Anil Singhvi’s Strategy April 30: Auto, Bank & NBFC sectors are Positive; Buy Tata Motors Futures with Stop Loss 77.5

Anil Singhvi’s Strategy April 30: Amid positive global market, foreign institutional investors (FIIs) and sentiment, and neutral domestic institutional investors (DIIs) and futures & options (F&O) cues, the short-term trend of the Indian stock markets will be Positive on Thursday, April 30, 2020.

The domestic stock market extended gains for the third straight session on Wednesday, April 29, 2020, as firm global cues boosted sentiment. The barometer S&P BSE Sensex, rose 605.64 points or 1.89% at 32,720.16. The Nifty 50 index added 172.45 points or 1.84% at 9,553.35. Metals and auto shares led the broad-based rally. Similarly, Bank Nifty gained 419.10 points or 2.03% to settle at 21,090.20.

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Zee Business's Managing Editor Anil Singhvi's Market Strategy for April 30:

Strong Support Zone on Nifty is 9,275-9,400 and Bank Nifty is 20,500-20,800.

Higher Zone on Nifty is 9,750-9,850 and Bank Nifty is 21,500-21,800.

The small day range for trading on Nifty is 9,500-9,675, while the medium and bigger ranges are 9,400-9,725 and 9,375-9,850 respectively.

The small day range for trading on Bank Nifty is 20,850-21,450, while the medium and bigger ranges are 20,750-21,750 and 20.600-21,900 respectively.

For Existing Long Positions:

Nifty intraday and closing stop loss 9,375.

Bank Nifty intraday and closing stop loss 20,650.

For Existing Short Positions:

Nifty intraday and closing stop loss 9,600.

Bank Nifty intraday and closing stop loss 21,350.

For New Positions:

Buy Nifty with a stop loss of 9,500 and target 9,675, 9,725, 9,850.

Sell Nifty in 9,800-9,850 range with a stop loss of 9,925 and target 9,725, 9,675, 9,600.

Buy Bank Nifty with a stop loss of 20,800 and target 21,450, 21,750, 21,900.

Sell Bank Nifty in 21,750-21,900 range with a stop loss of 22,050 and target 21,500, 21,400.

Put-Call Ratio (PCR) is 1.61 and the Volatility Index (VIX) down 4% to 33.84.

Sector

Positive: Auto, Banks, NBFCs,

Stock of the Day

Buy Tata Motors Futures: Stop loss 77.5 and target 83, 85. Auto Stocks are looking strong.