Anil Singhvi’s Strategy June 30: Amid positive global markets, domestic institutional investors (DIIs), negative foreign institutional investors (FIIs), neutral futures & options (F&O) and sentiment cues, the short-term trend of the Indian stock markets will be positive on Tuesday, June 30, 2020.
Domestic equity benchmarks on Monday, June 29, 2020, closed with losses of more than half a per cent amid negative global cues. The ongoing Indo-China border tensions also weighed on the investors’ sentiments. Weakness in banks and IT shares put pressure on bourses. Sensex at Bombay Stock Exchange declined 210 points, or 0.60 per cent, to close at 34,962. Similarly, the Nifty at National Stock Exchange fell 71 points, or 0.68 per cent, to settle at 10,312. Bank Nifty fell 233 points, or 1.08 per cent, to 21,359.
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Broader indices at BSE also logged losses. Mid-cap depreciated 1.39 per cent while Small-cap lost 1.23 per cent.
Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for June 30:
Day support zone on Nifty is 10,200-10,250, below that 10,125-10,175 is strong support zone.
Day higher range on Nifty is 10,375-10,400, above that 10,475-10,550 is strong profit booking range.
Day support zone on Bank Nifty is 20,950-21,050.
Day Higher Range on Bank Nifty is 21,600-21,800, above that 22,000-22,250 is strong sell zone.
Put-Call Ratio (PCR) is 1.3, India Volatility Index (VIX) up 1% at 28.91.
For Existing Long Positions:
Nifty intraday and closing stop loss 10,200.
Bank Nifty intraday stop loss of 21,000 and closing stop loss is 21,300.
For Existing Short Positions:
Nifty intraday and closing stop loss 10,400.
Bank Nifty intraday and closing stop loss 21,800.
For New Positions:
Buy Nifty with a stop loss of 10,200, and target 10,360, 10,400, 10,470, 10,500.
Sell Nifty in 10,450-10,500 range with a stop loss of 10,560, and target 10,400, 10,350, 10,325.
Buy Bank Nifty with a stop loss of 21,300 and target 21,575, 21,700, 21,775, 21,900, 22,000.
Sell Bank Nifty in 21,775-21,950 range with a stop loss of 22,100, and target 21,700, 21,600, 21,525, 21.425.
No stocks in F&O Ban