Amid negative global markets, neutral foreign institutional investors (FIIs), domestic institutional investors (DIIs) and cautious futures & options (F&O) & sentiment cues, the short-term trend of the Indian stock markets will be positive on Friday, October 30, 2020. 

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Equity benchmarks on Thursday, October 29, 2020, fell around half a per cent in sync with Asian peers. The BSE 30-share index, Sensex lost 172.61 points or 0.43 per cent to settle at 39,749.85. The NSE Nifty-50 index also slipped 58.80 points or 0.5 per cent to settle at 11,670.80. The Bank Nifty lost 140.50 points, or 0.58 per cent, to end at 24,092.

The broader market at BSE also declined. The BSE Mid-Cap closed almost flat and the BSE Small-Cap index depreciated 0.55 per cent.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for October 30: 

The trend will be neutral if Nifty and Bank Nifty closes below 11,650 and 23,800.

Day support range on Nifty is 11,550-11,625 and the day higher range is 11,750-11,825.

Day support range on Bank Nifty is 23,825-23,925, below that 23,450-23,550 is strong buy zone.

Day higher range on Bank Nifty is 24,250-24,350, above that 24,475-24,650 is the strong sell zone.

The small day range for trading on Nifty is 11,625-11,725, while the medium and bigger day ranges are 11,600-11,775 and 11,550-11,825, respectively. 

The small day range for trading on Bank Nifty is 23,925-24,250, while the medium and bigger day ranges are 23,825-24,350 and 23,650-24,475, respectively. 

FIIs Net Index long at very low levels at the start of series at 45% Vs 47%

Put-Call Ratio (PCR) higher at 1.65 Vs 1.25, Alert at higher levels.

India Volatility Index (VIX) 3% up at 24.02. 

For Existing Long Positions:

Nifty Intraday stop loss is 11,600 closing stop loss is 11,650.

Bank Nifty Intraday stop loss is 23,800 closing stop loss is 24,000.

For Existing Short Positions:

Nifty Intraday and closing stop loss are 11,775.

Bank Nifty Intraday stop loss is 24,350 and closing stop loss is 24,500.

For New Positions:

Buy Nifty in 11,550-11,625 range with a stop loss of 11,500 and target 11,675, 11,725, 11,775, 11,825.

Sell Nifty in 11,775-11,825 range with a stop loss of 11,875 and target 11,735, 11,700, 11,675, 11,625.

For New Positions:

Buy Bank Nifty in 23,825-23,925 range with a stop loss of 23,700 and target 24,075, 24,250, 24,350, 24,475.

Sell Bank Nifty in 24,350-24,475 range with a stop loss of 24,550 and target 24,250, 24,100, 23,950. 

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COFORGE, Idea

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