Amid negative global markets, domestic institutional investors (DII), positive foreign institutional investors (FII), futures and options (F&O) and neutral sentiment signals, the short-term trend of Indian equity markets will be positive on Monday, September 20. 2021. National equity indices snapped their three-day winning streak and ended with small losses on Friday, September 17, 2021, amid losses in Reliance Industries, TI stocks and select bank stocks. The S&P BSE Sensex fell 125.27 points or 0.21 percent to close 59,015.89. The Nifty 50 Index was down 44.35 points, or 0.25 percent, to 17,585.15.
The Sensex hit a record 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 percent to close at 37,811.95.
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The broader markets underperformed Sensex, with the S&P BSE MidCap Index sinking 1.14% and the S&P BSE SmallCap losing 1.06%.
Zee Business Managing Editor Anil Singhvi’s Market Strategy for September 20:
The trend will change only if Nifty closes below the range of 17,275-17,350 and Bank Nifty closes below the range 36,700-36,850.
The daily support zone in Nifty is 17,380-17,440, below 17,275-17,350 there is a strong buy zone.
The highest zone for the day in Nifty is 17,600-17,625, above which 17,700-17,775 is an earnings reserve zone.
The daily support zone at Bank Nifty is 37,325-37,425, below 37,050-37,150 there is a strong buy zone.
The highest zone for the day on Bank Nifty is 37,800-38,000, above 38,100-38,300 is the profit reserve zone.
The small day range to trade Nifty is 17,440-17,600, while the medium and large day ranges are 17,380-17,625 and 17,350-17,700, respectively.
The range of small days to trade on Bank Nifty is 37,425-38,000, while the ranges of medium and large days are 37,325-38,100 and 37,150-38,300, respectively.
The FII rate increased for a long time to 68% from 61%
CRP near 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 nifty intraday stop loss is 17,500 and the closing stop loss is 17,350.
Bank Nifty’s closing and intraday stop loss is 37,300.
For existing short positions:
The nifty intraday stop loss is 17,800 and the closing stop loss is 17,650.
Bank Nifty’s intraday 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 aim for 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 aim for 17,500, 17,525, 17,575, 17,625.
For new positions:
Sell Bank Nifty with a stop loss of 38,150 and aim for 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 aim for 37,300, 37,400, 37,675, 37,800.
Aggressive traders buy Bank Nifty in a range of 37,325-37,425 with a strict stop loss of 37,250 and a target of 37,675, 37,800, 37,950, 38,100.
F&O Ban update:
3 stocks are banned: IRCTC, PNB, Indiabulls Housing Finance
Out of Ban: Zee Entertainment
5 Already in Ban: SAIL, Sun Tv, Escorts, Exide Ind, NALCO
Action of the day:
Sell Lupine futures: Stop loss 965 and target 935, 925, 910. Goa plant receives 7 observations from USFDA