Anil Singhvi’s Strategy August 6: Amid positive global markets, sentiment, neutral foreign institutional investors (FIIs), futures & options (F&O), negative domestic institutional investors (DIIs) and cues, the short-term trend of the Indian stock markets will be positive on Thursday, August 6, 2020.
Domestic equity benchmarks Sensex and Nifty on Wednesday, August 5, 2020, ended flat amid profit-booking even as global cues were positive. After rallying 452 points during the day, the BSE Sensex slipped in the red to end 25 points or 0.07 per cent lower at 37,663. The NSE Nifty inched up six points, or 0.06 per cent, to close at 11,102. Bank Nifty gained 19 points, or 0.09 per cent, to settle marginally up at 21,510.
In the broader market at BSE, the Mid-cap and Small-cap outperformed the Sensex. Mid-cap closed 0.39 per cent up and Small-cap gained 0.85 per cent.
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Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for August 6:
Day support zone on Nifty is 10,900-11,000 and the day higher range is 11,225-11,325.
Day support zone on Bank Nifty is 21,000-21,100 and the day higher range is 21,900-22,100.
The small day range on Nifty is 11,075-11,200, while the medium and bigger ranges are 11,000-11,225 and 10,900-11,300, respectively.
The small day range on Bank Nifty is 21,375-21,800, while the medium and bigger ranges are 21,250-21,900 and 21,050-22,075, respectively.
Put-Call Ratio (PCR) is 1.26, India Volatility Index (VIX) 1% down at 23.57.
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 are 21,350.
For Existing Short Positions:
Nifty intraday and closing stop loss are 11,250.
Bank Nifty intraday and closing stop loss are 21,650.
For New Positions:
Buy Nifty with a stop loss of 11,000 and target 11,150, 11,200, 11,225, 11,300.
Sell Nifty in 11,225-11,325 range with a stop loss of 11,350 and target 11,200 11,150, 11,100.
Buy Bank Nifty with a stop loss of 21,350 and target 21,650, 21,800, 21,900, 22,075.
Sell Bank Nifty in 21,900-22,100 range with a stop loss of 22,250 and target 21,800, 21,650, 21,500.
No Stock in F&O Ban