Anil Singhvi’s Strategy April 8: Profit booking in Metals, Banks and NBFCs; Strong sell zone on Nifty is 8,900-9,150

Amid positive foreign institutional investors (FIIs), neutral domestic institutional investors (DIIs), negative global markets, futures & options (F&O) and cautious sentiment cues, the short-term trend of the Indian stock markets will be negative on Wednesday, April 8, 2020.

Domestic share market soared on Tuesday, April 7, 2020, amid positive global cues, buoyed by tentative signs the coronavirus crisis could be slowing. The barometer index S&P BSE Sensex, spurted 2,476.26 points or 8.97% at 30,067.21. The Nifty 50 index added 708.40 points or 8.76% at 8,792.20. Bank Nifty gained 1,813.20 points or 10.42% to close at 19,062.50.

Zee Business's Managing Editor Anil Singhvi's Market Strategy for April 8:

Important Support Zone on Nifty is 8,250-8,350, 8,500-8,650 and Bank Nifty is 18,000-18,200, 18,500-18,750.

Strong sell zone on Nifty is 8,900-9,150 and Bank Nifty is 19,450-19,700.

The small day range for trading on Nifty is 8,650-8,800, while the medium and bigger ranges are 8,525-8,900 and 8,350-9,050 respectively.

The small day range for trading on Bank Nifty is 18,500-19,200, while the medium and bigger ranges are 18,350-19,450 and 18,200-19,600 respectively.

For Existing Long Positions:

Nifty intraday and closing stop loss 8,600.

Bank Nifty intraday and closing stop loss 18,500.

For Existing Short Positions:

Nifty intraday and closing stop loss 8,900

Bank Nifty intraday and closing stop loss 19,500.

For New Positions:

Sell Nifty with a stop loss of 8,900 and target 8,675, 8,575, 8,525.

Buy Nifty in 8,350-8,525 range with a stop loss of 8,200 and target 8,575, 8,650, 8,750, 8,800.

Sell Bank Nifty with a stop loss of 19,500 and target 18,750, 18,500, 18,350, 18,200.

Buy Bank Nifty in 18,200-18,350 range with a stop loss of 18,000 and target 18,500, 18,750, 19,000, 19,100.

Put-Call Ratio (PCR) higher 1.45, Volatility Index (VIX) down 6% to 51.80.

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Sectors: Profit booking in Metals, Banks and NBFCs.