Anil Singhvi’s Strategy December 31: Market Trend & Sentiment are Positive; Buy IGL Futures with Stop Loss 423
After a volatile trade on Monday, December 30, 2019, the domestic stock markets ended flat. Sensex at the Bombay Stock Exchange shed 17.14 points, or 0.04%, to end at 41,558. But the Nifty gained 10.05 points, or 0.12%, to 12,255.85. Bank Nifty fell 57.45 points, or 0.09%, and closed at 32,354.90.
Amid positive sentiment, neutral global markets, foreign institutional investors (FIIs), domestic institutional investors (DIIs) and futures and options (F&O) cues, the short-term trend of the Indian stock markets will be positive on Tuesday, December 31, 2019.'
After a volatile trade on Monday, December 30, 2019, the domestic stock markets ended flat. Sensex at the Bombay Stock Exchange shed 17.14 points, or 0.04%, to end at 41,558. But the Nifty gained 10.05 points, or 0.12%, to 12,255.85. Bank Nifty fell 57.45 points, or 0.09%, and closed at 32,354.90. Negative global shares and high crude oil prices spoiled investors sentiment. Selling in the banking and IT sectors restricted gains while firmness in auto sector supported the benchmarks. Among the auto stocks, Tata Motors rose 4.31%, Eicher Motors 2.59%, M&M 1.47% and Hero MotoCorp 1.38% was the top performer on Nifty 50, while the top losers included Yes Bank, ICICI Bank, SBI, TCS, IOC and Infosys.
Zee Business's Managing Editor Anil Singhvi's Market Strategy for December 31:
Strong day support zone on Nifty is 12,190-12,215 and Bank Nifty is 32,200-32,250.
The small day range for trading on Nifty is 12,215-12,260, while the medium and bigger ranges lie between 12,190-12,285 and 12,150-12,300 respectively.
The small day range for trading on Bank Nifty is 32,250-32,400, while the medium and bigger ranges lie between 32,200-32,500 and 32,050-32,600 respectively.
Put-Call Ratio (PCR) 1.40, the volatility index (VIX) very low at 11.01. Volatility may increase.
For Existing Long Positions:
Nifty intraday and closing stop loss 12,190.
Bank Nifty intraday and closing stop loss 32,190.
For Existing Short Positions:
Nifty intraday and closing stop loss 12,300.
Bank Nifty intraday and closing stop loss 32500
For New Positions:
Buy Nifty in 12,190-12,215 range with stop loss of 12,150 and target 12,245, 12,260, 12,270.
Sell Nifty with stop loss of 12,300 and target 12,220, 12,200, 12,160.
Buy Bank Nifty in 32,150-32,250 range with stop loss of 32,050 and target 32,350, 32,400, 32,500.
Sell Bank Nifty in 32,400-32,500 range with stop loss of 32,625 and target 32,325, 32,250, 32,200.
No Stock in F&O Ban today
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Stock of the Day:
Buy IGL Futures: Stop loss 423 and target 435, 438, 443. Oil Ministry seeks cut in GST on CNG from 28% to 5%.
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