Anil Singhvi’s Strategy June 24: Amid positive global markets, neutral foreign institutional investors (FIIs), domestic institutional investors (DIIs), futures & options (F&O) and positive sentiment cues, the short-term trend of the Indian stock markets will be positive on Wednesday, June 24, 2020.
Rising for the fourth straight session on Tuesday, June 23, 2020, the BSE Sensex today rallied over 519 points following reports that Indian and Chinese armies reached a consensus to de-escalate tensions on the border. The 30-share BSE index settled 519 points or 1.49 per cent, higher at 35,430, and the NSE Nifty surged 160 points, or 1.55 per cent, to close at 10,471. Bank Nifty gained 557 points, or 2.56 per cent, and settled at 22,265.
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Bajaj Finance was the top gainer in Nifty 50 pack, soaring 9.28 per cent, followed by L&T, IndusInd Bank, NTPC, and Hindalco. On the other hand, Reliance Industries Bharti Airtel and Maruti were the laggards.
Positive cues from global markets and sustained foreign fund inflow kept investor sentiment higher.
Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for June 24:
Strong support zone on Nifty is 10,250-10,325 and Bank Nifty is 21,650-21,800.
The small day range for trading on Nifty is 10,400-10,500, while medium and bigger ranges are 10,325-10,550 and 10,300-10,600 respectively.
The small day range on Bank Nifty is 22,050-22,500, while the medium and bigger ranges are 21,800-22,700 and 21,700-22,900 respectively.
Put-Call Ratio (PCR) is 1.63 and India Volatility Index (VIX) down 4% at 29.34.
For Existing Long Positions:
Nifty intraday stop loss 10,400 and closing stop loss 10,250.
Bank Nifty intraday stop loss 22,000 and closing stop loss 21,700.
For Existing Short Positions:
Nifty intraday and closing stop loss 10,500.
Bank Nifty intraday and closing stop loss 22,500.
For New Positions:
Buy Nifty near 10,400 with a stop loss of 10,375 and target 10,475, 10,500, 10,550, 10,600.
Sell Nifty near 10,600 with a stop loss of 10,700 and target 10,550, 10,500.
Buy Bank Nifty near 22,000 with a stop loss of 21,900 and target 22,250, 22,450, 22,550, 22,750.
Sell Bank Nifty near 22,500 with a stop loss of 22,600 and target 22,350, 22,250, 22,050.
Total 3 stocks in F&O Ban:
1 stock enter in Ban: Just Dial
2 stocks already in Ban: Century Textiles, Vodafone Idea
Out of Ban: Escorts, NCC, JSPL