Anil Singhvi’s Strategy September 22: Amid negative global markets, foreign institutional investors (FIIs), domestic institutional investors (DIIs), positive futures & options (F&O) and cautious sentiment cues, the short-term trend of the Indian stock markets will be neutral on Tuesday, September 22, 2020. 

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The domestic share markets plunged more than two per cent on Monday, September 21, 2020, and closed in red amid weak global cues and massive global selloff. The S&P BSE Sensex ended 811.68 points, or 2.09 per cent, lower at 38,034.14. The Nifty 50 index lost 282.75 points, or 2.46 per cent, to settle at 11,222.20.

The broader market at BSE tumbled around 3.50 per cent. The Mid-cap plunged 3.43 per cent while the Small-cap closed 3.61 per cent down.   

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Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for September 22: 

Day support zone on Nifty is 11,100-11,175 and the day higher range is 11,350-11,425.

Day support zone on Bank Nifty is 20,900-21,100, below that 20,550-20,650 is strong support zone. 

Day higher range on Bank Nifty is 21,500-21,650, above that 21,800-22,000 is strong sell zone.

The small Day Range for trading on Nifty is 11,200-11,300, while the medium and bigger day ranges are 11,175-11,350 and 11,100-11,425, respectively.

The small Day Range for trading on Bank Nifty is 21,000-21,500, while the medium and bigger day ranges are 20,900-21,650 and 20,650-21,800, respectively.

Net index long increased to 56% Vs 55%

PCR oversold at 1.07 Vs 1.37, VIX at 22.19 Vs 20.05

For Existing Long Positions:

Nifty intraday and closing stop loss are 11,100.

Bank Nifty intraday and closing stop loss are 21,000.

For Existing Short Positions:

Nifty intraday stop loss is 11,400 and closing stop loss is 11,500.

Bank Nifty intraday stop loss is 21,800 and closing stop loss is 22,000.

For New Positions:

Buy Nifty in 11,100-11,175 range with a stop loss of 11,000 and target 11,250, 11,300, 11,350, 11,400. 

Sell Nifty in 11,350-11,425 range with a stop loss of 11,500 and target 11,300, 11,250, 11,200.

Buy Bank Nifty in 20,550-20,650 range with a stop loss of 20,450 and target 20,800, 20,900, 21,000, 21,100.

Aggressive traders can buy in 20,900-21,100 range with a strict stop loss of 20,800.

Sell Bank Nifty in 21,650-21,800 range with a stop loss of 22,000 and target 21,500, 21,400, 21,300. 

F&O Ban:

No New Entry in F&O Ban

6 Out of Ban: BHEL, JSPL, Adani Enterprises, Canara Bank, Tata Chemicals, L&T Finance

Angel Broking IPO Preview: Valuation reasonable but many players already listed. Avoid for Listing Gains.