Amid negative global markets, foreign institutional investors (FIIs), positive domestic institutional investors (DIIs), neutral futures & options (F&O) and sentiment cues, the short-term trend of the Indian stock markets will be positive on Monday, June 29, 2020.
Key domestic indices on Friday, June 26, 2020, ended with strong gains. On the day, the S&P BSE Sensex gained 329 points, or 0.94%, and closed at 35,171. Nifty 50 rose 94 points, or 0.91%, to 10,383. Bank Nifty gained 86 points, or 0.4%, to settle at 21,592.
Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for June 29:
Day support zone on Nifty is 10,175-10,250, below that 10,075-10,125 is the strong support zone.
Day higher range on Nifty is 10,375-10,400, above that 10,475-10,550 is the strong profit booking range.
Day support zone on Bank Nifty is 21,325-21,425, below that 20,900-21,000 is the strong support zone.
Day higher range on Bank Nifty is 21,800-21,950, above that 22,250-22,450 is the strong sell zone.
Put-Call Ratio (PCR) is 1.33, India Volatility Index (VIX) down 3% at 28.74.
For Existing Long Positions:
Nifty intraday and closing stop loss 10,250.
Bank Nifty intraday and closing stop loss 21,300.
For Existing Short Positions:
Nifty intraday stop loss 10,400 and closing stop loss 10,500
Bank Nifty intraday and closing stop loss 21,800.
For New Positions:
Buy Nifty in 10,200-10,250 range with a stop loss of 10,175 and target of 10,300, 10,350, 10,400, 10,475.
Sell Nifty in 10,375-10,475 range with a stop loss of 10,550 and target of 10,325, 10,275, 10,250.
Buy Bank Nifty in 21,250-21,425 range with a stop loss of 21,150, and target 21,600, 21,700, 21,800, 21,950.
Sell Bank Nifty in 21,800-21,950 range with a stop loss of 22,050 and target 21,700, 21,600, 21,500.
No stocks in F&O Ban
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Stock of the Day:
Buy Piramal Enterprises Futures: Stop loss 1,325, and target 1,380, 1,400, 1,440. Carlyle invests Rs 3,700 Crore in pharma business.