Anil Singhvi’s Strategy August 24: Amid positive global markets, foreign institutional investors (FIIs), sentiment, neutral futures & options (F&O) and negative domestic institutional investors (DIIs) cues, the short-term trend of the Indian stock markets will be positive on Monday, August 24, 2020.
Domestic equity benchmark Sensex jumped 214 points on Friday, August 21, 2020, led by buying in index-heavyweights HDFC twins and Asian Paints amid a rebound in global markets. After rallying 359 points during the day, the 30-share BSE index ended 214.33 points or 0.56 per cent, higher at 38,434.72. The NSE Nifty rose 59.40 points, or 0.53 per cent, to close at 11,371.60. The Bank Nifty gained 300.15 points, or 1.36 per cent, to settle at 22,299.60.
NTPC was the top gainer in the Nifty 50 pack, rallying around 5 per cent, followed by PowerGrid, Asian Paints, HDFC Bank, Hero MotoCorp, Nestle India, Sun Pharma, Eicher Motor, Grasim and SBI.
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Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for August 24:
Day support zone on Nifty is 11,250-11,325 and the higher range is 11,450-11,500.
Day support zone on Bank Nifty is 22,000-22,175 and the higher range is 22,500-22,650.
Small Day Range for trading on Nifty is 11,360-11,410, while the medium and bigger ranges are 11,325-11,450 and 11,300-11,500, respectively.
Small Day Range on Bank Nifty is 22,225-22,425, while the medium and bigger ranges are 22,175-22,500 and 22,000-22,650, respectively.
Put-Call Ratio (PCR) is 1.54; FIIs Net Long in Index Futures, 60% Vs 54%, Net Buying in Index Option.
For Existing Long Positions:
Nifty intraday and closing stop loss 11,300.
Bank Nifty intraday and closing stop loss 22,000
For Existing Short Positions:
Nifty intraday and closing stop loss 11,500
Bank Nifty intraday and closing stop loss 22,500.
For New Positions:
Buy Nifty with a stop loss of 11,290 and target 11,410, 11,450, 11,490.
Sell Nifty near 11,500 with a stop loss of 11,550 and target 11,460, 11,425, 11,400, 11,375.
Buy Bank Nifty with a stop loss of 22,150 and target 22,425, 22,500, 22,650, 22,750.
Sell Bank Nifty near 22,500, only for high-risk traders with strict stop loss of 22,550 and target 22,425, 22,350, 22,300, 22,250.
Positive: Metals, Banks, NBFCs, Insurance Companies, Mid & Smallcaps
9 Stocks In F&O Ban:
2 New in Ban: BHEL, PNB
7 Out of Ban: Manappuram Finance, Bank of Baroda, JSPL, Vodafone Idea, Vedanta, Sun TV, Century Textiles
7 Already In Ban: Aurobindo Pharma, Adani Enterprises, IB Housing, Canara Bank, RBL Bank, Muthoot Finance, NALCO