Anil Singhvi’s Strategy December 4: Metals & NBFC are Negative; Sell JSPL Cash with Stop Loss 152
Earlier on Tuesday, December 3, 2019, domestic stocks logged losses and closed in a red. The Sensex at the Bombay Stock Exchange declined 126.72 points, or 0.31%, to 40,675.45. The Nifty at the National Stock Exchange also fell 54 points, or 0.45%, to 11,994.20.
Amid positive domestic institutional investor (DII), neutral futures & options (F&O), negative global market and foreign institutional investor (FII) cues, the short-term trend of the Indian share market will be Positive on Wednesday, December 4, 2019, while sentiment is cautious.
Earlier on Tuesday, December 3, 2019, domestic stocks logged losses and closed in a red. The Sensex at the Bombay Stock Exchange declined 126.72 points, or 0.31%, to 40,675.45. The Nifty at the National Stock Exchange also fell 54 points, or 0.45%, to 11,994.20. Bank Nifty lost 258.10 points, or 0.81%, and closed at 31,613.35.
Zee Business's Managing Editor Anil Singhvi's Market Strategy for December 4:
12,000 and 31,700 are going to be the deciding level on Nifty and Bank Nifty respectively.
Next support zone on the two indices, Nifty and Bank Nifty stands at 11,900-11,950 and 31,200-31,325 respectively.
The small and medium day range for trading on Nifty stands at 11,950-12,000 and 11,900-12,050 respectively.
The small day range for trading on Bank Nifty stands at 31,450-31,700 while the medium and bigger ranges lie between 31,325-31,875 and 31,200-31,950.
For Existing Long Positions:
Nifty intraday and closing stop loss 11,950.
BankNifty intraday and closing stop loss 31,450.
For Existing Short Positions:
Nifty intraday and closing stop loss 12,075.
BankNifty intraday and closing stop loss 32,000.
For New Positions:
Sell Nifty with a stop loss of 12,075 and target 11,950, 11,925, 11,900.
Buy Nifty in 11,900-11,950 range with a stop loss of 11,850 and target 11,975, 12,000, 12,035.
Sell BankNifty with a stop loss of 31,750 and target 31,450, 31,325, 31,200.
Buy BankNifty in 31,200-31,350 range with a stop loss of 31,100 and target 31,450, 31,550, 31,700.
The put-call ratio (PCR) is 1.31 and the volatility index (VIX) is 14.56.
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Negative: Metals, NBFC
Enters F&O Ban: Yes Bank
Stock of the Day:
Sell JSPL Cash: Stop loss 152 and target 146, 144, 141. Trade deal tension negative for metal stocks.
CSB Bank IPO: Expect strong listing around 250. Short term investors may book profit, else can hold with a stop loss of 235 for further gains.