Anil Singhvi’s Strategy September 24: Day support zone on Nifty is 10,950-11,025 & Bank Nifty is 20,800-20,950

Anil Singhvi’s Strategy September 24: Amid negative global markets, foreign institutional investors (FIIs), sentiment, positive domestic institutional investors (DIIs), futures & options (F&O) cues, the short-term trend of the Indian stock markets will be neutral on Thursday, September 24, 2020. 

Benchmark domestic stocks on Wednesday, September 23, 2020, fell marginally amid steady Asian market cues. The Sensex and Nifty ended down for the fifth session in a row. The Sensex at Bombay Stock Exchange lost 66 points, or 0.17%, to close at 37,668. The Nifty at National Stock Exchange also slipped 22 points, or 0.20%, to settle at 11,132. Bank Nifty fell 39.40 points, or 0.19%, to 21,178.50.

The broader markets at BSE were also down. The Mid-cap declined 0.33 per cent while the Small-cap ended marginally lower by 0.07 per cent.

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Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for September 24: 

Day support zone on Nifty is 10,950-11,025 and the day higher range is 11,200-11,300.

Day support zone on Bank Nifty is 20,800-20,950, below that 20,550-20,700 is strong support zone. 

Day higher range on Bank Nifty is 21,150-21,350, above that 21,450-21,550 is strong sell zone. 

The small day range on Nifty is 11,025-11,150, while the medium and bigger day ranges are 11,000-11,200 and 10,950-11,250, respectively. 

The small day range on Bank Nifty is 20,950-21,150, while the medium and bigger day ranges are 20,800-21,300 and 20,650-21,450, respectively.

FIIs Net Index long at September's lowest levels to 50% Vs 53%. 

PCR oversold at 1.03 Vs 1.04, India VIX down 2% at 20.99.

For Existing Long Positions:

Nifty intraday stop loss is 10,950 and closing stop loss is 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 11,250.

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

For New Positions:

Buy Nifty in 10,950-11,025 range with a stop loss 10,800 and target 11,075, 11,125, 11,200. 

Sell Nifty in 11,200-11,300 range with a stop loss 11,350 and target 11,150, 11,100, 11,025.

Buy Bank Nifty in 20,550-20,700 range with a stop loss 20,450 and target 20,800, 20,950, 21,150. 

Sell Bank Nifty with a stop loss 21,400 and target 20,950, 20,825, 20,700, 20,650.

F&O Ban Update:

3 Out of Ban: Glenmark, Idea, VEDL

Already in Ban: IB Housing Finance