Anil Singhvi’s Strategy September 23: Day support zone on Nifty is 11,000-11,100 & Bank Nifty is 20,850-21,000

Anil Singhvi’s Strategy September 23: Amid neutral global markets, negative foreign institutional investors (FIIs), positive domestic institutional investors (DIIs), futures & options (F&O) and cautious sentiment cues, the short-term trend of the Indian stock markets will be neutral on Wednesday, September 23, 2020.

Benchmark domestic stocks on Tuesday, September 22, 2020, declined amid negative Asian market cues. The Sensex closed below 38,000-mark while the Nifty settled below 11,200 level. The Sensex at Bombay Stock Exchange plunged 300 points, or 0.79%, to close at 37,734. The Nifty at National Stock Exchange also fell 97 points, or 0.86%, to settle at 11,154. Nifty Bank lost 228 points, or 1.07%, to 21,139.

On the other hand, the broader market at BSE underperformed the Sensex. The Mid-cap tumbled 1.7% while the Small-cap ended 1.61% down.

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Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for September 23: 

Day support zone on Nifty is 11,000-11,100 and the day higher range is 11,300-11,425.

Day support zone on Bank Nifty is 20,850-21,000, below that 20,550-20,650 is the strong support zone.

Day higher range on Bank Nifty is 21,300-21,450, above that 21,650-21,750 is the strong sell zone.

The small day range for trading on Nifty is 11,100-11,250, while the medium and bigger day ranges are 11,075-11,300 and 11,000-11,350, respectively.

The small day range for trading on Bank Nifty is 21,000-21,300, while the medium and bigger day ranges 20,850-21,450 and 20,650-21,650. 

Net index long increased to 53% Vs 56%.

PCR oversold at 1.04 Vs 1.07, Short covering expected at lower levels.

India VIX down 3% at 21.41

For Existing Long Positions:

Nifty intraday and closing stop loss are 11,000.

Bank Nifty intraday stop loss is 20,800 and closing stop loss is 21,000.

For Existing Short Positions:

Nifty intraday and closing stop loss are 11,300.

Bank Nifty intraday and closing stop loss are 21,500.

For New Positions:

Buy Nifty with a stop loss of 11,000 and target 11,200, 11,250, 11,300, 11,350, 11,425. 

Sell Nifty in 11,300-11,425 range with a stop loss of 11,500 and target 11,250, 11,200, 11,150.

Buy Bank Nifty with a stop loss of 20,800 and target 21,250, 21,350, 21,450, 21,650. 

Sell Bank Nifty in 21,350-21,500 range with a stop loss of 21,650 and target 21,250, 21,150, 21,000, 20,850. 

F&O Ban:

New Entry: IB Housing Finance

Out of Ban: SAIL

Already In Ban: Glenmark, Idea, VEDL