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 30, 2020. 

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Equity indices closed with decent gains on Tuesday, December 29, 2020. The S&P BSE Sensex rallied 259.33 points or 0.55 per cent to close at 47,613.08. The Nifty 50 index added 54.40 points or 0.43 per cent to end at 13,932.60. The Bank Nifty rose 441.55 points or 1.43 per cent to settle at 31,322.50.

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Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for December 30: 

Today’s strategy

Buy near strong support levels

Big short-covering, if Nifty sustains above 14000

Strong FIIs buying will support

Profit booking expected at higher levels

Day support range on Nifty is 13,850-13,875, below that 13,750-13,800 is strong Buy zone.

Day higher range on Nifty is 13,975-14,050, closing above 14,000 will trigger big short covering.

Day support range on Bank Nifty is 30,900-31,050, below that 30,750-30,850 is strong Buy zone.

Day higher range is Bank Nifty is 31,500-31,575, above that 31,750-31,850 is profit-booking range.

Small Day Range for trading on Nifty is 13,850-14,000, while the medium and bigger ranges are 13,800-14,050 and 13,750-14,075, respectively. 

Small Day Range for trading on Bank Nifty is 31,000-31,500, while the medium and bigger ranges are 30,900-31,575 and 30,750-31,750, respectively.

FIIs Index long to 67% Vs 68%

PCR down at 1.55 Vs 1.69, VIX up by 2% at 20.79

For Existing Long Positions:

Nifty intraday and closing stop loss are 13,850.

Bank Nifty intraday and closing stop loss are 31,000.

For Existing Short Positions:

Nifty intraday and closing stop loss are 14,050.

Bank Nifty intraday and closing stop loss are 31,500.

For New Positions:

Buy Nifty with a stop loss of 13,850 and target 13,975, 14,000, 14,025, 14,075. 

Sell Nifty in 14,050-14,100 range with a stop loss of 14,150 and target 14,000, 13,975, 13,925.

For New Positions:

Buy Bank Nifty with a stop loss of 31,000 and target 31,400, 31,500, 31,575, 31,750, 31,825.

Sell Bank Nifty in 31750-31850 range with a stop loss of 31,900 and target 31,600, 31,525, 31,425, 31,350.

Sectors:

Positive: PSU, Banks

F&O Ban Update: 

New in Ban: Nil

Already in Ban: PNB, SAIL

Out of Ban: Canara Bank