Anil Singhvi Strategy June 23: Daytime Support Zone on Nifty is 15,700-15,750 and Bank Nifty is 34,400-34,600
Amid positive global markets, futures and options (F&O), sentiment, negative indices of foreign institutional investors (FII) and domestic institutional investors (DII), the short-term trend of Indian stock markets will be positive on Wednesday 23 June. 2021.
Domestic stock markets ended a volatile session with minor gains on Tuesday, June 22, 2021. The S&P BSE Sensex rose 14.25 points or 0.03% to 52,588.71. The Nifty 50 index gained 26.25 points or 0.17% to settle at 15,772.75, up for a second trading session. However, the Bank Nifty Index lost 126.30 points or 0.36% to close lower at 34,745.
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The broader market outperformed benchmarks. The S&P BSE MidCap closed up 0.33%, while the S&P BSE SmallCap closed up 0.83%.
Zee Business Editor-in-Chief Anil Singhvi’s Market Strategy for June 23:
The daytime support zone on Nifty is 15,700-15,750, below 15,575-15,650 is a strong buy zone.
The upper day zone on Nifty is 15,800-15,825, above 15,875-15,925 is a strong profit reservation zone
The daytime support zone on Bank Nifty is 34,400-34,600, below 33,950-34,150 is a strong buy zone.
The highest day zone on Bank Nifty is 34,950-35,050, above 35,250-35,375 is a strong profit reserve zone.
The small day range for trading on Nifty is 15,700-15,800, while the medium and larger day ranges are 15,650-15,825 and 15,575-15,900, respectively.
The small day range for trading on Bank Nifty is 34,600 to 34,950, while the medium and larger day ranges are 34,400 to 35,150 and 34,150 to 35,300 respectively.
Long position of the FII index at 70% Vs 65%
PCR close to oversold level at 1.08 Vs 1.22
India VIX down 2% to 14.74
For existing long positions:
The nifty intraday stop loss is 15,675 and the closing stop loss is 15,575.
Bank Nifty intraday and closing stop loss are 34,375.
For existing short positions:
Intraday nifty and closing stop loss are 15,925,
The BankNifty intraday stop loss is 35,050 and the closing stop loss is 35,300.
For new positions:
Buy Nifty with a stop loss of 15,675 and target 15,800, 15,825, 15,875, 15,900.
Sell Nifty in the 15,875-15,925 range with a stop loss of 16,000 and target 15,825, 15,800, 15,775, 15,750, 15,700.
For new positions:
Buy BankNifty with a stop loss of 34,375 and target 34,875, 34,975, 35,050, 35 150, 35,250, 35,300.
Sell BankNifty in the range 35,250-35,375 with a stop loss of 35,550 and target 35,075, 35,000, 34,925, 34,800, 34,750, 34,650.
Update of the F&O ban:
2 Already banned: Vodafone Idea, Sun TV
New in the ban: Nile
Out of ban: Nile
Action of the day:
Buy Indian hotels: Stop loss 135 and target 147, 155, 160.
Soon revenge tourism
F&O Inclusion from Friday
Attractive valuations of the Tata group stock
Pesticide IPOs in India: ASK FOR REASONABLE AND LONG-TERM QUOTATION GAINS
Good points :
Positive cash flow despite regular CAPEX
Debt Free Business
Reasonable valuations with 41% ROE
Negative points :
Highly competitive company
Heavy dependence on China for raw materials