Anil Singhvi’s Strategy December 24: Day support zone on Nifty is 13,450-13,500 & Bank Nifty is 29,450-29,625

Amid positive global markets, sentiment, neutral 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 positive on Thursday, December 24, 2020. 

The Sensex and Nifty on Wednesday, December 23, 2020, surged one per cent amid positive global cues. The BSE Sensex closed above 46,400-mark and the Nifty settled above 13,600-level. 

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The Sensex surged 437.49 points or 0.95 per cent to finish at 46,444.18 and the NSE Nifty 50 index climbed 134.80 points or one per cent to settle at 13,601.10. The broader market at BSE gained outperforming the Sensex as the BSE Mid-Cap index rose 2.4 per cent while the BSE Small-Cap index appreciated 2.65 per cent.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for December 24: 

Day support zone on Nifty is 13,450-13,500 and day higher zone is 13,675-13,750.

Day support zone on Bank Nifty is 29,450-29,625 and day higher zone is 30,200-30,350.

The small day range for trading on Nifty is 13,550-13,650, while the medium and bigger ranges are 13,500-13,675 and 13,450-13,750, respectively. 

The small day range for trading on Bank Nifty is 29,625-30,050, while the medium and bigger ranges are 29,450-30,200 and 29,200-30,350, respectively.

FIIs decreased Index long to 66% Vs 69%.

PCR at 1.45 Vs 1.26, VIX down by 7% at 20.50.

For Existing Long Positions:

Nifty intraday stop loss is 13,500 and closing stop loss is 13,450.

Bank Nifty intraday stop loss is 29,450 and closing stop loss is 29,600.

For Existing Short Positions:

Nifty intraday and closing stop loss are 13,700.

Bank Nifty intraday and closing stop loss are 30,050.

For New Positions:

Buy Nifty with a stop loss of 13,500 and target 13,650, 13,675, 13,700, 13,750. 

Sell Nifty in 13,675-13,750 range with a stop loss of 13,800 and target 13,625, 13,600, 13,550.

For New Positions:

Buy Bank Nifty in 29,450-29,625 range with a stop loss of 29,400 and target 29,700, 29,875, 29,950. 

Aggressive traders Buy Bank Nifty with a stop loss of 29,600 and target 29,950, 30,050, 30,200, 30,350. 

Sell Bank Nifty in 30200-30350 range with a stop loss of 30,400 and target 30,050, 29,950, 29,875, 29,750.

Sectors:

Positive: Media, Metals, IT

  F&O Ban Update: 

New in Ban: Nil

Already in Ban: Canara Bank, PNB

Out of Ban: Sun TV, SAIL

Mrs Bectors Food IPO Listing Preview:

Strong listing expected in 525-550 range. Hold with stop loss 475. Keep trailing your stop loss.