Anil Singhvi’s Strategy September 29: Day support zone on Nifty is 11,050-11,150 & Bank Nifty is 21,175-21,375

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 Tuesday, September 29, 2020. 

Domestic share markets advanced for a second consecutive session on Monday, September 28, 2020, in sync with the global markets. The Sensex ended near 38,000-mark while the Nifty reclaimed 11,200-level. The S&P BSE Sensex jumped 592.97 points, or 1.59 per cent, at 37,981.63. The Nifty 50 index surged 177.30 points, or 1.60 per cent, at 11,236.25. Similarly, Nifty Bank rose 683.15 points, or 3.26 per cent, to 21,665.50. 

The broader markets at BSE were also appreciated outperforming the Sensex. The Mid-cap zoomed 2.68 per cent while the Small-cap jumped 2.54 per cent.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for September 20:

Market to turn strong if Nifty and Bank Nifty closes above 11,300 & 22,050.

Day support zone on Nifty is 11,050-11,150 and the day higher range is 11,300-11,450.

Day support range on Bank Nifty is 21,175-21,375 and the day higher range is 21,950-22,050.

The small day range for trading on Nifty is 11,200-111,300, while the medium and bigger range is 11,150-11,350 and 11,075-11,400, respectively.  

The small day range for trading on Bank Nifty is 21,475-21,800, while the medium and bigger day range is 21,375-21,950 and 21,275-22,050, respectively. 

FIIs Net Index long increased to 58% Vs 54% 

Put-Call Ratio (PCR) 1.37 Vs 1.31, India Volatility Index (VIX) down 5% at 19.57. 

For Existing Long Positions:

Nifty intraday and closing stop loss are 11,100.

Bank Nifty intraday stop loss is 21,450 and closing stop loss is 21,150.

For Existing Short Positions:

Nifty intraday and closing stop loss are 11300

Bank Nifty intraday stop loss is 21,800 and closing stop loss is 22,100.

For New Positions:

Buy Nifty with a stop loss of 11,100 and target 11,275, 11,300, 11,325, 11,350, 11,400.

Sell Nifty in 11,350-11,400 range with a stop loss of 11,500 and target 11,300, 11,250, 11,225.

Buy Bank Nifty in 21,275-21,475 range with a stop loss of 21,150 and target 21,650, 21,800, 21,950, 22,050.

Sell Bank Nifty in 21,950-22,050 range with a stop loss of 22,200 and target 21,800, 21,700, 21,650, 21,550. 

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