Anil Singhvis Strategy September 25: Amid positive global markets, futures & options (F&O), negative foreign institutional investors (FIIs), neutral domestic institutional investors (DIIs) and sentiment cues, the short-term trend of the Indian stock markets will be neutral on Friday, September 25, 2020.
The domestic equity markets plunged more around 3 per cent on Thursday, September 24, 2020, amid heavy sell-off and weak global cues. Domestic stocks fell for the sixth session in a row. The Sensex closed below 37,000-mark while the Nifty settled below 11,000 level. The S&P BSE Sensex tumbled 1114.82 points, or 2.96 per cent, to 36,553.60. The Nifty 50 index slumped 326.30 points, or 2.93 per cent, to 10,805.55. Similarly, Nifty Bank fell 721.65 points, or 3.41 per cent, to 20,456.85.
The broader market at BSE also tumbled. The Mid-cap declined 2.14 per cent while the Small-cap ended down by 2.28 per cent.
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October Series Outlook:
Starting with very light position
FIIs Net Index long reduced at 44% Vs 75% in September
PCR oversold at 1.11, Open Interest in Stocks at 80 lakh Vs 95 lakh in September
Nifty Rollover only 71% Vs 80%
The first sign of strength only if Nifty and Bank Nifty closes above 11,150 & 21,200.
Zee Businesss Managing Editor Anil Singhvis Market Strategy for September 25:
Day support zone on Nifty is 10,650-10,775 and the day higher range is 11,000-11,075
Day support range on Bank Nifty is 20,050-20,300 and the day higher range is 20,800-20,950.
The small day range for trading on Nifty is 10,800-10,950, while the medium and bigger day range is 10,775-11,000 and 10,700-11,025, respectively.
The small day range for trading on Bank Nifty is 20,400-20,800, while the medium and bigger day range is 20,300-20,950 and 20,050-21,150, respectively.
FIIs Net Index long down to 44% Vs 50%
PCR oversold at 1.11 Vs 1.03, short-covering expected, India VIX up 12% at 23.51
For Existing Long Positions:
Nifty intraday and closing stop loss are 10,775.
Bank Nifty intraday and closing stop loss are 20,300.
For Existing Short Positions:
Nifty intraday stop loss is 11,025 and closing stop loss is 11,200.
Bank Nifty intraday stop loss is 20,850 and closing stop loss is 21,200.
For New Positions:
Buy Nifty with a stop loss of 10,775 and target 10,900, 10,950, 11,000, 11,025.
Sell Nifty in 10,950-11,075 range with a stop loss of 11,150 and target 10,900, 10,825.
Buy Bank Nifty with a stop loss of 20,300 and target 20,650, 20,800, 20,950, 21,150.
Sell Bank Nifty in 20,800-20,950 range with a stop loss of 21,200 and target 20,700, 20,550, 20,450.
No Stock in F&O Ban
Out of Ban: IB Housing Finance