Anil Singhvi’s Strategy June 23: Day support zone on Nifty is 15,700-15,750 & Bank Nifty is 34,400-34,600

Amid positive global markets, future & options (F&O), sentiment, negative foreign institutional investors (FIIs) and neutral domestic institutional investors (DIIs) cues, the short-term trend of the Indian stock markets will be positive on Wednesday, June 23, 2021. 

The domestic equity markets ended a volatile session with minor gains on Tuesday, June 22, 2021. The S&P BSE Sensex rose 14.25 points or 0.03% at 52,588.71. The Nifty 50 index gained 26.25 points or 0.17% to settle at 15,772.75, rising for a second trading session. However, the Bank Nifty index fell 126.30 points or 0.36% to close lower at 34,745. 

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The broader market outperformed the benchmark indices. The S&P BSE MidCap closed 0.33% higher, while S&P BSE SmallCap closed 0.83% higher. 

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for June 23:  

Day support zone on Nifty is 15,700-15,750, below that 15,575-15,650 is a strong buy zone. 

Day higher zone on Nifty is 15,800-15,825, above that 15,875-15,925 is a strong Profit-booking zone

Day support zone on Bank Nifty is 34,400-34,600, below that 33,950-34,150 is a strong Buy zone. 

Day higher zone on Bank Nifty is 34,950-35,050, above that 35,250-35,375 is a strong Profit-booking zone. 

The Small Day Range for trading on Nifty is 15,700-15,800, while the medium and bigger day ranges are 15,650-15,825 and 15,575-15,900, respectively.

The Small Day Range for trading on Bank Nifty is 34,600-34,950, while the medium and bigger day ranges are 34,400-35,150 and 34,150-35,300, respectively. 

FIIs Index long position at 70% Vs 65%

PCR near the oversold level at 1.08 Vs 1.22

India VIX down by 2% at 14.74

For Existing Long Positions:

Nifty intraday stop loss is 15,675 and closing stop loss is 15,575.

Bank Nifty intraday and closing stop loss are 34,375.

For Existing Short Positions:

Nifty intraday and closing stop loss are 15,925, 

BankNifty intraday stop loss is 35,050 and closing stop loss is 35,300.

For New Positions:

Buy Nifty with a stop loss of 15,675 and target 15,800, 15,825, 15,875, 15,900.

Sell Nifty in 15,875-15,925 range with a stop loss of 16,000 and target 15,825, 15,800, 15,775, 15,750, 15,700.

For New Positions:

Buy BankNifty with a stop loss of 34,375 and target 34,875, 34,975, 35,050, 35,150, 35,250, 35,300. 

Sell BankNifty in 35,250-35,375 range with a stop loss of 35,550 and target 35,075, 35,000, 34,925, 34,800, 34,750, 34,650.

F&O Ban Update:  

2 Already In Ban: Vodafone Idea, Sun TV

New In Ban: Nil

Out Of Ban: Nil

Stock of the Day:

Buy Indian Hotels: Stop loss 135 and target 147, 155, 160. 

Opening Up Theme

Revenge Tourism coming soon

F&O Inclusion from Friday

Attractive valuations of Tata group stock

India Pesticides IPO: APPLY FOR REASONABLE LISTING GAINS AND LONG TERM

Positives:

Experienced Promoters

Growth-oriented company

Positive Cashflow despite regular CAPEX

Debt-free company

Reasonable valuations with 41% ROE

Negatives:

Highly Competitive Business

Small size company

High dependency on China for raw materials