Anil Singhvi’s Strategy December 23: Buy Metal Stocks on Dips; Oil & Gas sector is negative
On account of positive FIIs, DIIs and cautious F&O, the short-term trend of the Indian markets will remain positive on Monday, says Zee Business Managing Editor Anil Singhvi.
Amid positive global markets, foreign institutional investors (FII) and sentiment, domestic institutional investors (DIIs) and cautious futures and options (F&O) cues, the short-term trend of the Indian markets will remain positive on Monday, December 23, 2019.
Equity benchmarks on Friday, December 20, 2019, hit record highs for the fourth session in a row in afternoon trade. Sensex and Nifty, both, added marginally around 0.1 per cent amid mixed cues from global markets. Sensex at Bombay stock exchange climbed 7.62 points, or 0.02%, to 41,681.54. Nifty at National Stock Exchange also gained 12.10, or 0.10%, points to trade at 12,271.80. Bank Nifty gained 143.50 points, or 0.45%, and closed at 32,384.95.
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Zee Business's Managing Editor Anil Singhvi's Market Strategy for December 23:
Strong day support zone on Nifty is 12,175-12,225 and Bank Nifty is 32,150-32,250 respectively.
The small day range for trading on Nifty stands at 12,250-12,300, while medium and bigger range lies between 12,225-12,350 and 12,175-12,400 respectively.
The small day range for trading on Bank Nifty stands at 32,250-32,425, while medium and bigger range lies between 32,150-32,500 and 32,050-32,600 respectively.
The put-call ratio (PCR) 1.73, stay alert at higher levels volatility index (VIX) 12.32.
For Existing Long Positions:
Nifty intraday and closing stop loss 12,200.
Bank Nifty intraday and closing stop loss 32,200.
For Existing Short Positions:
Nifty intraday and closing stop loss 12,300.
Bank Nifty intraday and closing stop loss 32,500.
For New Positions:
Buy Nifty in 12,200-12,250 range with a stop loss of 12,165 and target 12,275, 12,300.
Sell Nifty with a stop loss of 12,300 and target 12,250, 12,225, 12,200.
Buy Bank Nifty in 32,150-32,250 range with a stop loss of 32,000 and target 32,250, 32,350, 32,450.
Sell Bank Nifty with a stop loss of 32500 and target 32,250, 32,150, 32,100.
Still in F&O Ban: Yes Bank
Positive: Metals buy on dips
Negative: Oil & Gas
Stock of the Day:
Buy GAIL Futures: Stock may open down due to news of DoT imposing Rs. 1.72 lakh crore. Trading range 114 – 122. Buy near 112-114 range with stop loss 110 and target 120, 122.
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