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 Wednesday, November 11, 2020. 

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The equity benchmarks ended at record high levels on Tuesday, November 10, 2020, amid mixed global cues. The BSE 30-share index, Sensex, crossed 43,000-mark while the NSE Nifty-50 index ended above 12,600-level.

The S&P BSE Sensex rallied 680.22 points or 1.60 per cent, to close at 43,277.65. The Nifty 50 index spurted 177.10 points or 1.36 per cent to settle at 12,638.15. Nifty Bank gained 1,071.90 points or 3.89 per cent to 28,606.

On the other hand, the broader market at BSE declined, underperforming the Sensex. The BSE Mid-Cap index slipped 0.1 per cent and the BSE Small-Cap index depreciated 0.48 per cent.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for November 11: 

12,600 and 28,500 is deciding level on Nifty and Bank Nifty for today.

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 12,700-12,725, above that 12,775-12,800 is Profit Booking zone.

Day support zone on Bank Nifty is 28,050-28,125, below that 27,650-27,800 is Strong Buy zone.

Day higher zone on Bank Nifty is 29,050-29,175, above that 29,275-29,550 is Profit Booking zone.

Small Day Range for trading on Nifty is 12,550-12,675, while the medium and bigger day ranges are 12,500-12,725 and 12,450-12,800, respectively.

Small Day Range for trading on Bank Nifty is 28,500-28,800, while the medium and bigger day ranges are 28,125-29,050 and 27,900-29,175, respectively. 

FIIs Net Index long near the overbought level at 75% Vs 70%.

Put-Call Ratio (PCR) at 1.71 Vs 1.77 near Overbought. Alert at higher levels.

India VIX up by 7% at 21.58.

For Existing Long Positions:

Nifty Intraday stop loss is 12,550 and closing stop loss is 12,450.

Bank Nifty Intraday stop loss is 28,400 and closing stop loss is 28,000.

For Existing Short Positions:

Nifty Intraday and closing stop loss are 12,650.

Bank Nifty Intraday and closing stop loss are 28,825.

For New Positions:

Buy Nifty in 12,475-12,550 range with a stop loss of 12,450 and target 12,600, 12,625, 12,675, 12,700. 

Aggressive traders can buy with stop loss of 12,550 and target 12,675, 12,725, 12,800.

Sell Nifty in 12,725-12,800 rang with a stop loss of 12,850 and target 12,650, 12,625, 12,600.

  For New Positions:

Buy Bank Nifty in 28,050-28,125 range with a stop loss of 27,900 and target 28,500, 28,600, 28,800. 

Aggressive traders can buy near 28,500 with stop loss of 28,400 and target 28,800, 28,950, 29,050, 29,125, 29,275, 29,500. 

Aggressive traders Sell Bank Nifty in 29,050-29,275 range with a stop loss of 29,350 and target 28,950, 28,800, 28,650, 28,550.

1 Stock in F&O Ban: JSPL        

Out of Ban: SAIL

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Stock of the Day:

Buy Yes Bank Cash: Stop loss 12 and target 15, 16. Investors can buy on dips and hold for the long term. Inclusion in MSCI is positive for Yes Bank.