Anil Singhvi’s Strategy September 28: Day support zone on Nifty is 11,000-11,050 & Bank Nifty is 20,825-20,950

Amid positive global markets, domestic institutional investors (DIIs), sentiments, neutral foreign institutional investors (FIIs) and futures & options (F&O) cues, the short-term trend of the Indian stock markets will be neutral on Monday, September 28, 2020. 

Benchmark domestic stocks on Friday, September 25, 2020, gained more than two per cent snapping a losing streak of six sessions. Key indices climbed amid mixed global cues. The Sensex regained 37,000-mark while the Nifty reclaimed 11,000-level. The Sensex at Bombay Stock Exchange surged 835 points, or 2.28 per cent, to close at 37,389. The Nifty at National Stock Exchange also rose 245 points, or 2.27 per cent, to settle at 11,050. The Bank Nifty gained 525.50 points, or 2.57 per cent, and closed at 20,982.35.

The broader market at BSE was also appreciated outperforming the Sensex. The Mid-cap jumped 2.9 per cent while the Small-cap ended 2.31 per cent up

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for September 28:

Market to turn strong if Nifty and Bank Nifty closes above 11,250 and 21,400, respectively. 

Day support zone on Nifty is 11,000-11,050, below that 10,800-10,850 is a strong buy zone.

Day higher range on Nifty is 11,125-11,150, above that 11,250-11,300 is the profit-booking zone.

Day support zone on Bank Nifty is 20,825-20,950, below that 20,400-20,450 is strong buy zone.

Day higher range on Bank Nifty is 21,275-21,350, above that 21,450-21,650 is the profit-booking zone.

The small day range for trading on Nifty is 11,050-11,125, while the medium and bigger ranges are 11,000-11,150 and 10,850-11,250, respectively. 

The small day range for trading on Bank Nifty is 20,950-21,275, while the medium and bigger ranges are 20,825-21,350 and 20,450-21,450, respectively.

FIIs Net Index long increased 54% Vs 44% due to big short-covering

Put-Call Ratio (PCR) 1.31 Vs 1.11, India Volatility Index (VIX) down 12% at 20.68

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 20,450.

For Existing Short Positions:

Nifty intraday and closing stop loss are 11,150

Bank Nifty intraday stop loss is 21,200 and closing stop loss is 21,400.

For New Positions:

Buy Nifty with a stop loss of 11,000 and target 11,125, 11,150, 11,200, 11,250. 

Sell Nifty near 11,250 with a stop loss of 11,350 and target 11,200, 11,150, 11,125.

Buy Bank Nifty with a stop loss of 20,800 and target 21,150, 21,275, 21,350, 21,450. 

Sell Bank Nifty in 21,350-21,475 range with a stop loss 21,550 and target 21,275, 21,200, 21,075.

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Valuations reasonable but growth is missing. Avoid for listing gains.