Amid positive global markets, foreign institutional investors (FIIs), sentiment, neutral futures & options (F&O) and negative domestic institutional investors (DIIs) cues, the short-term trend of the Indian stock markets will be positive on Wednesday, December 16, 2020.  

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Key domestic indices on Tuesday, December 15, 2020, remained almost flat amid negative Asian cues. However, the Sensex and Nifty added a few points to log fresh lifetime highs. The Sensex gained 9.71 points or 9.71% to settle at 46,263.17. The NSE Nifty 50 index also rose 9.70 points or 0.07% to settle at 13,567.85. Bank Nifty fell 54.85 points or 0.18% to settle at 30,691.05.

The broader market at BSE also climbed. The BSE Mid-Cap index surged 0.42 per cent while the BSE Small-Cap index added marginally by 0.07 per cent.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for December 16:

Day support zone on Nifty is 13,450-13,500 and Day higher zone is 13,650-13,700. 

Day support zone on Bank Nifty is 30,500-30,600, below that 30,200-30,350 is strong Buy zone.

Day higher zone on Bank Nifty is 30,850-31,000, above that 31,175-31,300 is profit-booking zone.

Small Day Range for trading on Nifty is 13,525-13,600, while the medium and bigger ranges are 13,500-13,650 and 13450-13700, respectively. 

Small Day Range for trading on Bank Nifty is 30,625-30,850, while the medium and bigger ranges are 30,500-31,000 and 30,350-31,200, respectively.

FIIs increased Index long to 74% Vs 72%.

PCR at 1.54 Vs 1.47, VIX unchanged at 19.35.

For Existing Long Positions:

Nifty intraday and closing stop loss are 13,450.

Bank Nifty intraday and closing stop loss are 30,500.

For Existing Short Positions:

Nifty intraday and closing stop loss are 13,600.

Bank Nifty intraday and closing stop loss are 30,850.

For New Positions:

Buy Nifty with a stop loss of 13,450 and target 13,600, 13,650, 13,675, 13,700. 

Sell Nifty near 13,700 with a stop loss of 13,750 and target 13,650, 13,600.

For New Positions:

Buy Bank Nifty in 30,350-30,500 range with a stop loss of 30,200 and target 30,600, 30,700, 30,750, 30,825, 30,950. 

Aggressive traders Buy Bank Nifty with a stop loss of 30,450 and target 30,850, 30,950, 31,050, 31,175, 31,250, 31,300. 

Sell Bank Nifty in 31,175-31,300 range with a stop loss of 31,400 and target 31,050, 30,950, 30,850, 30,750.

Very Aggressive Traders Sell Bank Nifty in 30950-31050 range with a stop loss of 31,100 and target 30,850, 30,750, 30,625, 30,525.

Sectors:

Positive: Cement, Metals

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F&O Ban Update: 

No New Entry

Already in Ban: Canara Bank

Out of Ban: PNB