Anil Singhvi’s Strategy August 5: Amid positive global markets, foreign institutional investors (FIIs), sentiment, negative domestic institutional investors (DIIs) and neutral futures & options (F&O) cues, the short-term trend of the Indian stock markets will be positive on Wednesday, August 5, 2020.
Benchmark domestic stocks on Tuesday, August 4, 2020, surged around two per cent in sync with high gains in Asian peers. The Sensex at Bombay Stock Exchange climbed 748 points, or 2.03 per cent to close at 37,688. Similarly, Nifty at National Stock Exchange gained 204 points, or 1.94 per cent, to settle at 11,095. The Nifty declined 3.55% in the previous four sessions. Bank Nifty gained 418 points, or 1.97 per cent, to settle at 21,491.
In the broader market at BSE, the Mid-cap and Small-cap underperformed the Sensex. Mid-cap closed 1.02 per cent up and Small-cap gained 1.23 per cent.
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Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for August 5:
Day support zone on Nifty is 10,900-11,000 and the day higher range is 11,200-11,300.
Day support zone on Bank Nifty is 21,075-21,375 and the day higher range is 21,850-22,075.
The small day range for trading on Nifty is 11,050-11,200, while the medium and bigger ranges are 11,000-11,225 and 10,900-11,300, respectively.
The small day range for trading on Bank Nifty is 21,375-21,650, while the medium and bigger ranges are 21,200-21,850 and 21,050-22,075, respectively.
Put-Call Ratio (PCR) is 1.42, India Volatility Index (VIX) 5% down at 23.82.
For Existing Long Positions:
Nifty intraday stop loss is 11,000 and closing stop loss is 10,875.
Bank Nifty intraday and closing stop loss 21,350.
For Existing Short Positions:
Nifty intraday and closing stop loss 11,225.
Bank Nifty intraday and closing stop loss 21,650.
For New Positions:
Buy Nifty with a stop loss of 11,000 and target 11,150, 11,200, 11,225, 11,250, 11,300.
Sell Nifty in 11,200-11,300 range with a stop loss of 11,350 and target 11,150, 11,100.
Buy Bank Nifty in 21,100-21,400 range with a stop loss of 21,000 and target 21,650, 21,800, 21,900, 22,075.
Sell Bank Nifty in 21,850-22,050 range with a stop loss of 22,200 and target 21,650, 21,500.
No Stock in F&O Ban