Anil Singhvi’s Strategy October 16: Day support zone on Nifty is 11,625-11,675 & Bank Nifty is 22,850-22,950
Amid positive global markets, neutral foreign institutional investors (FIIs), futures & options (F&O) and sentiment and negative domestic institutional investors (DIIs) cues, the short-term trend of the Indian stock markets will be positive on Friday, October 16, 2020.
Equity benchmarks crashed on Thursday, October 15, 2020, amid a plunge in global share markets. The key domestic indices tumbled around two and a half per cent. The Sensex closed below 40,000-mark while the Nifty settled 11,700-level.
The S&P BSE Sensex slumped 1066.33 points or 2.61 per cent to settle at 39,728.41. The Nifty 50 index tumbled 290.70 points or 2.43 per cent to end at 11,680.35. Nifty Bank dropped 802.25 points or 3.36 per cent to settle at 23,072.40.
The broader market at BSE also declined but outperformed the Sensex. The BSE Mid-Cap index depreciated 1.75 per cent and the BSE Small-Cap index slipped 1.45 per cent.
Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for October 16:
Reduce long positions, If Nifty & Bank Nifty closes below 11,650 and 22,850.
Day support zone on Nifty is 11,625-11,675, below that 11,500-11,575 is the strong buy zone.
Day higher range on Nifty is 11,800-11,875.
Day support zone on Bank Nifty is 22,850-22,950, below that 22,550-22,600 is the strong buy zone.
Day higher range on Bank Nifty is 23,450-23,550.
The Small day range for trading on Nifty is 11,650-11,750, while the medium and bigger day range is 11,575-11,800 and 11,500-11,850, respectively.
The Small day range for trading on Bank Nifty is 22,950-23,200, while the medium and bigger day range is 22,850-23,450 and 22,550-23,550, respectively.
FIIs Net Index long at 65% Vs 66%.
Put-Call Ratio (PCR) 1.37 Vs 1.42, India Volatility Index (VIX) 9% up at 22.06.
For Existing Long Positions:
Nifty intraday and closing stop loss are 11625
Bank Nifty intraday and closing stop loss are 22,800.
For Existing Short Positions:
Nifty intraday and closing stop loss are 11,850.
Bank Nifty intraday and closing stop loss are 23,550.
For New Positions:
Buy Nifty with a stop loss of 11,625 and target 11,750, 11,800, 11,825, 11,850.
Sell Nifty in 11,800-11,850 range with a stop loss of 11,925 and target 11,750, 11,725.
For New Positions:
Buy Bank Nifty with a stop loss of 22,800 and target 23,200, 23,400, 23,500, 23,550.
Sell Bank Nifty in 23,450-23,550 range with a stop loss of 23,700 and target 23,300, 23,200, 23,075.
See Zee Business Live TV Streaming Below:
No Fresh Entry Or Exit from Ban:
11 Already in Ban: Idea, BHEL, Adani Enterprises, JSPL, Canara Bank, SAIL, Escorts, IB Housing, Mindtree, PNB, PVR
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.