Anil Singhvi’s Strategy April 24: Bank, NBFC & Metal sectors are Negative; Sell IndusInd Bank Futures with Stop Loss 412

Anil Singhvi’s Strategy April 24: Amid negative global market, futures & options (F&O), neutral foreign institutional investors (FIIs) and domestic institutional investors (DIIs) and cautious sentiment cues, the short-term trend of the Indian stock markets will be neutral on Friday, April 24, 2020.

The domestic equity barometers advanced on Thursday, April 23, 2020, in line with other Asian markets, as oil prices recovered from a collapse. Hopes of a fresh stimulus package to mitigate the economic damage caused by the coronavirus outbreak also lifted sentiment. The barometer index, the S&P BSE Sensex, jumped 483.53 points or 1.54% at 31,863.08. The Nifty 50 index advanced 126.60 points or 1.38% at 9,313.90. The gains were supported by firmness in banks and IT shares. Bank Nifty gained 566.10 points or 2.87% and settled at 20,267.95.

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Zee Business's Managing Editor Anil Singhvi's Market Strategy for April 24:

Strong support zone on Nifty is 9,050-9,150 and Bank Nifty is 19,400-19,700.

Higher Zone on Nifty is 9,400-9,500 and Bank Nifty is 20,500-20,650.

The small day range for trading on Nifty is 9,175-9,325, while the medium and bigger ranges are 9,125-9,400 and 9,050-9,500 respectively.

The small day range for trading on Bank Nifty is 19,900-20,350, while the medium and bigger ranges are 19,700-20,500 and 19,400-20,650 respectively.

Put-Call Ratio (PCR) is 1.49, Alert at a higher level, and the Volatility Index (VIX) is down by 8% to 39.23.

For Existing Long Positions:

Nifty intraday and closing stop loss 9,175.

Bank Nifty intraday and closing stop loss 19,700.

For Existing Short Positions:

Nifty intraday and closing stop loss 9,400.

Bank Nifty intraday and closing stop loss 20,550.

For New Positions:

Sell Nifty with a stop loss of 9,400 and target 9,175, 9,125, 9,050.

Buy Nifty in 8,950-9,050 range with stop loss of 8,900 and target 9,125, 9,175, 9,200.

Sell Bank Nifty with a stop loss of 20,550 and target 19,900, 19,700, 19,500, 19,400. 

No Buy Call for Bank Nifty Today.

Sector

Negative: Banks, NBFC, Metal

Stock of The Day

Sell IndusInd Bank Futures: Stop loss 412 and target 392, 385, 375.