Anil Singhvi’s Strategy September 8: Day support zone on Nifty 11,250-11,300 & Bank Nifty is 22,725-22,850

Amid positive global markets, neutral foreign institutional investors (FIIs), futures & options (F&O), negative domestic institutional investors (DIIs) and cautious sentiment cues, the short-term trend of the Indian stock markets will be positive on Tuesday, September 8, 2020.

The domestic stock markets ended the volatile session with marginal gains on Monday, September 7, 2020, amid mixed global cues. The Sensex at Bombay Stock Exchange gained 60 points, or 0.16 per cent, to close at 38,417. Nifty at National Stock Exchange also rose 21 points, or 0.19 per cent, to settle at 11,355. However, Bank Nifty lost 66 points, 0.29 per cent, to close at 22,945.

On the other hand, the broader market at BSE underperformed the Sensex and closed with losses. The Mid-cap declined 0.78 per cent while Small-cap fell 0.2 per cent.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for September 8: 

Reduce your long positions if Nifty and Bank Nifty closes below 11,175 & 22,450, respectively. 

The trend again bullish if Nifty and Bank Nifty closes above 11,550 & 23,900, respectively. 

Day support zone on Nifty 11,250-11,300, below that 11,125-11,175 is strong buy zone. 

Day higher range on Nifty is 11,375-11,425, above that 11,475-11,550 is the profit booking zone. 

Day support range on Bank Nifty is 22,725-22,850, below that 22,450-22,650 is strong buy zone.

Day higher range on Bank Nifty is 23,075-23,175, above that 23,400-23,600 is profit booking zone.

The small day range for trading on Nifty is 11,250-11,375, while the medium and bigger day range is 11,175-11,425 and 11,125-11,475, respectively.

The small day range for trading on Bank Nifty is 22,850-23,075, while the medium and bigger day range is 22,650-23,175 and 22,450-23,400, respectively.

FIIs net index long 58% Vs 54%, Put-Call Ratio (PCR) 1.23, India Volatility Index (VIX) up 8% to 22.01

For Existing Long Positions:

Nifty intraday and closing stop loss are 11,250.

Bank Nifty intraday and closing stop loss are 22,700.

For Existing Short Positions:

Nifty intraday and closing stop loss are 11,500.

Bank Nifty and closing stop loss are 23,200.

For New Positions:

Sell Nifty in 11,375-11,475 range with a stop loss of 11,550 and target 11,325, 11,300, 11,250, 11,175, 11,125. 

Buy Nifty in 11,175-11,250 range with a stop loss of 11,100 and target 11,300, 11,325, 11,375. 

Sell Bank Nifty in 23,075-23,175 range with a stop loss of 23,250 and target 22,950, 22,850, 22,725, 22,650, 22,500.

Buy Bank Nifty in 22,450-22,650 range with a stop loss of 22,400 and target 22,725, 22,850, 22,950, 23,075.

Aggressive traders can buy in 22,725-22,850 range with a strict stop loss of 22,650.

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