Anil Singhvi’s Strategy December 17: Metals, PSU & Pharma sectors are Positive; Buy NIIT Tech Futures with Stop Loss 1465
On account of positive global cues, neutral FII, F&O and negative DIIs, the short-term trend of the Indian markets will remain positive, says Zee Business Managing Editor Anil Singhvi.
Amid positive global markets, sentiment, neutral foreign institutional investors (FII), Futures and Options (F&O), negative domestic institutional investors (DIIs) cues, the short-term trend of the Indian markets will remain positive on Tuesday, December 17, 2019.
The domestic stock markets corrected itself on Monday, December 16, 2019, amid profit booking after a stellar rally in the last three sessions. The Sensex at Bombay Stock Exchange settled 70.99 points, or 0.17%, down at 40,938.72. The Nifty at the National Stock Exchange also fell 32.75 points, or 0.27%, to close at 12,053.95. The Bank Nifty lost 40.05 points, or 0.13%, to settle at 31,974.20.
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Zee Business's Managing Editor Anil Singhvi's Market Strategy for December 17:
Strong day support zone on Nifty is 11,975-12,025 and on the Bank Nifty is 31,650-31,750.
The small day range for trading on Nifty stands at 12,000-12,100, while the medium and bigger ranges lie between 11,975-12,135 and 11,950-12,160 respectively.
The small day range for trading on Bank Nifty stands at 31,850-32,150, while the medium and bigger ranges lie between 31,750-32,250 and 31,650-32,350 respectively.
For Existing Long Positions:
Nifty intraday and closing stop loss 11,975.
Bank Nifty intraday and closing stop loss 31,700.
For Existing Short Positions:
Nifty intraday and closing stop loss 12,160.
Bank Nifty intraday and closing stop loss 32,200.
For New Positions:
Buy Nifty with a stop loss of 11,975 and target 12,100, 12,135, 12,150.
Sell Nifty in 12,125-12,150 range with a stop loss of 12,200 and target 12,100, 12,075, 12,050.
Buy Bank Nifty in 31,700-31,800 range with a stop loss of 31,600 and target 31,900, 32,000, 32,125.
Sell Bank Nifty in 32,100-32,200 range only for aggressive traders with strict stop loss of 32,250 and target 32,000,31,900.
The put-call ratio (PCR) is 1.43 and the volatility index (VIX) is 13.42.
Still in F&O Ban: Yes Bank
Positive: Metals and PSU buy on dips, Pharma
Stock of the Day:
Buy NIIT Tech Futures: Stop loss 1465 and target 1495, 1510. Board Meet on December 23, 2019, to consider Buyback.
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