Anil Singhvi’s Strategy October 29: Day support range on Nifty is 11,650-11,675 & Bank Nifty is 23,700-23,850
Amid negative global markets, foreign institutional investors (FIIs), sentiment, neutral domestic institutional investors (DIIs) and cautious futures & options (F&O) cues, the short-term trend of the Indian stock markets will be positive on Thursday, October 29, 2020
Amid negative global markets, foreign institutional investors (FIIs), sentiment, neutral domestic institutional investors (DIIs) and cautious futures & options (F&O) cues, the short-term trend of the Indian stock markets will be positive on Thursday, October 29, 2020.
Equity benchmarks on Wednesday, October 28, 2020, witnessed losses of around one and a half per cent amid negative global cues. The key domestic indices fell mainly due to a plunge in Banking, Finance and Metal sector stocks. The BSE 30-share index, Sensex declined 600 points or 1.48 per cent to settle at 39,922. The NSE Nifty 50 index also fell 160 points or 1.34 per cent to settle at 11,730. The Bank Nifty lost 537 points, or 2.17 per cent, and settled down at 24,232.50.
The broader market at BSE also ended down but outperformed the Sensex. The BSE Mid-Cap index depreciated 0.93 per cent and the BSE Small-Cap index slipped 0.76 per cent.
Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for October 29:
The trend will be neutral if Nifty and Bank Nifty closes below 11,650 and 23,450.
Day support range on Nifty is 11,650-11,675, below that 11,525-11,600 is next levels.
Day higher range on Nifty is 11,775-11,825, above that 11,875-11,925 is strong sell zone.
Day support range on Bank Nifty is 23,700-23,850, below that 23,450-23,550 is strong buy zone.
Day higher range on Bank Nifty is 24,250-24,350, above that 24,475-24,650 is strong sell zone.
Small Day Range for trading on Nifty is 11,660-11,725, while the medium and bigger ranges are 11,610-11,775 and 11,550-11,825, respectively.
Small Day Range for trading on Bank Nifty is 23,950-24,250, while the medium and bigger ranges are 23,950-24,350 and 23,700-24,475, respectively.
FIIs Net Index long 47% Vs 55%.
Put-Call Ratio (PCR) lower at 1.25 Vs 1.48, India Volatility Index (VIX) 5% up at 23.28.
For Existing Long Positions:
Nifty Intraday and closing stop loss are 11,650.
Bank Nifty Intraday and closing stop loss are 24,000.
For Existing Short Positions:
Nifty Intraday stop loss is 11,825 and closing stop loss 11,935.
Bank Nifty Intraday and closing stop loss are 24,500.
For New Positions:
Sell Nifty in 11,775-11,825 range with a stop loss of 11,935 and target 11,680, 11,660, 11,610, 11,550.
Buy Nifty in 11,550-11,625 range with a stop loss of 11,500 and target 11,650, 11,675, 11,725, 11,775.
For New Positions:
Sell Bank Nifty with a stop loss of 24,500 and target 24,075, 23,950, 23,850, 23,750, 23,550.
Aggressive traders Buy Bank Nifty in 23,700-23,850 range with a stop loss of 23,650 and target 23,950, 24,050, 24,200.
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