Anil Singhvi’s Strategy December 2: Day support zone on Nifty is 12,970-13,060 & Bank Nifty is 29,500-29,600

Amid neutral global markets, futures & options (F&O), positive foreign institutional investors (FIIs), sentiment and negative domestic institutional investors (DIIs), cues, the short-term trend of the Indian stock markets will be positive on Wednesday, December 2, 2020.  

The domestic equity benchmarks ended with strong gains on Tuesday, December 1, 2020. The S&P BSE Sensex soared 505.72 points or 1.15 per cent to 44,655.44. The Nifty 50 index added 140.10 points or 1.08 per cent to end at 13,109.05. The Bank Nifty rose 208.80 points or 0.71 per cent and closed at 29,817.85. 

The broader market lagged the key benchmarks. The BSE Mid-Cap index gained 0.94 per cent while the BSE Small-Cap index rose 0.82 per cent. 

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for December 2: 

Day support zone on Nifty is 12,970-13,060, below that 12,875-12,925 is the strong Buy zone. 

Day higher zone on Nifty is 13,140-13,200. 

Day support zone on Bank Nifty is 29,500-29,600, below that 29,200-29,350 is strong Buy zone.

Day higher zone on Bank Nifty is 29,975-30,175, above that 30,300-30,450 is profit-booking zone.

The small day range for trading on Nifty is 13,060-13,125, while the medium and bigger ranges are 13,000-13,150 and 12,965,13,200, respectively.

 The small day range for trading on Bank Nifty is 29,600-29,975, while the medium and bigger ranges are 29,500-30,175 and 29,250-30,300, respectively.

FIIs Index long overbought at 80% Vs 82%, Alert at a higher level.

PCR at 1.46 Vs 1.28, VIX up by 2% to 20.18.

For Existing Long Positions:

Nifty intraday stop loss is 13,000 and closing stop loss is 12,950.

Bank Nifty intraday and closing stop loss are 29,500.

For Existing Short Positions:

Nifty intraday and closing stop loss are 13,150.

Bank Nifty intraday and closing stop loss are 30,000.

For New Positions:

Buy Nifty in 12,965-13,050 range with a stop loss of 12,900 and target 13,100, 13,125, 13,145, 13,175, 13,200.

Sell Nifty in 13,175-13,200 range with a stop loss of 13,250 and target 13,150, 13,125, 13,075, 13,050, 13,000.

For New Positions:

Buy Bank Nifty in 29,500-29,600 range with a stop loss of 29,400 and target 29,750, 29,825, 29,900, 29,975, 30,175, 30,275. 

Sell Bank Nifty in 30,300-30,425 range with a stop loss of 30,500 and target 30,200, 30,050, 29,925, 29,825, 29,750, 29,625.

Aggressive traders can sell in 30,150-30,200 range with a strict stop loss of 30,300.

No Stocks in F&O Ban

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Burger King IPO Preview:

Positive:

Strong brand and parentage.

Growth and revenue visibility.

Negative: 

Loss-making company.

Expensive Valuations.

Recommendation: Risk-taking Investors apply for small listing gain and long term.