Anil Singhvi’s Strategy December 28: Day support zone on Nifty is 13,600-13,625 & Bank Nifty is 29,950-30,200

Amid positive global markets, foreign institutional investors (FIIs), sentiment, negative domestic institutional investors (DIIs) and cautious futures & options (F&O) cues, the short-term trend of the Indian stock markets will be positive on Monday, December 28, 2020. 

Key domestic indices ended with strong gains of more than one per cent on Thursday, December 24, 2020, extending their winning run to third consecutive session. The Sensex at the Bombay Stock Exchange shot up 529.36 points, or 1.14 per cent, to close at 46,973.54. The Nifty at the National Stock Exchange jumped 148.15 points, or 1.09 per cent, to 13,749.25. Bank Nifty gained 518.90 points, or 1.74 per cent, and settled higher at 30,402.20. 

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Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for December 28: 

Positive triggers for today

-Approval of stimulus package & BREXIT deal

-Strong advance tax numbers

-Positive global markets

-Technically Markets very strong 

Day support zone on Nifty is 13,600-13,625 and day higher zone is 13,850-13,900.

Day support zone on Bank Nifty is 29,950-30,200 and day higher zone is 30,750-30,950. 

Small Day Range for trading on Nifty is 13,700-13,800, while the medium and bigger ranges are 13,625-13,850 and 13,600-13,900, respectively. 

Small Day Range for trading on Bank Nifty is 30,325-30,750, while the medium and bigger ranges are 30,200-30,850 and 29,950-30,950, respectively. 

FIIs increased Index long to 68% Vs 66%.

PCR near overbought at 1.75 Vs 1.45, VIX down by 3% at 19.97.

For Existing Long Positions:

Nifty intraday stop loss is 13,675 and closing stop loss is 13,600.

Bank Nifty intraday stop loss 30,200 and closing stop loss is 30,000.

For Existing Short Positions:

Nifty intraday and closing stop loss is 13,775.

Bank Nifty intraday and closing stop loss is 30,550.

For New Positions:

Buy Nifty with a stop loss of 13,675 and target 13,800, 13,850, 13,900. 

Sell Nifty near 13,900 with a stop loss of 13,950 and target 13,850, 13,800, 13,775.

For New Positions:

Buy Bank Nifty with a stop loss of 30,200 and target 30,600, 30,700, 30,750, 30,850, 30,925.  

Sell Bank Nifty in 30,850-30,950 range with a stop loss of 31,050 and target 30,750, 30,700, 30,625, 30,525.

Sectors:

Positive: Metals, Pharma

F&O Ban Update: 

New in Ban: Nil

Already in Ban: Canara Bank, PNB

Out of Ban: Nil

Stock of the Day:

Buy NIIT Ltd.: Stop loss 194 and target 207, 212. Buyback approved at 240.