Anil Singhvi’s Strategy September 30: Apply for IRCTC IPO at higher band of Rs320; PSU Stocks are Positive
On account of positive DIIs, neutral F&O and negative FIIs, the short-term trend of Indian markets will be positive, says Zee Business Managing Editor Anil Singhvi.
Amid positive domestic institutional investors (DIIs) and Sentiment, neutral global markets and futures and options (F&O) and negative foreign institutional investors (FIIs) cues, the short-term trend of Indian share market will be positive on Monday, September 30, 2019.
Earlier on Friday, September 27, 2019, equity benchmarks fell around half a per cent amid negative cues from Asian indices. The Sensex at Bombay Stock Exchange declined 167.13 points or 0.43% to close at 38,822.57. The Nifty at National Stock Exchange also ended down 58.80 points or 0.51% at 11,512.40. Bank Nifty lost 125.95 points or 0.42% to settle at 29,876.65. Selling was broad-based with private banks and metal stocks under pressure.
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Zee Business's Managing Editor Anil Singhvi's Market Strategy for September 30:
Strong support zone on Nifty and Bank Nifty lies between 11,425-11,450 and 29,500-29,650 respectively.
Higher zone on the two indices, Nifty and Bank Nifty, lies at 11,550-11,600 and 30,000-30,150 respectively.
Small day range for trading on Nifty stands at 11,450-11,550, while the medium and bigger ranges reside between 11,425-11,575 and 11,400-11,625.
Small day range for trading on Bank Nifty stands at 29,700-30,050, while the medium and bigger ranges reside between 29,600-30,150 and 29,450-30,550.
For Existing Long Positions:
Nifty intraday and closing stop loss 11,440.
Bank Nifty intraday and closing stop loss 29,600.
For Existing Short Positions:
Nifty intraday and closing stop loss 11,625.
Bank Nifty intraday and closing stop loss 30,200.
For New Positions:
Buy Nifty in 11,425-11,450 range with a stop loss of 11,400 and target 11,500, 11,550, 11,575, 11,600.
Sell Nifty in 11,575-11,600 range with a stop loss of 11,625 and target 11,550, 11,500.
Buy Bank Nifty in 29,600-29,700 range with a stop loss of 29,450 and target 29,800, 29,900, 30,050.
Sell Bank Nifty in 30,100-30,150 range with a stop loss of 30225 and target 30000, 29900, 29800
The put-call ratio (PCR) is at 1.19 and the volatility index (VIX) is 16.11.
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