Anil Singhvi’s Strategy August 10: Day support zone on Nifty is 11,075-11,150 & Bank Nifty is 21,375-21,500
Amid positive global markets, sentiment, neutral foreign institutional investors (FIIs), futures & options (F&O) and negative domestic institutional investors (DIIs) cues, the short-term trend of the Indian stock markets will be positive on Monday, August 10, 2020
Amid positive global markets, sentiment, neutral foreign institutional investors (FIIs), futures & options (F&O) and negative domestic institutional investors (DIIs) cues, the short-term trend of the Indian stock markets will be positive on Monday, August 10, 2020.
Domestic equity benchmarks Sensex and Nifty on Friday, August 7, 2020, ended flat as muted cues from global markets and spiking COVID-19 cases in the country kept investors on the edge. After touching a low of 37,787 during the day, the BSE Sensex settled just 15 points or 0.04 per cent higher at 38,041. The Nifty managed to close above its crucial 11,200-mark. The NSE Nifty rose 14 points or 0.12 per cent to finish at 11,214. Likewise, Bank Nifty gained 111 points, or 0.51 per cent, and closed at 21,754.
In the broader market at BSE the Mid-cap and Small-cap outperformed the Sensex, the Mid-cap surged 1.44 per cent up and Small-cap gained 0.78 per cent.
Asian Paints was the top gainer in the Nifty 50 pack, spurting over 4.65 per cent, followed by Bajaj Finance, UPL, Bajaj Finserv, IndusInd Bank and BPCL. On the other hand, Titan, HCL Tech, Infosys, Sun Pharma and M&M were among the laggards.
Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for August 10:
Day support zone on Nifty is 11,075-11,150 and the day higher range is 11,250-11,340.
Day support zone on Bank Nifty is 21,375-21,500, below that 21,025-21,100 is the strong buy zone.
Day higher range on Bank Nifty is 21,925-22,075, above that 22,225-22,450 profit booking zone.
Small day range for trading on Nifty is 11,150-11,250, while the medium and bigger ranges are 11,100-11,300 and 11,075-11,340, respectively.
Small day range for trading on Bank Nifty is 21,650-21,925, while the medium and bigger ranges are 21,500-22,000 and 21,375-22,075, respectively.
Put-Call Ratio (PCR) is 1.6, India Volatility Index (VIX) 2% down at 22.58.
For Existing Long Positions:
Nifty intraday and closing stop loss 11,075.
Bank Nifty intraday and closing stop loss 21,500
For Existing Short Positions:
Nifty intraday and closing stop loss 11,260
Bank Nifty intraday and closing stop loss 21,950
For New Positions:
Buy Nifty with stop loss of 11,075 and target 11,200, 11,225 11,250, 11,300, 11,325
Sell Nifty in 11,300-11,325 range with stop loss 11,350 and target 11,250, 11,200, 11,150.
Buy Bank Nifty in 21,375-21,500 range with a stop loss of 21,300 and target 21,650, 21,750, 21,900, 22,000.
Sell Bank Nifty in 21900-22100 range with a stop loss of 22,250 and target 21,800, 21,650, 21,500.
Sectors in Focus:
Positive: Defence, agriculture-related stocks
4 Stocks In F&O Ban:
New in Ban: Century Textile, Vodafone Idea, Vedanta
Already In Ban: Canara Bank
See Zee Business Live TV Streaming Below:
Sell CONCOR Futures: Stop loss 460 and target 440, 430, 415. Very Weak Results, Land licence fees increased.
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