Anil Singhvi’s Strategy December 9: Day support zone on Nifty is 13,300-13,350 & Bank Nifty is 29,950-30,050; Buy South Indian Bank with Stop loss 9

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 Wednesday, December 9, 2020.    

Key domestic indices on Tuesday, December 8, 2020, continued their rally to hit fresh lifetime highs even as the global cues were negative. The BSE Sensex achieved 45,500-mark while the NSE Nifty ended near 13,400-level for the first time. 

S&P BSE Sensex climbed 181.54 points or 0.40 per cent to settle at 45,608.51. The NSE Nifty-50 index also surged 37.20 points or 0.28 per cent to settle at 13,392.95. Bank Nifty rose 50.35 points or 0.17 per cent and closed at 30,261.90. The broader market at BSE underperformed the Sensex as the BSE Mid-Cap index fell 0.16 per cent while the BSE Small-Cap index declined 0.29 per cent.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for December 9: 

Day support zone on Nifty is 13,300-13,350, below that 13,200-13,250 is strong Buy zone.

Day higher zone on Nifty is 13,475-13,550. 

Day support zone on Bank Nifty is 29,950-30,050, below that 29,625-29,825 is strong Buy zone.

Day higher zone on Bank Nifty is 30,450-30,625, above that 30,825-30,950 is profit-booking zone.

Small Day Range for trading on Nifty is 13,350-13,475, while the medium and bigger day ranges are 13,300-13,500 and 13,250-13,550, respectively.

Small Day Range for trading on Bank Nifty is 30,050-30,450, while the medium and bigger day ranges are 29,950-30,625 and 29,825-30,825, respectively.

FIIs Index long at 75% Vs 76%.

PCR at 1.6 Vs 1.68, India VIX 3% up at 18.62.

For Existing Long Positions:

Nifty intraday stop loss is 13,300 and closing stop loss is 13,240.

Bank Nifty intraday and closing stop loss are 29,950.

For Existing Short Positions:

Nifty intraday and closing stop loss are 13,435.

Bank Nifty intraday and closing stop loss are 30375.

For New Positions:

Buy Nifty with a stop loss of 13,300 and target 13,435, 13,475, 13,500, 13,550.

Aggressive Traders can Sell Nifty in 13,475-13,550 range with a stop loss of 13,600 and target 13,435, 13,400, 13,350.

For New Positions:

Buy Bank Nifty with a stop loss of 29,950 and target 30,350, 30,425, 30,500, 30,625, 30,825. 

Sell Bank Nifty in 30,600-30,800 range with a stop loss of 30,900 and target 30,500, 30,425, 30,375, 30,275, 30,200.

Sectors:

Positive: Big action in Midcap & Smallcap shares

Already in F&O Ban: Canara Bank

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Stock of the Day:

Buy South Indian Bank: Stop loss 9 and target 10.5, 12, 13. Cheapest profitable private sector bank, P/B 0.6x.