Anil Singhvi’s Strategy December 23: Day support zone on Nifty is 13,325-13,400 & Bank Nifty is 29,000-29,200

Amid neutral global markets, sentiment, positive foreign institutional investors (FIIs), futures & options (F&O), and negative domestic institutional investors (DIIs) cues, the short-term trend of the Indian stock markets will be neutral on Wednesday, December 23, 2020.  

The Sensex and Nifty on Tuesday, December 22, 2020, recovered one per cent even as other Asian equity indices were negative. The BSE Sensex closed above 46,000-mark and the Nifty settled above 13,450-level.

The Sensex surged 452.73 points or 0.99 per cent to finish at 46,006.69 and the NSE Nifty 50 index climbed 137.90 points or 1.03 per cent to settle at 13,466.30. Bank Nifty rose 169.50 points or 0.58 per cent to settle at 29.625.95. The broader market at BSE also gained around one per cent. The BSE Mid-Cap index rose 1.09 per cent while the BSE Small-Cap index appreciated 0.95 per cent.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for December 23: 

Market to resume uptrend again if Nifty and Bank Nifty closes above 13,550 and 30,200.

Day support zone on Nifty is 13,325-13,400 and day higher zone is 13,550-13,600.

Day support zone on Bank Nifty is 29,000-29,200, below that 28,725-28,850 is strong Buy zone.

Day higher zone on Bank Nifty is 29,750-29,900, above that 30,050-30,200 is strong Profit-booking zone.

The small day range for trading on Nifty is 13,425-13,500, while the medium and bigger ranges are 13,400-13,550 and 13,325-13,600, respectively.

The small day range for trading on Bank Nifty is 29,450-29,750, while the medium and bigger ranges are 29,200-29,900 and 29,000-30,200, respectively. 

FIIs increased Index long to 69% Vs 67%.

PCR comfortable at 1.26 Vs 1.12, VIX down by 5% at 21.99.

For Existing Long Positions:

Nifty intraday and closing stop loss are 13,325.

Bank Nifty intraday and closing stop loss are 29,400.

For Existing Short Positions:

Nifty intraday stop loss is 13,500 and closing stop loss is 13,550.

Bank Nifty intraday stop loss is 29,750 and closing stop los is 30,000.

For New Positions:

Buy Nifty in 13,325-13,400 range with a stop loss of 13,300 and target 13,450, 13,475, 13,500, 13,575, 13,600. 

Sell Nifty in 13,550-13,600 range with a stop loss of 13,650 and target 13,500, 13,475, 13,425.

For New Positions: 

Buy Bank Nifty in 29,000-29,200 range with a stop loss of 28,950 and target 29,450, 29,525, 29,625, 29,700, 29,900. 

Sell Bank Nifty in 29,900-30,050 range with a stop loss of 30,200 and target 29,750, 29,625, 29,525, 29,450. 

Sectors:

Positive: IT

F&O Ban Update: 

New in Ban: Nil

4 Already in Ban: Canara Bank, PNB, Sun TV, SAIL

Out of Ban: Nil

Stock of the Day:

Buy NIIT Ltd: Stop loss 180 and target 192, 195, 200. Board meeting on Buyback tomorrow, expecting buyback at a good premium.