Amid negative global markets, foreign institutional investors (FIIs), neutral domestic institutional investors (DIIs), futures & options (F&O) and cautious sentiment cues, the short-term trend of the Indian stock markets will be positive on Friday, September 4, 2020.

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Benchmark domestic stocks on Thursday, September 3, 2020, fell marginally amid mixed Asian cues. The Sensex at Bombay Stock Exchange declined 95 points, or 0.24 per cent, to close at 38,991. Nifty at National Stock Exchange also slipped eight points, or 0.07 per cent to settle at 11,528. Similarly, Bank Nifty, which was down by 343.70 points, or 1.44 per cent, to 23,530.85, was the worst-performing index for the day.

However, the broader market at BSE outperformed the Sensex and closed with gains. The Mid-cap gained 0.4 per cent while Small-cap climbed 0.74 per cent.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for September 4: 

Reduce your long positions of trading only if Nifty & Bank Nifty closes below 11,375 & 23,000, respectively.

The trend will again be bullish if Nifty and Bank Nifty closes above 11,550 & 24,000, respectively.

Investors must shift from mid & small caps to large-cap stocks.

Day support zone on Nifty is 11,325-11,425, below that 11,175-11,250 is the strong buy zone and 11,550-11,600 is day higher range.

Day support zone on Bank Nifty is 22,850-23,100, below that 22,450-22,650 is the strong buy zone and 23,800-24,000 is the day higher range.

The small day range for trading on Nifty is 11,425-11,475, while medium and bigger ranges are 11,375-11,525 and 11,325-11,575, respectively.

The small day range for trading on Bank Nifty is 23,100-23,450, while medium and bigger ranges are 22,950-23,600 and 22,850-23,850, respectively.

FIIs net index long 57% Vs 60%, Put-Call Ratio (PCR) 1.48, India Volatility Index (VIX) down 3% to 20.50.

For Existing Long Positions:

Nifty intraday stop loss is 11,425 and closing stop loss is 11,375.

Bank Nifty intraday and closing stop loss are 23,350.

For Existing Short Positions:

Nifty intraday and closing stop loss are 11,600

BankNifty intraday and closing stop loss are 24,000.

For New Positions:

Sell Nifty with a stop loss of 11,600 and target 11,425, 11,375, 11,325. 

Buy Nifty in 11,325-11,375 range with a stop loss of 11,250 and target 11,425, 11,475, 11,500.

Sell Bank Nifty with a stop loss of 23,600 and target 23,100, 23,000, 22,950, 22,850.

Buy Bank Nifty in 22,850-23,000 range with a stop loss of 22,750 and target 23,075, 23,225, 23,450.

Sectors: 

Negative: Metals, Banks

5 Stocks In F&O Ban:

2 New In Ban:

Vodafone Idea, Canara Bank

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3 Already In Ban:

IB Housing, PNB, Escorts