Anil Singhvi’s Strategy April 17: Metals, Banks & NBFCs are Positive; Strong Sell Zone on Nifty is 9,250-9,400

Amid positive global markets, domestic institutional investors (DIIs) and sentiments, neutral futures & options (F&O) and negative foreign institutional investors (FIIs) cues, the short-term trend of the Indian stock markets will be negative on Friday, April 17, 2020.

Key domestic indices ended with decent gains on Thursday, April 16, 2020, snapping losses in the past two sessions. The trading was volatile due to expiry of weekly index options on NSE. The Nifty, however, failed to close above the 9,000 level.

The barometer S&P BSE Sensex rose 222.80 points or 0.73% at 30,602.61. The Nifty 50 index added 67.50 points or 0.76% at 8,992.80. Gains were boosted by the media reports suggesting that the government is working on a fiscal package and is closely studying the impact of COVID-19 on various industries. According to reports, the government is conducting a detailed sectoral analysis on the impact of COVID-19 and an announcement should be made soon.

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Zee Business's Managing Editor Anil Singhvi's Market Strategy for April 17:

Important Support Zone on Nifty is 8,750-8,825 and Bank Nifty is 18,800-19,200.  

Strong Sell Zone on Nifty is 9,250-9,400 and Bank Nifty is 20,150-20,500.

The small day range for trading on Nifty is 8,925-9,100, while the medium and bigger ranges are 8,825-9,250 and 8,750-9,400 respectively.

The small day range for trading on Bank Nifty is 19,150-19,900, while the medium and bigger ranges are 19,050-20,300 and 18,800-20,500 respectively.

For Existing Long Positions:

Nifty intraday and closing stop loss 8,900.

Bank Nifty intraday and closing stop loss 19,000. 

For Existing Short Positions:

Nifty intraday and closing stop loss 9,150.

Bank Nifty intraday and closing stop loss 19,500.

For New Positions:

Buy Nifty with a stop loss of 8,900 and target 9,125, 9,250, 9,300, 9,400. 

Sell Nifty in 9,300-9,500 range with a stop loss of 9,600 and target 9,250, 9,150.

Buy Bank Nifty with a stop loss of 19,000 and target 19,900, 20,150, 20,300, 20,500.

Sell Bank Nifty in 20,300-20,600 range with a stop loss of 21,000 and target 20,150, 19,900, 19,600.

Sectors
Positive: Metals, Banks and NBFCs.

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Put-Call Ratio (PCR) is 1.40 and the Volatility Index (VIX) down 4% to 46.10.