Amid positive foreign institutional investors (FIIs), neutral domestic institutional investors (DIIs), negative global markets, futures & options (F&O) and cautious sentiment cues, the short-term trend of the Indian stock markets will be negative on Wednesday, April 8, 2020.

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Domestic share market soared on Tuesday, April 7, 2020, amid positive global cues, buoyed by tentative signs the coronavirus crisis could be slowing. The barometer index S&P BSE Sensex, spurted 2,476.26 points or 8.97% at 30,067.21. The Nifty 50 index added 708.40 points or 8.76% at 8,792.20. Bank Nifty gained 1,813.20 points or 10.42% to close at 19,062.50.

Zee Business's Managing Editor Anil Singhvi's Market Strategy for April 8:

Important Support Zone on Nifty is 8,250-8,350, 8,500-8,650 and Bank Nifty is 18,000-18,200, 18,500-18,750.

Strong sell zone on Nifty is 8,900-9,150 and Bank Nifty is 19,450-19,700.

The small day range for trading on Nifty is 8,650-8,800, while the medium and bigger ranges are 8,525-8,900 and 8,350-9,050 respectively.

The small day range for trading on Bank Nifty is 18,500-19,200, while the medium and bigger ranges are 18,350-19,450 and 18,200-19,600 respectively.

For Existing Long Positions:

Nifty intraday and closing stop loss 8,600.

Bank Nifty intraday and closing stop loss 18,500.

For Existing Short Positions:

Nifty intraday and closing stop loss 8,900

Bank Nifty intraday and closing stop loss 19,500.

For New Positions:

Sell Nifty with a stop loss of 8,900 and target 8,675, 8,575, 8,525.

Buy Nifty in 8,350-8,525 range with a stop loss of 8,200 and target 8,575, 8,650, 8,750, 8,800.

Sell Bank Nifty with a stop loss of 19,500 and target 18,750, 18,500, 18,350, 18,200.

Buy Bank Nifty in 18,200-18,350 range with a stop loss of 18,000 and target 18,500, 18,750, 19,000, 19,100.

Put-Call Ratio (PCR) higher 1.45, Volatility Index (VIX) down 6% to 51.80.

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Sectors: Profit booking in Metals, Banks and NBFCs.