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 Tuesday, November 10, 2020. 

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Domestic equity benchmarks, Sensex and Nifty, on Monday, November 9, 2020, hit record highs. The key indices continued their winning rally and surged more one and a half per cent amid strong gains global stocks. The BSE 30-share index, Sensex, closed above 42,500-mark while the NSE Nifty-50 index settled above 12,450-level.

The Sensex gained 704.37 points or 1.68 per cent to settle at 42,597.43. The Nifty-50 index also rose 17.508 points or 1.61 per cent to settle at 12,461.05. Bank Nifty gained 735.15 points, or 2.74 per cent, and closed at 27,534.10.

The broader market at BSE also climbed but unperformed the Sensex. The BSE Mid-Cap index rose 1.01 per cent and the BSE Small-Cap index appreciated 0.57 per cent.  

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for November 10: 

Day support zone on Nifty is 12,450-12,500, below that 12,275-12,350 is Strong Buy zone.

Day higher zone on Nifty is 12,550-12,625, above that 12,700-12,750 is profit-booking zone. 

Day support zone on Bank Nifty is 26,850-27,075, below that 26,350-26,500 is Strong Buy zone.

Day higher zone on Bank Nifty is 28,050-28,125, above that 28,500-28,650 is Profit Booking zone.

Small Day Range for trading on Nifty is 12,450-12,625, while the medium and bigger ranges are 12,375-12,700 and 12,275-12,750, respectively.

 Small Day Range for trading on Bank Nifty is 27,500-27,800, while the medium and bigger ranges are 27,075-28,050 and 26,800-28,500, respectively.

FIIs Net Index long increase to 70% Vs 67%.

Put-Call Ratio (PCR) unchanged at 1.77. Overbought, alert at higher levels

India VIX down by 2% at 20.11.

For Existing Long Positions:

Nifty Intraday stop loss is 12,350 and closing stop loss is 12,250.

Bank Nifty Intraday stop loss is 27,400 and closing stop loss is 27,000.

For Existing Short Positions:

Nifty Intraday and closing stop loss are 12,500.

Bank Nifty Intraday and closing stop loss are 27,800.

For New Positions:

Buy Nifty with a stop loss of 12,350 and target 12,550, 12,600, 12,625, 12,700, 12,750. 

Aggressive traders Sell Nifty in 12,675-12,750 range with a stop loss of 12,800 and target 12,625, 12,600, 12,550, 12,500.

For New Positions:

Buy Bank Nifty with a stop loss of 27,400 and target 27,800, 27,950, 28,050, 28,125, 28,500, 28,650. 

Sell Bank Nifty in 28,500-28,650 range with a stop loss of 28,800 and target 28,200, 28,075, 28,000.

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2 Stocks in F&O Ban: JSPL, SAIL.