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. 

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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