Anil Singhvi’s Strategy September 30: Apply for IRCTC IPO at higher band of Rs320; PSU Stocks are Positive
On account of positive DIIs, neutral F&O and negative FIIs, the short-term trend of Indian markets will be positive, says Zee Business Managing Editor Anil Singhvi.
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Amid positive domestic institutional investors (DIIs) and Sentiment, neutral global markets and futures and options (F&O) and negative foreign institutional investors (FIIs) cues, the short-term trend of Indian share market will be positive on Monday, September 30, 2019.
Earlier on Friday, September 27, 2019, equity benchmarks fell around half a per cent amid negative cues from Asian indices. The Sensex at Bombay Stock Exchange declined 167.13 points or 0.43% to close at 38,822.57. The Nifty at National Stock Exchange also ended down 58.80 points or 0.51% at 11,512.40. Bank Nifty lost 125.95 points or 0.42% to settle at 29,876.65. Selling was broad-based with private banks and metal stocks under pressure.
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Zee Business's Managing Editor Anil Singhvi's Market Strategy for September 30:
Strong support zone on Nifty and Bank Nifty lies between 11,425-11,450 and 29,500-29,650 respectively.
Higher zone on the two indices, Nifty and Bank Nifty, lies at 11,550-11,600 and 30,000-30,150 respectively.
Small day range for trading on Nifty stands at 11,450-11,550, while the medium and bigger ranges reside between 11,425-11,575 and 11,400-11,625.
Small day range for trading on Bank Nifty stands at 29,700-30,050, while the medium and bigger ranges reside between 29,600-30,150 and 29,450-30,550.
For Existing Long Positions:
Nifty intraday and closing stop loss 11,440.
Bank Nifty intraday and closing stop loss 29,600.
For Existing Short Positions:
Nifty intraday and closing stop loss 11,625.
Bank Nifty intraday and closing stop loss 30,200.
For New Positions:
Buy Nifty in 11,425-11,450 range with a stop loss of 11,400 and target 11,500, 11,550, 11,575, 11,600.
Sell Nifty in 11,575-11,600 range with a stop loss of 11,625 and target 11,550, 11,500.
Buy Bank Nifty in 29,600-29,700 range with a stop loss of 29,450 and target 29,800, 29,900, 30,050.
Sell Bank Nifty in 30,100-30,150 range with a stop loss of 30225 and target 30000, 29900, 29800
The put-call ratio (PCR) is at 1.19 and the volatility index (VIX) is 16.11.
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