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.

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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.