Anil Singhvi’s Strategy December 29: Day support zone on Nifty is 13,750-13,800 & Bank Nifty is 30,400-30,550

Amid positive global markets, foreign institutional investors (FIIs), sentiment, negative domestic institutional investors (DIIs) and neutral futures & options (F&O) cues, the short-term trend of the Indian stock markets will be positive on Tuesday, December 29, 2020. 

Rising for the third straight session, benchmark domestic indices closed at fresh record highs on Monday, December 28, 2020, amid positive global cues. The Sensex jumped 380.21 points or 0.81 per cent to close above the 47,000-level for the first time at 47,354. The Nifty gained 123.95 points or 0.90 per cent to settle at a fresh record high of 13,873.20. Bank Nifty also went up 478.75 points or 1.57 per cent to close higher at 30,880.95. 

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The broader market at the BSE also rose out-performing the Sensex. The BSE Small-Cap index advanced 1.5 per cent and the Mid-Cap index rose 0.8 per cent.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for December 29: 

Positive triggers for today

-Strong Global Markets

-FIIs Buying Continuous

-More Short covering expected before Expiry

-Technically Markets very strong 

Day support zone on Nifty is 13,750-13,800 and the day higher zone is 13,975-14,075.

Day support zone on Bank Nifty is 30,400-30,550 and the day higher zone is 31,175-31,300. 

Small Day Range for trading on Nifty is 13,800-13,950, while the medium and bigger ranges are 13,775-14,000 and 13,750-14,075, respectively. 

Small Day Range for trading on Bank Nifty is 30,700-31,050, while the medium and bigger ranges are 30,550-31,175 and 30,400-31,300, respectively. 

FIIs Index long unchanged at 68%.

PCR at 1.69 Vs 1.75, VIX up by 2% at 20.43.

For Existing Long Positions:

Nifty intraday stop loss is 13,800 and closing stop loss is 13,750.

Bank Nifty intraday stop loss is 30,700 and closing stop loss is 30,400.

For Existing Short Positions:

Nifty intraday and closing stop loss are 13,900.

Bank Nifty intraday and closing stop loss are 31,050.

For New Positions:

Buy Nifty with a stop loss of 13,750 and target 13,950, 13,975, 14,000, 14,050, 14,075. 

Aggressive traders Sell Nifty in 13,975-14,050 range with a stop loss of 14,100 and target 13,900, 13,875, 13,825.

For New Positions:

Buy Bank Nifty with a stop loss of 30,700 and target 31,050, 31,175, 31,300.  

Aggressive traders Sell Bank Nifty in 31,175-31,300 range with a stop loss of 31,425 and target 31,050, 30,950, 30,875, 30,750. 

Sectors:

Positive: Metals, PSU, Pharma

F&O Ban Update: 

New in Ban: SAIL

Already in Ban: Canara Bank, PNB

Out of Ban: Nil

Stock of the Day:

Buy NCC Ltd.: Stop loss 58 and target 61, 63, 65. The board meet tomorrow for allotment of warrants to promoters on a preferencial basis.