Anil Singhvis Strategy October 7: Amid neutral global markets, futures & options (F&O), positive foreign institutional investors (FIIs), sentiment and negative domestic institutional investors (DIIs) cues, the short-term trend of the Indian stock markets will be positive on Wednesday, October 7, 2020.
Equity benchmarks Sensex on Tuesday, October 6, 2020, surged more than one and a half per cent amid positive global cues. The Sensex closed above 39,500-mark while the Nifty reclaimed 11,600-level.
The BSE 30-share index gained 601 points or 1.54 per cent to settle at 39,575. The Nifty-50 index also jumped 159 points or 1.38 per cent to settle at 11,662. Similarly, Bank Nifty gained 482.75 points or 2.16 per cent and settled at 22,853.70.
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The broader market at BSE also added but underperformed the Sensex. The BSE Mid-Cap index rose 0.59 per cent and the BSE Small-Cap index gained 0.55 per cent.
Zee Businesss Managing Editor Anil Singhvis Market Strategy for October 7:
Day support zone on Nifty is 11,500-11,575 and the day higher range is 11,775-11,800.
Day support zone on Bank Nifty is 22,250-22,550 and the day higher range is 23,075-23,200, above that 23,450-23,525 is profit-booking zone.
The small day range for trading on Nifty is 11,650-11,700, while the medium and bigger ranges are 11,625-11,750 and 11,575-11,780, respectively.
The small day range for trading on Bank Nifty is 22,650-22,950. While the medium and bigger ranges are 22,550-23,075 and 22,375-23,450, respectively.
FIIs Net Index long at 64% Vs 66%.
Put-Call Ratio (PCR) 1.57 Vs 1.37, India Volatility Index (VIX) up at 19.64.
For Existing Long Positions:
Nifty intraday stop loss is 11,600 and closing stop loss 11,500.
Bank Nifty intraday and closing stop loss are 22,500.
For Existing Short Positions:
Nifty intraday and closing stop loss are 11,700.
Bank Nifty intraday and closing stop loss are 23,000.
For New Positions:
Buy Nifty with a stop loss of 11,575 and target 11,675, 11,700, 11,750, 11,780.
Sell Nifty in 11775-11800 range with a stop loss is 11,850 and target 11,725, 11,675.
Buy Bank Nifty with a stop loss is 22,650 and target 22,950, 23,075, 23,150, 23,425.
Sell Bank Nifty in 23,400-23,525 range with a stop loss is 23,600 and target 23,250, 23,100, 23,000.
2 Stocks in F&O Ban:
New in Ban: Vodafone Idea
Already in Ban: Vedanta