Amid neutral global markets, positive foreign institutional investors (FIIs), sentiment, cautious futures & options (F&O) and negative domestic institutional investors (DIIs) cues, the short-term trend of the Indian stock markets will be positive on Thursday, December 10, 2020.    

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Key domestic indices on Wednesday, December 9, 2020, continued their rally of setting fresh records. Amid positive global cues, the BSE Sensex hit 46,000-mark for the first time while the NSE Nifty crossed 13,500-level. 

Sensex skyrocketed 494.99 points or 1.09 per cent to settle at 46,103.50. The NSE Nifty-50 index also zoomed 136.15 points or 1.02 per cent to settle at 13,529.10. Bank Nifty rose 447.50 points or 1.48 per cent and closed at 30,709.40. The broader market at BSE also gained but underperformed the Sensex as the BSE Mid-Cap index rose 0.4 per cent while the BSE Small-Cap index ended 0.49 per cent up.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for December 10: 

Day support zone on Nifty is 13,400-13,450, below that 13,300-13,350 is strong Buy zone. 

Day higher zone on Nifty is 13,525-13,550, above that 13,600-13,650 is profit-booking zone.

Day support zone on Bank Nifty is 30,275-30,375, below that 29,950-30,050 is strong Buy zone.

Day higher zone on Bank Nifty is 30,825-30,950, above that 31,175-31,300 is profit-booking zone.

Small Day Range for trading on Nifty is 13,450-13,550, while the medium and bigger ranges are 13,400-13,600 and 13,350-13,650, respectively.

Small Day Range for trading on Bank Nifty is 30,375-30,825, while the medium and bigger ranges are 30,275-30,950 and 30,050-31,175, respectively.

FIIs Index long at 77% Vs 75%.

PCR overbought at 1.73 Vs 1.6, India VIX 2% up at 18.92.

For Existing Long Positions:

Nifty intraday and closing stop loss are 13,375.

Bank Nifty intraday and closing stop loss are 30,250.

For Existing Short Positions:

Nifty intraday and closing stop loss are 13,600.

Bank Nifty intraday and closing stop loss are 31,000.

For New Positions:

Buy Nifty in 13,400-13450 range with a stop loss of 13,300 and target 13,500, 13,525, 13,550, 13,600, 13,650.

Sell Nifty in 13,600-13,650 range with a stop loss of 13,700 and target 13,550, 13,525, 13,500, 13,450.

For New Positions:

Aggressive Traders can buy Bank Nifty in 30,275-30,375 range with a stop loss of 30,200 and target 30,450, 30,625, 30,700, 30,800, 30,950. 

Buy Bank Nifty in 29,950-30,050 range with a stop loss of 29,900 and target 30,200, 30,275, 30,350, 30,450.

Sell Bank Nifty in 30,950-31,200 range with a stop loss of 31,300 and target 30,825, 30,725, 30,650, 30,525, 30,375.

Sectors:

Positive: Midcap & Smallcap 

Negative: Cement & PSU Bank

F&O Ban Update: 

Out of Ban: Canara Bank

New in Ban: PNB

Stock of the Day:

Buy Wonderla Holidays: Stop loss 205 and target 225, 235, 250. Attractive Valuations, Zero debt company. Strong business outlook post-Corona. 

See Zee Business Live TV Streaming Below:

Sell ACC Futures: Stop loss 1680 and target 1650, 1635. Actions on cement companies on cartelization.