Anil Singhvi’s Strategy June 25: Amid negative global markets, domestic institutional investors (DIIs), positive foreign institutional investors (FIIs), neutral futures & options (F&O) and cautious sentiment cues, the short-term trend of the Indian stock markets will be positive on Thursday, June 25, 2020.
Domestic equity benchmarks on Wednesday, June 24, 2020, declined around 1.6 per cent amid negative global cues. Sensex at Bombay Stock Exchange lost 561 points, or 1.58 per cent, to close at 34,869. Similarly, the Nifty at National Stock Exchange fell 166 points, or 1.58 per cent, to 10,305. Bank Nifty fell 838 points, or 3.76 per cent, to 21,427.
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In the broader market at BSE, Mid-cap also fell 1.08 per cent while Small-cap declined 1.24 per cent.
Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for June 25:
The first sign of weakness in Nifty and Bank Nifty, if they trade below 10,250 & 21,250.
Day support zone on Nifty is 10,125-10,175, below that 10,000-10,075 is strong support zone.
Day support zone on Bank Nifty is 20,900-21,050, below that 20,500-20,650 is strong support zone.
Small day range for trading on Nifty is 10,175-10,300, while the medium and bigger ranges are 10,125-10,400 and 10,075-10,475 respectively.
Small day range for trading on Bank Nifty is 21,050-21,450, while the medium and bigger ranges are 20,800-21,650 and 20,650-21,800 respectively.
Put-Call Ratio (PCR) is 1.29; India Volatility Index (VIX) up 1% at 29.58.
For Existing Long Positions:
Nifty intraday and closing stop loss 10,250.
Bank Nifty intraday stop loss 21,200 and closing stop loss 20,950.
For Existing Short Positions:
Nifty intraday and closing stop loss 10,500.
Bank Nifty intraday and closing stop loss 21,700.
For New Positions:
Sell Nifty with a stop loss of 10,400 and target 10,175, 10,125, 10,075.
Buy Nifty in 10,100-10,150 range with a stop loss of 10,000 and target 10,200, 10,250, 10,300, 10,400.
Sell Bank Nifty with a stop loss of 21,750 and target 21,200, 21,050, 20,950, 20,750, 20,650.
Buy Bank Nifty in 20,650-20,750 range with a stop loss of 20,500 and target 20,950, 21,050, 21,200.
Total 3 stocks in F&O Ban:
1 stock enter in Ban: Glenmark
2 stocks already in Ban: Just Dial, Vodafone Idea
Out of Ban: Century Textiles