Anil Singhvi’s Strategy September 9: 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 Wednesday, September 9, 2020.

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Domestic markets on Tuesday, September 8, 2020, pared all intraday gains to close with modest losses as investors dialed down their exposure to riskier assets amid mixed global cues. The BSE Sensex witnessed heavy selling in the last hour of trade and finally closed at 52 points or 0.14 per cent down at 38,365. On similar lines, the broader NSE Nifty slipped 38 points or 0.33 per cent to finish at 11,317. Bank Nifty lost 201 points or 0.87 per cent to settle at 22,744.

On the other hand, the broader market at BSE underperformed the Sensex and closed with losses. The Mid-cap declined 1.49 per cent while Small-cap fell 0.93 per cent.

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Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for September 9: 

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

The trend again bullish if Nifty and Bank Nifty closes above 11,550 and 23,500, respectively.

Day support zone on Nifty is 11,200-11,250, below that 11,125-11,175 is the strong buy zone and 11,375-11,425 is the day higher range

Day support zone on Bank Nifty is 22,450-22,650, below that 22,175-22,300 is the strong buy zone and 22,950-23,100 is the day higher range

The small day range on Nifty is 11,250-11,325, while the medium and bigger ranges are 11,200-11,350 and 11,175-11,425, respectively.

The small day range on Bank Nifty is 22,450-22,850, while the medium and bigger ranges are 22,300-23,000 and 22,200-23,100, respectively.

FIIs net index long 59% Vs 58%, Put-Call Ratio (PCR) 1.22, India Volatility Index (VIX) up 3% to 22.72.

For Existing Long Positions:

Nifty intraday and closing stop loss are 11,250.

Bank Nifty intraday and closing stop loss are 22,650.

For Existing Short Positions:

Nifty intraday and closing stop loss are 11,450.

Bank Nifty intraday and closing stop loss are 23,100.

For New Positions:

Sell Nifty with a stop loss of 11,450 and target 11,250, 11,200, 11,175, 11,125. 

Buy Nifty in 11,125-11,175 range with a stop loss of 11,050 and target 11,200, 11,250, 11,300, 11,350.

Aggressive traders can buy in 11,175-11,225 range with a strict stop loss of 11,100.

Sell Bank Nifty with a stop loss of 22,950 and target 22,650, 22,450, 22,300, 22,200.

Buy Bank Nifty in 22,200-22,450 range with a stop loss of 22,000 and target 22,650, 22,750, 22,850.

Aggressive traders can buy in 22,450-22,500 range with a strict stop loss of 22,400. 

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