positions:

Nifty intraday and closing stop loss are 11,550.

Bank Nifty intraday and closing stop loss are 24,200.

For New Positions:

Buy Nifty in 11,325-11,400 range with a stop loss of 11,250 and target 11,425, 11,475, 11,550, 11,650.

Sell Nifty in 11,550-11,600 range with a stop loss of 11,700 and target 11,475, 11,425, 11,375, 11,325. 

Buy Bank Nifty in 23,400-23,600 range with a stop loss of 23,350 and target 23,750, 23,950, 24,050, 24,200, 24,500.

Sell Bank Nifty in 24,200-24,500 range with a stop loss of 24,650 and target 24,000, 23,800, 23,600, 23,500.

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2 Stocks In F&O Ban:

New In Ban: IB Housing

Already In Ban: Vodafone Idea