Anil Singhvi’s Strategy August 27: 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 Thursday, August 27, 2020.
Benchmark domestic stocks On Wednesday, August 27, 2020, gained more than half a per cent amid mixed global cues. The Sensex closed above 39,000-mark and the Nifty settles above 11,550 level.
The Sensex at Bombay Stock Exchange rose 230 points, or 0.59 per cent, to close at 39,074. The Nifty at National Stock Exchange also added 77 points, or 0.67 per cent, to settle at 11,550. Bank Nifty gains 322 points, or 1.39 per cent, to end at 23,414.
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The broader market at BSE, the Mid-cap climbed 0.38 per cent and Small-cap gained 0.69 per cent.
Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for August 27:
Day support zone on Nifty is 11,425-11,475, the higher range is 11,625-11,675.
Day support zone on Bank Nifty is 23,075-23,175, and 23,500-23,600 is the last hurdle above that next major target is 23,950-24,050.
The small day range for trading on Nifty is 11,500-11,600, while the medium and bigger range is 11,460-11,625 and 11,425-11,675, respectively.
Put-Call Ratio (PCR) is 1.69, FIIs Net Long in Index Futures, 61% Vs 63%.
For Existing Long Positions:
Nifty intraday and closing stop loss are 11,400.
Bank Nifty intraday and closing stop loss are 23,000
For Existing Short Positions:
Nifty intraday and closing stop loss are 11,600.
Bank Nifty intraday and closing stop loss are 23,600.
For New Positions:
Buy Nifty with a stop loss of 11,450 and target 11,600, 11,625, 11,675.
Sell Nifty in 11,650-11,675 range with a stop loss of 11,700 and target 11,600, 11,550.
Buy Bank Nifty with a stop loss of 23,075 and target 23,550, 23,600, above this free till 23,950.
Sell Bank Nifty in 23,900-24,000 range with a stop loss of 24,100 and target 23,800, 23,700, 23,600.
Positive: Real Estate, Banks, NBFCs
Auto: Book Profit at a higher level
10 Stocks In F&O Ban:
New in Ban: IB Housing
Out of Ban: NALCO
9 Already In Ban: BHEL, PNB, Vodafone Idea, GMR Infra, SAIL, Ashok Leyland, Vedanta, LIC Housing, Canara Bank