Amid positive global markets, foreign institutional investors (FIIs), sentiment, negative domestic institutional investors (DIIs) and futures & options (F&O) cues, the short-term trend of the Indian stock markets will be positive on Thursday, December 17, 2020.  

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Benchmark domestic stocks on Wednesday, December 16, 2020, continued their lifetime record-setting rally as they gained around 0.9 per cent amid positive global cues. The BSE Sensex closed above 46,650 and the Nifty settled above 13,650. The Sensex surged 403.29 points or 0.87 per cent to finish at 46,666.46 and the NSE Nifty 50 index climbed 114.85 points or 0.85 per cent to settle at 13,682.70.

The broader market at BSE also gained as equal as the Sensex. The BSE Mid-Cap index rose 0.87 per cent while the BSE Small-Cap index appreciated 0.88 per cent.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for December 17: 

Day support zone on Nifty is 13,550-13,600, below that 13,450-13,500 is strong Buy zone. 

Day higher zone on Nifty is 13,775-13,825. 

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 30,825-30,925, above that 31,175-31,300 is profit-booking zone.

The Small Day Range from trading on Nifty is 13,600-13,700, while the medium and bigger ranges are 13,550-13,750 and 13,525-13,800, respectively.

The Small Day Range from trading on Bank Nifty is 30,500-30,925, while the medium and bigger ranges are 30,350-31,050 and 30,200-31,200, respectively. 

FIIs decreased Index long to 73% Vs 74%

PCR overbought at 1.74 Vs 1.54, Alert at higher levels

VIX down by 1% at 19.20

For Existing Long Positions:

Nifty intraday stop loss is 13,575 and closing stop loss is 13,475.

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

For Existing Short Positions:

Nifty intraday and closing stop loss are 13,700.

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

For New Positions:

Buy Nifty with a stop loss of 13,575 and target 13,700, 13,750, 13,800, 13,825. 

Sell Nifty in 13,775-13,825 range with a stop loss of 13,850 and target 13,750, 13,700, 13,675.

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, 30,800. 

Aggressive traders Buy Bank Nifty in 30,500-30,600 range with a stop loss of 30,400 and target 30,600, 30,700, 30,800, 30,900, 30,975.

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 30,825-30,925 range with a stop loss of 31,050 and target 30,750, 30,700, 30,625, 30,525.

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F&O Ban Update: 

New in Ban: PNB

Already in Ban: Canara Bank

Out of Ban: Nil