Amid positive foreign institutional investors (FIIs), neutral global markets, futures & options (F&O), sentiment and negative domestic institutional investors (DIIs) cues, the short-term trend of the Indian stock markets will be negative on Thursday, April 9, 2020.

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Key barometers ended the volatile session with minor losses on Wednesday, April 8, 2020. The barometer index S&P BSE Sensex, lost 173.25 points or 0.58% at 29,893.96. The index soared 1160.76 points to hit the day's high of 31,227.97 in morning trade. The Nifty 50 index fell 43.45 points or 0.49% at 8,748.75. The index reversed trend after surging 339.50 points to hit the day's high of 9,131.70 in morning trade. Bank Nifty fell 116.05 points or 0.61% to 18,946.45.

Zee Business's Managing Editor Anil Singhvi's Market Strategy for April 9:

Strong Support Zone on Nifty is 8,350-8,500 and Bank Nifty is 18,000-18,500. 

Strong Sell Zone on Nifty is 9,000-9,150 and Bank Nifty is 20,000-20,400.

The small day range for trading on Nifty is 8,650-8,825, while the medium and bigger ranges are 8,575-9,000 and 8,500-9,150 respectively.

The small day range for trading on Bank Nifty is 18,500-19,450, while the medium and bigger ranges are 18,200-19,600 and 18,000-20,000 respectively.

For Existing Long Positions:

Nifty intraday and closing stop loss 8,650.

Bank Nifty intraday and closing stop loss 18,500.

For Existing Short Positions:

Nifty intraday and closing stop loss 8,825.

Bank Nifty intraday and closing stop loss 19,200.

For New Positions:

Buy Nifty in 8,575-8,675 range with a stop loss of 8,500 and target 8,750, 8,800, 9,000, 9,125.

Sell Nifty in 9,000-9,150 range with a stop loss of 9,200 and target 8,850, 8,800, 8,750, 8,675.

Buy Bank Nifty in 18400-18800 range with a stop loss of 18,200 and target 19,150, 19,450, 19,600, 20,000, 20,300. 

Sell Bank Nifty in 19,600-20,000 range with a stop loss of 20,500 and target 19,200, 19,000, 18,800, 18,500.

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Put-Call Ratio (PCR) is 1.31 and the Volatility Index (VIX) is 52.24.