Anil Singhvi’s Strategy June 23: Amid negative domestic institutional investors (DIIs), neutral global markets, foreign institutional investors (FIIs), futures & options (F&O) and sentiment cues, the short-term trend of the Indian stock markets will be positive on Tuesday, June 23, 2020.
Domestic equity benchmarks on Monday, June 22, 2020, gained around half a per cent even as global cues were negative. Sensex at Bombay Stock Exchange climbed 180 points, or 0.52 per cent, to close at 34,911. Similarly, the Nifty at National Stock Exchange settled 67 points, or 0.65 per cent, up at 10,311. Bank Nifty gained 370.25 points, or 1.74 per cent, to settle at 21,708.
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In the broader market at BSE, Mid-cap surged 2.02 per cent while Small-cap climbed 1.36 per cent.
Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for June 23:
10,250 and 21,450 are the deciding levels on Nifty and Bank Nifty, respectively.
Day Support Zone on Nifty is 10,125-10,175, below that 10,025-10,075 is the strong support zone and 10,400-10,450 is day higher range.
Day support zone on Bank Nifty is 21,250-21,450, below that 19,750-19,950 is the strong support zone and 22,000-22,200 is higher range.
Put-Call Ratio (PCR) is 1.53 and India Volatility Index (VIX) up 2% at 30.46
For Existing Long Positions:
Nifty intraday stop loss 10,250 and closing stop loss 10,075.
Bank Nifty intraday and closing stop loss 21,300.
For Existing Short Positions:
Nifty intraday and closing stop loss 10,400.
Bank Nifty intraday and closing stop loss 22,100.
For New Positions:
Sell Nifty in 10,400-10,500 range with a stop loss of 10,550, and target 10,325, 10,250, 10,175, 10,125.
Buy Nifty in 10,175-10,250 range with a stop loss of 10,075 and target 10,325, 10,375, 10,450.
Sell Bank Nifty in 22,000-22,200 range with a stop loss of 22,300 and target 21,800, 21,700, 21,500.
Buy Bank Nifty in 21,300-21,450 with a stop loss of 21,150, and target 21,600, 21,700, 21,950, 22,050.
Total 5 stocks in F&O Ban:
2 stocks enter in Ban: Century Textiles, Vodafone Idea
3 stocks already in Ban: Escorts, NCC, JSPL
Out of Ban: BHEL, PNB, SAIL, Adani Enterprises, Just Dial