Amid positive sentiment, neutral global markets, foreign institutional investors (FIIs), domestic institutional investor (DII) and futures & options (F&O) cues, the short-term trend of Indian share market will be positive on Thursday, October 24, 2019.

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Equity benchmarks on Wednesday, October 23, 2019, logged modest gains in afternoon trade. Domestic indices climbed even as cues from other Asian stocks were negative. BSE Sensex gained 94.99 points or 0.24 per cent to close at 39,058.83. The NSE Nifty also added 15.75 points or 0.14 per cent to settle at 11,604.10 while Bank Nifty appreciated 48.45 points or 0.16 per cent to end at 29,459.60. Public sector bank stocks advanced while IT stocks bounced back after yesterday's selloff.

Zee Business's Managing Editor Anil Singhvi's Market Strategy for October 24:

Day Support Zone on Nifty is 11,500-11,550 and Bank Nifty is 29,100-29,250.

Higher zone on Nifty is 11,700-11,750 and Bank Nifty is 29,700-29,950.

Small day range for trading on Nifty stands at 11,550-11,650. The medium and bigger ranges lie between 11,500-11,700 and 11,500-11,750.

Small day range for trading on Bank Nifty stands at 29,250-29,650. The medium and bigger ranges lie between 29,150-29,700 and 29,050-29,950.

Fresh buy position if Nifty and Bank Nifty sustain above 11,725, 29,700.

For Existing Long Positions:

Nifty intraday and closing stop loss 11,550.

Bank Nifty intraday and closing stop loss 29,100.

For Existing Short Positions:

Nifty intraday and closing stop loss 11,725.

Bank Nifty intraday and closing stop loss 29,700.

For New Positions:

Buy Nifty with a stop loss of 11,550 and target 11,650, 11,675, 11,700.

Sell Nifty in 11,675-11,725 range with a stop loss of 11,750 and target 11,650, 11,600.

Buy Bank Nifty with a stop loss of 29,400 and target 29,650, 29,700.  

Sell Bank Nifty in 29,650-29,700 range with a stop loss of 29,750 and target 29,500, 29,400, 29,250.

The put-call ratio (PCR) is 1.19 and the volatility index (VIX) is 16.54.

Stock of the Day:

Buy HCL Tech Futures: Stop loss 1085 and target 1125, 1130. Results better than expectations, 1:1 Bonus.