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, October 21, 2020. 

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Domestic equity barometers ended with decent gains after see-saw trade on Tuesday, October 20, 2020, amid weak global cues. The S&P BSE Sensex rose 112.77 points or 0.28 per cent to 40,544.37. The Nifty 50 index added 23.75 points or 0.2 per cent to close at 11,896.80. The Sensex rose 2.05% and the Nifty climbed 1.85% in three consecutive sessions.

Similarly, Bank Nifty gained 45.05 points or 0.19 per cent to settle at 24,311.80. The broader market at BSE also climbed outperforming the Sensex. The BSE Mid-Cap index surged 0.47 per cent and the BSE Small-Cap index rose 0.30 per cent.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for October 21:

Day support range on Nifty is 11,765-11,835 and the day higher range is 11,975-12,025.

Day support range on Bank Nifty is 23,900-24,050 and the day higher range is 24,500-24,625. 

The small day range for trading on Nifty is 11,835-11,975, while the medium and bigger day ranges are 11,800-12,025 and 11,750-12,100, respectively.

The small day range for trading on Bank Nifty is 24,200-24,500, while the medium and bigger day ranges are 24,050-24,600 and 23,875-24,900, respectively. 

FIIs Net Index long at 65% Vs 67%

Put-Call Ratio (PCR) is 1.46 Vs 1.35, India Volatility Index (VIX) 4% up at 22.69.

For Existing Long Positions:

Nifty intraday and closing stop loss are 11,750.

Bank Nifty intraday and closing stop loss are 24,000.

For Existing Short Positions:

Nifty intraday and closing stop loss are 12,050.

Bank Nifty intraday and closing stop loss are 24,625.

For New Positions:

Buy Nifty with a stop loss of 11,800 and target 11,950, 11,975, 12,025.

Sell Nifty in 11,975-12,025 range with a stop loss of 12,050 and target 11,950, 11,900.

For New Positions:

Buy Bank Nifty with a stop loss of 24,000 and target 24,400, 24,500, 24,600. 

Only Aggressive traders Sell Bank Nifty in 24,500-24,625 range with a stop loss of 24,675 and target 24,400, 24,325, 24,275, 24,200, 24,075.

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Enters F&O Ban: NIL

2 Out of Ban: PVR, Escorts         

10 Already in Ban:  Idea, BHEL, Tata Motors, JSPL, Canara Bank, SAIL, IB Housing, PNB, Nalco, Mindtree