Anil Singhvi’s Strategy May 29: Day Support Zone on Nifty is 9,250-9,350; Short SAIL Cash Levels with Stop Loss 31
Amid negative global markets, neutral foreign institutional investors (FIIs), domestic institutional investors (DIIs), futures & options (F&O) and sentiment cues, the short-term trend of the Indian stock markets will be positive on Friday, May 29, 2020
Editors Take: June Series Outlook
Nifty Support Range 8,800-9,100.
Nifty Higher Range 9,700-10,000.
The market remains volatile in the 10% range.
Contra Trade will be profitable.
29th May Strategy:
Amid negative global markets, neutral foreign institutional investors (FIIs), domestic institutional investors (DIIs), futures & options (F&O) and sentiment cues, the short-term trend of the Indian stock markets will be positive on Friday, May 29, 2020.
Domestic equity benchmarks on Thursday, May 28, 2020, zoomed for the second day in a row this week amid positive global cues. The buying was supported by hopes of further opening up of the economy and more stimulus measures by the government. Sensex and Nifty, both, surged around two per cent. Sensex at Bombay Stock Exchange climbed 595 points or 1.88% to close at 32,201. Similarly, the Nifty at National Stock Exchange settled 175 points or 1.88% up at 9,490. Bank Nifty gained 459 points or 2.45% and closed at 19,170.
In the previous session, both indices rose more than three per cent mainly due to a jump in banking and IT sector share prices.
Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for May 29:
Day Support Zone on Nifty is 9,250-9,350 and the higher range is 9,550-9,600.
Day Support Zone on Bank Nifty is 18,500-18,700 and the higher range is 19,250-19,500.
The Small day range for trading on Nifty is 9,425-9,500, while the medium and bigger ranges are 9,375-9,550 and 9,325-9,600 respectively.
The Small day range for trading on Bank Nifty is 19000-19250, while the medium and bigger ranges are 18,850-19,400 and 18,700-19,500 respectively.
Put-Call Ratio (PCR) is 1.55 and the Volatility Index (VIX) is down 4% at 30.02.
For Existing Long Positions:
Nifty intraday and closing stop loss are 9,375.
Bank Nifty intraday stop loss 18,950 and closing stop loss is 18,700.
For Existing Short Positions:
Nifty intraday and closing stop loss are 9,525.
Bank Nifty intraday and closing stop loss are 19,500.
For New Positions:
Sell Nifty with a stop loss of 9,525 and target 9,440, 9,400, 9,375, 9,325.
Buy Nifty in 9,300-9,350 range with a stop loss of 9,250 and target 9,400, 9,440, 9,490.
Sell Bank Nifty with a stop loss of 19,500 and target 18,950, 18,850, 18,700.
Buy Bank Nifty near 18,700 with a stop loss of 18,500 and target 18,800, 18,950, 19,050, 19,150.
No Stock in F&O Ban
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Stock of the Day:
Short SAIL (Cash Levels): Stop loss 31 and target 28, 27, 25. Metals globally weak.
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