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.

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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