Anil Singhvi’s Strategy April 30: Amid positive global market, foreign institutional investors (FIIs) and sentiment, and neutral domestic institutional investors (DIIs) and futures & options (F&O) cues, the short-term trend of the Indian stock markets will be Positive on Thursday, April 30, 2020.

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The domestic stock market extended gains for the third straight session on Wednesday, April 29, 2020, as firm global cues boosted sentiment. The barometer S&P BSE Sensex, rose 605.64 points or 1.89% at 32,720.16. The Nifty 50 index added 172.45 points or 1.84% at 9,553.35. Metals and auto shares led the broad-based rally. Similarly, Bank Nifty gained 419.10 points or 2.03% to settle at 21,090.20.

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Zee Business's Managing Editor Anil Singhvi's Market Strategy for April 30:

Strong Support Zone on Nifty is 9,275-9,400 and Bank Nifty is 20,500-20,800.

Higher Zone on Nifty is 9,750-9,850 and Bank Nifty is 21,500-21,800.

The small day range for trading on Nifty is 9,500-9,675, while the medium and bigger ranges are 9,400-9,725 and 9,375-9,850 respectively.

The small day range for trading on Bank Nifty is 20,850-21,450, while the medium and bigger ranges are 20,750-21,750 and 20.600-21,900 respectively.

For Existing Long Positions:

Nifty intraday and closing stop loss 9,375.

Bank Nifty intraday and closing stop loss 20,650.

For Existing Short Positions:

Nifty intraday and closing stop loss 9,600.

Bank Nifty intraday and closing stop loss 21,350.

For New Positions:

Buy Nifty with a stop loss of 9,500 and target 9,675, 9,725, 9,850.

Sell Nifty in 9,800-9,850 range with a stop loss of 9,925 and target 9,725, 9,675, 9,600.

Buy Bank Nifty with a stop loss of 20,800 and target 21,450, 21,750, 21,900.

Sell Bank Nifty in 21,750-21,900 range with a stop loss of 22,050 and target 21,500, 21,400.

Put-Call Ratio (PCR) is 1.61 and the Volatility Index (VIX) down 4% to 33.84.

Sector

Positive: Auto, Banks, NBFCs,

Stock of the Day

Buy Tata Motors Futures: Stop loss 77.5 and target 83, 85. Auto Stocks are looking strong.