Amid positive global markets, futures & options (F&O), sentiment, neutral foreign institutional investors (FIIs) and domestic institutional investors (DIIs) cues, the short-term trend of the Indian stock markets will be positive on Thursday, January 7, 2021.

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The Sensex and Nifty on Wednesday, January 6, 2021, logged modest losses amid mixed global cues. However, the BSE Sensex closed above 48,000-mark while the Nifty remained above 14,000 level.

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Snapping multi-session' record-setting rally, the Sensex declined 263.72 points or 0.54 per cent to trade at 48,174.06 and the NSE Nifty 50 index fell 53.25 points or 0.38 per cent to 14,146.25. However, Bank Nifty continued to rise for the second day and closed 75.65 points or 0.24 per cent higher at 31,797.90.

At the broader market at BSE, Mid-cap and Small-cap indices outperformed the Sensex. The BSE Mid-Cap index rose 0.39 per cent while the BSE Small-Cap index depreciated 0.14 per cent.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for January 7:

Today’s Strategy:

PCR reduced significantly, short-covering and fresh buying expected.

Expiry above 14200 possible.

Buy near first support level in Intraday dips.

Day support zone on Nifty is 14,125-14,150 , below that 14,025-14,050 is strong Buy zone.

Day higher zone on Nifty is 14,250-14,300, above that 14,350-14,400 is profit-booking zone.

Day support zone on Bank Nifty is 31,500-31,550, below that 31,200-31325 is strong Buy zone.

Day higher zone on Bank Nifty is 32,050-32,175, above that 32,250-32,400 is profit-booking zone.

Small Day Range for trading on Nifty is 14,125-14,250, while the medium and bigger ranges are 14,050-14,300 and 14,025-14,350, respectively.

Small Day Range for trading on Bank Nifty is 31,550-31,975, while the medium and bigger ranges are 31,500-32,175 and 31,350-32,250, respectively.

FIIs Index long unchanged at 78%.

PCR oversold at 1.25 vs 1.62.

VIX up by 3% at 21.00.

For Existing Long Positions:

Nifty intraday and closing stop loss are 14,000.

Bank Nifty intraday and closing stop loss are 31,500.

For Existing Short Positions:

Nifty intraday and closing stop loss are 14,250.

Bank Nifty intraday and closing stop loss are 32,050.

For New Positions:

Buy Nifty with a stop loss of 14,125 and target 14,225, 14,250, 14,300, 14,350.

Aggressive traders Sell Nifty in 14,300-14,350 range with a stop loss of 14,400 and target 14,250, 14,225, 14,200. 

For New Positions:

Buy Bank Nifty with a stop loss of 31,500 and target 31,975, 32,050, 32,175, 32,250, 32,350.

Aggressive Traders Sell Bank Nifty in 32,250-32,350 range with a stop loss of 32,450 and target 32,175, 32,050, 31,975, 31,800.

F&O Ban Update:

New in ban: Nil 

Still in ban: SAIL 

Out of ban: Nil