Anil Singhvi Strategy September 20: Daytime support zone on Nifty is 17 380-17 440 and Bank Nifty is 37 325-37 425
Amid negative global markets, domestic institutional investors (DII), foreign institutional investors (FII), futures and options (F&O) and neutral sentiment indices, the short-term trend of Indian stock markets will be positive on Monday, September 20. 2021. National stock indexes ended their three-day winning streak and ended in small losses on Friday, September 17, 2021, amid losses from heavyweights Reliance Industries, IT Stocks and some bank stocks. The S&P BSE Sensex lost 125.27 points or 0.21% to close at 59,015.89. The Nifty 50 index lost 44.35 points or 0.25% to 17,585.15.
The Sensex hit an all-time high of 59,737.32 while the Nifty hit an all-time high of 17,792.95 in intraday trading. However, Bank Nifty gained 143.35 points or 0.38% to close at 37,811.95.
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Broad markets underperformed Sensex, with the S&P BSE MidCap index losing 1.14% and the S&P BSE SmallCap losing 1.06%.
Zee Business Editor-in-Chief Anil Singhvi Market Strategy for September 20:
The trend will only change if Nifty closes below the 17,275-17,350 range and Bank Nifty closes below the 36,700-36,850 range.
The daytime support area on Nifty is 17,380-17,440, below 17,275-17,350 is a strong buy area.
The highest daytime zone on Nifty is 17,600-17,625, above 17,700-17,775 is a profit reservation zone.
The daytime support zone on Bank Nifty is 37,325-37,425, below 37,050-37,150 is a strong buy zone.
The highest day zone on Bank Nifty is 37,800-38,000, above 38,100-38,300, the profit reserve area.
The small daily range for trading on Nifty is 17,440-17,600, while the medium and upper daily ranges are 17,380-17,625 and 17,350-17,700 respectively.
The small day range for trading on Bank Nifty is 37,425-38,000, while the medium and larger day ranges are 37,325-38,100 and 37,150-38,300 respectively.
The FII index increased to 68% from 61%
PCR close to oversold levels at 1.15 vs. 1.58, short coverage expected from lower levels
India VIX up 6% to 15.23
For existing long positions:
The Intraday Nifty stop loss is 17,500 and the closing stop is 17,350.
Bank Nifty Intraday and the closing stop loss is 37,300.
For existing short positions:
The Intraday Nifty stop loss is 17,800 and the closing stop is 17,650.
The Intraday Bank Nifty stop loss is 38,150 and the closing stop loss is 38,000,
For new positions:
Sell Nifty with a stop loss of 17,700 and target 17,535, 17,500, 17,440, 17,380, 17,350.
Buy Nifty in the 17375-17440 range with a stop loss of 17,275 and target 17,500, 17 525, 17 575, 17 625.
For new positions:
Sell Bank Nifty with a stop loss of 38,150 and target 37,425, 37,325, 37,150, 37,050, 36,850.
Buy Bank Nifty in the 37,050-37,150 range with a stop loss of 36,850 and target 37,300, 37,400, 37,675, 37,800.
Aggressive traders buy Bank Nifty in the range 37,325-37,425 with a strict stop loss of 37,250 and target 37,675, 37,800, 37,950, 38,100.
Update on the F&O ban:
3 actions included in the ban: IRCTC, PNB, Indiabulls Housing Finance
Out of ban: Zee Entertainment
5 Already banned: SAIL, Sun Tv, Escorts, Exide Ind, NALCO
Action of the day:
Sell lupine futures: Stop loss 965 and target 935, 925, 910. Goa plant gets 7 USFDA observations