Anil Singhvi’s Strategy August 28: 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 Friday, August 28, 2020.
Equity benchmarks Sensex and Nifty pared most of their intra-day gains to end marginally higher on Thursday, August 27, 2020, as monthly derivative contracts expired amid weak global cues. After touching a high of 39,326.98 during the session, the BSE Sensex succumbed to selling pressure in the last hour of trade. It finally finished at 39,113.47, up 39.55 points, or 01.10 per cent. The NSE Nifty inched up 9.65 points, or 0.8 per cent, to close at 11,559.25. The Bank Nifty gained 186.15 points, or 0.8 per cent, to settle at 23,600.35.
IndusInd Bank was the top gainer in the Nifty 50 pack, rallying over 6 per cent, followed by M&M, Tata Motors, SBI, HDFC, Grasim, Sun Pharma, Axis Bank, Cipla and Maruti. On the other hand, Reliance, ONGC and Bajaj Auto were among the laggards.
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Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for August 28:
September Series Data:
FIIs net long 75% Vs 66% in August. In March FIIs net long only 14%
Nifty rollover 73% Vs 78% in August. Bank Nifty rollover 70% Vs 75% in August.
Put-Call Ratio (PCR) 1.64 Vs 1.69
Day support zone on Nifty is 11,425-11,475 and the higher range is 11,625-11,675.
Day support zone on Bank Nifty is 23,425-23,475, below that 23,100-23,200 is the strong buy zone.
The higher range on Bank Nifty is 23,700-23,800, above that 23,950-24,050 is strong profit booking zone.
Small Day Range on Nifty is 11,525-11,600, while the medium and bigger ranges are 11,475-11,625 and 11,425-11,675, respectively.
Small Day Range on Bank Nifty is 23,450-23,700, while the medium and bigger ranges are 23,200-23,800 and 23,100-23,950, respectively.
For Existing Long Positions:
Nifty intraday and closing stop loss are 11,450.
Bank Nifty intraday stop loss is 23,400 and closing stop loss is 23,075
For Existing Short Positions:
Nifty intraday and closing stop loss are 11,625
BankNifty intraday and closing stop loss are 23,700
For New Positions:
Buy Nifty with a stop loss of 11,450 and target 11,600, 11,625, 11,675.
Sell Nifty in 11,625-11,675 range with a stop loss of 11,700 and target 11,600, 11,550, 11,525.
Buy Bank Nifty with a stop loss of 23,400 and target 23,700, 23,800, 23,950, 24,050.
Sell Bank Nifty in 23,950-24,050 range with a stop loss of 24,100 and target 23,800, 23,700, 23,600.
Positive: PSUs, Defence, Midcap & Smallcap
Stocks In F&O Ban: NIL
10 Stocks Out of Ban: IB Housing, BHEL, PNB, Vodafone Idea, GMR Infra, SAIL, Ashok Leyland, Vedanta, LIC Housing, Canara Bank