Amid neutral global markets, futures & options (F&O), negative foreign institutional investors (FIIs), domestic institutional investors (DIIs), and cautious sentiment cues, the short-term trend of the Indian stock markets will be positive on Monday, September 7, 2020.

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On Friday, September 4, 2020, the BSE Sensex dropped 634 points, or 1.63 per cent, to end at 38,357. Nifty 50 was 194 points, or 1.68 per cent, down to settle at 11,334. Similarly, Bank Nifty dropped 519 points, or 2.21 per cent, to close at 23.012.

Domestic equity benchmarks, Nifty and Sensex, including broader indices at BSE, declined more than two and a half per cent in the business week ended on Friday, September 4, 2020. Domestic stocks logged losses amid negative global markets. Rising Coronavirus cases and broader tension between India and China dampened investor sentiment.

During the week, Sensex plunged 1,110 points or 2.81 per cent to settle at 38,357. The Nifty 50 index tumbled 314 points or 2.69 per cent to close at 11,334. At the broader market at BSE, the BSE Mid-Cap index declined 2.76 per cent and the Small-Cap index fell 2.59 per cent.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for September 7: 

Reduce your long positions if Nifty & Bank Nifty closes below 11,175 & 22,450, respectively. 

The trend again bullish if Nifty and Bank Nifty closes above 11,550 & 23,900, respectively. 

Day support zone on Nifty is 11,250-11,300, below that 11,125-11,175 is strong buy zone. 

Day higher range on Nifty is 11,375-11,425, above that 11,475-11,550 is profit booking zone.

Day support zone on Bank Nifty is 22,850 below that 22,450-22,650 is strong buy zone. 

Day higher range Bank Nifty 23075-23175, above that 23,400-23,600 is profit booking zone

The small day range for trading on Nifty is 11,300-11,375, while the medium and bigger ranges are 11,250-11,425 and 11,175-11,475, respectively.

The small day range for trading on Bank Nifty is 22,850-23,175, while the medium and bigger ranges are 22650-23400 and 22,450-23,600, respectively.  

FIIs net index long 54% Vs 57%, Put-Call Ratio (PCR) 1.22, India Volatility Index (VIX) up 8% to 22.15

For Existing Long Positions:

Nifty intraday Closing stop loss is 11,300.

Bank Nifty intraday and closing stop loss 22,850.

For Existing Short Positions:

Nifty intraday and closing stop loss 11,500.

BankNifty intraday and closing stop loss 23,600.

For New Positions:

Sell Nifty in 11,375-11,475 range with a stop loss of 11,550 and target 11,325, 11,300, 11,250, 11,175. 

Buy Nifty in 11,175-11,250 range with a stop loss of 11,100 and target 11,300, 11,325, 11,375, 11,425.

Sell Bank Nifty in 23,400-23,600 range with a stop loss of 23,650 and target 23,200, 23,100, 23,000, 22,850.

Buy Bank Nifty in 22,450-22,650 range with a stop loss of 22,400 and target 22,850, 23,000, 23,075

Aggressive traders can buy in 22,850-22,900 range with a strict stop loss of 22,800.

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6 Stocks In F&O Ban:

2 New In Ban:

BHEL, JSPL

Out of Ban:

Escorts

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4 Already In Ban:

IB Housing, PNB, Vodafone Idea, Canara Bank