Anil Singhvi’s Strategy December 8: Day support zone on Nifty is 13,250-13,275 & Bank Nifty is 29,750-29,950

Amid positive global markets, foreign institutional investors (FIIs), sentiment, neutral futures & options (F&O) and negative domestic institutional investors (DIIs) cues, the short-term trend of the Indian stock markets will be positive on Tuesday, December 8, 2020.  

Key domestic indices on Monday, December 7, 2020, extended their rally from record levels to hit fresh lifetime highs. Amid the mixed global cues, the BSE Sensex closed above 45,400-level, while the NSE Nifty ended above 13,350-mark.

Sensex climbed 347.42 points or 0.77 per cent to settle at 45,426.97. The NSE Nifty 50 index also surged 97.20 points or 0.73 per cent to settle at 13,355.75. Bank Nifty rose 159.15 points or 0.53 per cent to settle higher at 30,211.55. The broader market at BSE outperformed the Sensex as the BSE Mid-Cap index rose 0.95 per cent while the BSE Small-Cap index zoomed 1.3 per cent.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for December 8: 

Day support zone on Nifty is 13,250-13,275, below that 13,100-13,150 is strong Buy zone.

Day higher zone on Nifty is 13,425-13,500.

Day support zone on Bank Nifty is 29,750-29,950, below that 29,450-29,625 is strong Buy zone.

Day higher zone on Bank Nifty is 30,350-30,450, above that 30,625-30,825 is profit-booking zone.

Small Day Range for trading on Nifty is 13,275-13,400, while the medium and bigger ranges are 13,250-13,425 and 13,200-13,500, respectively.

Small Day Range for trading on Bank Nifty is 29,950-30,350, while the medium and bigger ranges are 29,825-30,450 and 29,750-30,625, respectively.

FIIs Index long at 76% Vs 77%

PCR higher at 1.68 Vs 1.57, India VIX unchanged at 18.03

For Existing Long Positions:

Nifty intraday and closing stop loss are 13,240.

Bank Nifty intraday stop loss is 29,950 and closing stop loss is 29,800.

For Existing Short Positions:

Nifty intraday and closing stop loss are 13,375.

Bank Nifty intraday and closing stop loss are 30,350.

For New Positions:

Buy Nifty in 13,250-13,275 range with a stop loss of 13,150 and target 13,350, 13,400, 13,425, 13,475, 13,500. 

Sell Nifty in 13,475-13,500 range with a stop loss of 13,550 and target 13,425, 13,400, 13,350.

For New Positions:

Buy Bank Nifty in 29,750-29,950 range with a stop loss of 29,600 and target 30,050, 30,200, 30,350, 30,450. 

Aggressive Traders can buy in 29,950-30,050 range with a stop loss of 29,900 and target 30,200, 30,350, 30,450, 30,625, 30,825.

Sell Bank Nifty in 30,600-30,800 range with a stop loss of 30,900 and target 30,450, 30,350, 30,200, 30,150.

Sectors:

Positive: Big action in Midcap & Smallcap shares

Already in F&O Ban: Canara Bank

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Stock of the Day:

Buy Equitas Holding: Stop loss 68 and target 73, 75.