Anil Singhvi’s Strategy December 10: Pharma, PSU & Metals are Positive; Sell RBL Bank Futures with Stop Loss 338
After initial losses, the market bounced back in early afternoon trade supported by gains in heavyweights like Axis Bank, HDFC and Reliance Industries. Sensex at Bombay stock exchange climbed 42.28 points, or 0.10%, to 40,487.43.
Amid positive foreign institutional investor (FII), neutral global market, domestic institutional investor (DII) and futures & options (F&O) cues, the short-term trend of the Indian share market will be neutral on Tuesday, December 10, 2019, while sentiment will continue to be a cautious one.
Earlier on Monday, December 9, 2019, Key equity market barometers ended with small gains after a volatile session. After initial losses, the market bounced back in early afternoon trade supported by gains in heavyweights like Axis Bank, HDFC and Reliance Industries. Sensex at Bombay stock exchange climbed 42.28 points, or 0.10%, to 40,487.43. Nifty 50 at National Stock Exchange also added 16 points, or 0.13%, to close at 11,937.50. However, Bank Nifty fell 24.90 points, or 0.08%, and settled lower at 31,316.65.
Zee Business's Managing Editor Anil Singhvi's Market Strategy for December 10:
Day support zone on Nifty 11,850-11,875 and on Bank Nifty 31,000-31,150.
The small day range for trading on Nifty stands at 11,875-11,975. The medium and bigger ranges lie between 11,850-12,000 and 11,800-12,050 respectively.
The small day range for trading on Bank Nifty stands at 31,150-31,500. The medium and bigger ranges lie between 31,000-31,600 and 30,850-31,700 respectively.
For Existing Long Positions:
Nifty intraday and closing stop loss 11,875.
Bank Nifty intraday and closing stop loss 31,100
For Existing Short Positions:
Nifty intraday and closing stop loss 12,000.
Bank Nifty intraday and closing stop loss 31,550.
For New Positions:
Buy Nifty with a stop loss of 11,875 and target 11,950, 12,000, 12,050.
Sell Nifty in 12,000-12,050 range with a stop loss of 12,100 and target 11,950, 11,925, 11,900.
Buy Bank Nifty near 31,100-31,250 range with a stop loss of 31,000 and target 31,350, 31,500, 31,600.
Sell Bank Nifty in 31,550-31,700 range with a stop loss of 31,800 and target 31,450, 31,350, 31,250.
The put-call ratio (PCR) is 1.32 and the volatility index (VIX) is 14.60.
Still in F&O Ban: Yes Bank
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Positive: Pharma, PSU and Metals buy on dips.
Negative: Telecom, Midcap Pvt. Banks.
Stock of the Day:
Sell RBL Bank Futures: Stop loss 338 and target 328, 325, 320. Morgan Stanley reduces the target to 240.
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