Anil Singhvi’s Strategy December 11: Day support zone on Nifty is 13,450-13,475 & Bank Nifty is 30,050-30,200; Buy Karur Vysya Bank with Stop Loss 46

Amid neutral global markets, foreign institutional investors (FIIs), negative domestic institutional investors (DIIs), cautious futures & options (F&O) and positive sentiment, cues, the short-term trend of the Indian stock markets will be positive on Friday, December 11, 2020.

Key domestic indices on Thursday, December 10, 2020, snapped their record-setting rally logging modest losses. Amid negative Asian cues, the BSE Sensex declined 143.62 points or 0.31 per cent to settle at 45,959.88. The NSE Nifty 50 index also fell 50.80 points or 0.38 per cent to settle at 13,478.30. Similarly, Nifty Bank lost 199.05 points, or 0.65 per cent, and settled at 30,510.35. 

The broader market at BSE also ended down underperforming the Sensex as the BSE Mid-Cap index slipped 0.57 per cent while the BSE Small-Cap index closed 0.65 per cent down.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for December 11: 

Day support zone on Nifty is 13,450-13,475, below that 13,350-13,400 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 30,050-30,200, below that 29,750-29,950 is strong Buy zone.

Day higher zone on Bank Nifty is 30,600-30,800, above that 30,950-31,175 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 30,275-30,700, while the medium and bigger ranges are 30,200-30,800 and 30,050-30,950, respectively.

FIIs reduced Index long to 74% Vs 77%.

PCR near overbought at 1.68 Vs 1.73.

VIX 1% down at 18.71.

For Existing Long Positions:

Nifty intraday and closing stop loss are 13,0375.

Bank Nifty intraday and closing stop loss are 30,200.

For Existing Short Positions:

Nifty intraday and closing stop loss are 13,550.

Bank Nifty intraday and closing stop loss are 30,825.

For New Positions:

Buy Nifty in 13,400-13,450 range with a stop loss of 13,350 and target 13,475, 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, 13,475.

For New Positions:

Aggressive Traders can buy Bank Nifty in 30,275-30,375 range with a stop loss of 30,200 and target 30,500, 30,600, 30,700, 30,800, 30,950. 

Buy Bank Nifty in 30,050-30,200 range with a stop loss of 29,950 and target 30,275, 30,350, 30,500.

Aggressive Traders can sell Bank Nifty in 30,700-30,800 range with a strict stop loss of 30,850 and target 30,600, 30,500, 30,375, 30,275, 30,200.

Sell Bank Nifty 30,950-31,200 range with a stop loss of 31,300 and target 30,825, 30,725, 30,625, 30,525.

F&O Ban Update: 

Already in Ban: PNB

New in Ban: Canara Bank

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Stock of the Day:

Buy Karur Vysya Bank: Stop loss 46 and target 49, 52. Attractive valuations, P/B 0.70x. Profitable midcap private bank. Gold loan focus to rerate.