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, November 3, 2020. 

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Equity benchmarks on Monday, November 2, 2020, logged modest gains in sync with the rise in global stocks. The BSE Sensex climbed 143.51 points or 0.36 per cent to settle at 39,757.58. The NSE Nifty-50 index also rose 26.75 points or 0.23 per cent to settle at 11,669.15. The Bank Nifty rose 991.60 points or 4.15 per cent, to 24,892.50.

At the broader market at BSE, the BSE Mid-Cap closed 0.36 per cent up while the BSE Small-Cap index depreciated 0.71 per cent.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for November 3: 

Day support range on Nifty is 11,550-11,600 and the day higher range is 11,775-11,850.

Day support range on Bank Nifty is 24,650-24,825, below that 24,475-24,550 is the strong buy zone.

Day higher range on Bank Nifty is 25,150-25,225, above that 25,450-25,650 is strong sell zone. 

The small day range on Nifty is 11,650-11,750, while the medium and bigger ranges are 11,600-11,825 and 11,550-11,875, respectively. 

The small day range on Bank Nifty is 24,775-25,125, while the medium and bigger ranges are 24,650-25,225 and 24,550-25,450, respectively.

FIIs Net Index long increased to 47% Vs 40%. 

Put-Call Ratio (PCR) at 1.48 Vs 1.46, India VIX 1.85% up at 25.21

For Existing Long Positions:

Nifty Intraday stop loss is 11,550 and closing stop loss is 11,640.

Bank Nifty Intraday stop loss is 24,750 and closing stop loss is 24,450.

For Existing Short Positions:

Nifty Intraday and closing stop loss are 11,775.

Bank Nifty Intraday and closing stop loss are 25,000.

For New Positions:

Buy Nifty with a stop loss of 11,640 and target 11,750, 11,775, 11,825, 11,875. 

Sell Nifty in 11,800-11,850 range with a stop loss of 11,900 and target 11,775, 11,750, 11,725.

  

For New Positions:

Buy Bank Nifty with a stop loss of 24,650 and target 25,000, 25,125, 25,225, 25,325, 25,450, 25,650.

Sell Bank Nifty in 25,450-25,650 range with a stop loss of 25,700 and target 25,350, 25,250, 25,150, 25,000.

Aggressive traders can sell in 25,200-25,250 range with a strict stop loss of 25,350.

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