Anil Singhvi’s Strategy August 26: Amid neutral global markets, futures & options (F&O) and domestic institutional investors (DIIs), positive foreign institutional investors (FIIs) and sentiment, cues, the short-term trend of the Indian stock markets will be positive on Wednesday, August 26, 2020.
Equity benchmarks Sensex and Nifty Tuesday, August 25, 2020, closed in the Green for the third straight session, propped up by financial stocks amid firm global cues. The BSE index ended 45 points or 0.12 per cent higher at 38,844. The NSE Nifty inched up six points or 0.05 per cent to close at 11,472. Bank Nifty rose 259 points or 1.13 per cent to settle at 23,092.
The broader market at BSE, the Mid-cap climbed 0.51 per cent and Small-cap gained 0.11 per cent.
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Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for August 26:
Day support zone on Nifty is 11,350-11,425, higher range is 11,500-11,535, above that 11,625-11,675 is next target till expiry.
Day support zone on Bank Nifty is 22,800-22,900, below that 22,450-22,650 is strong buy zone.
The higher range on Bank Nifty is 23,175-23,225, above that 23,425-23,525 is the next target till expiry.
The small day range for trading on Nifty is 11,425-11,500, while the medium and bigger ranges are 11,400-11,535 and 11,350-11,625, respectively.
The small day range for trading on Bank Nifty is 22,850-23,200, while the medium and bigger ranges are 22,650-23,425 and 22,425-23,425, respectively.
Put-Call Ratio (PCR) is 1.52, FIIs Net Long in Index Futures, 63% Vs 64%.
For Existing Long Positions:
Nifty intraday and closing stop loss are 11,350.
Bank Nifty intraday and closing stop loss are 22,800.
For Existing Short Positions:
Nifty intraday and closing stop loss are 11,550.
Bank Nifty intraday and closing stop loss are 23,250.
For New Positions:
Buy Nifty in 11,350-11,425 range with a stop loss of 11,300 and target 11,460, 11,500, 11,525, 11,625.
Sell Nifty in 11,500-11,550 range with a stop loss of 11,625 and target 11,475, 11,425, 11,400, 11,375.
Buy Bank Nifty in 22,800-22,900 range with a stop loss of 22,700 and target 23,000, 23,075, 23,175, 23,425.
Sell Bank Nifty near 23,200, only for high-risk traders with strict stop loss of 23,250 and target 23,075, 23,000, 22,900, 22,850, 22,650.
Sectors in Focus:
Positive: 2-Wheeler, Auto ancillary
10 Stocks In F&O Ban:
2 New in Ban: LIC Housing, Canara Bank
Out of Ban: Adani Enterprises
8 Already In Ban: NALCO, BHEL, PNB, Vodafone Idea, GMR Infra, SAIL, Ashok Leyland, Vedanta